Tuesday, July 1, 2008

Reality from The Times

Annual house price falls worst since 1992

No spin as per Nationwide about a "slowing" of the decline in June. A good article analysing likely future numbers: "Furthermore, latest survey evidence shows that agreed house sales are very low, buyer interest is continuing to decline, it is taking longer to sell a house and sellers are achieving a falling percentage of their asking price. All these factors point clearly to further declines in house prices"

Posted by growler @ 08:11 AM (907 views)
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6 thoughts on “Reality from The Times

  • george monsoon says:

    The annual decline overall is 6.3%

    Hang on.. Prices were still reported to be rising right up until the end of last year, so does this mean that prices have actually fallen further than 6.3% since the peak?

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  • Does anyone know when the Halifax figures are due?

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  • House prices have on average fallen 7.5% from their peak in October 2007.

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  • fallen about 8% since the october peak

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  • It’s interesting that financial institutions, the Land Registry and Journalists seemingly are able to confidently put so precise a figure on monthly movements in house values. Only a small per centage of housing stock is for sale (and is sold annually). Of those being sold and for sale, an important segment have had significant amounts of money recently (ie last five years) spent on them. This is evidenced by the DIY boom,by the photos of interiors of houses on the market shown on sites like “Rightmove”, and by the often stated motivations of house buyers/investors/buy to letters. No-one knows, then what was actually spent on most of these houses, so when they are sold it’s no good comparing previous sale prices for the same house. It’s never the same house!. The Nationwide pushes a button on its computer and then makes a sweeping generalisation about values of all housing. It expresses its result to within point one percent. These figures tell us nothing.

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  • george monsoon says:

    so the “average” house price has fallen in value by about 15 grand…

    lovely..

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