Friday, September 26, 2008

Land registry latest

House price falls 'accelerating'

The fall in house prices has accelerated in England and Wales, according to the Land Registry. Its latest report shows that prices fell by 1.9% in August, taking the annual rate of price deflation to 4.6%. The figures mean that the average property now costs £174,493; £8,320 less than a year ago, with £3,871 of that drop occurring last month. Prices in London fell by 3.2%, the first monthly fall since the Registry started publishing its figures in 2000.

Posted by jack c @ 11:53 AM (1377 views)
Please complete the required fields.



11 thoughts on “Land registry latest

  • Good to see the Land Registry catching up with the Haliwide now.

    Interesting how Rightmove survey (asking prices) seems to correlate quite well with Land Registry (3 month old data). Perhaps these sharper falls in LR figures will prompt vendors to reduce their extortionate asking prices??

    Reply
    Please complete the required fields.



  • Yup. They’ve a fair bit of catching up to do, or else gummint statistics are going to be brought into disrepute … oh, I see.

    1.9% is pretty impressive though – for the past year, HMLR has lagged Nationwide by two months, so you’d expect these to be the same as N’s June fall, but N’s June fall was only 0.9%.

    Reply
    Please complete the required fields.



  • Why are you posting this rubbish about falling house prices? This is so off-topic, it’s ridiculous. ;o)

    Land Registry always tends to be a lagging indicator. It will be interesting to see if they show 1.5 – 2.0% declines for the next few months, as one would expect.

    Given the state of the mortgage lenders at the moment, I imagine the number of sales will fall even further, which may make monthly price data less reliable.

    Reply
    Please complete the required fields.



  • Would love to know how prices fell in 1929 – 1933. ‘Since 2000 reords began’ is a little meaningless.

    Reply
    Please complete the required fields.



  • Yeah seriously, this is completely off-topic. I wanted to read more about space lizards.

    Nice to see the LR figures catching up at last. The HPC deniers will no doubt find one street in the entire country where house prices haven’t fallen. I can just see the headlines in the Times Property section tomorrow, “Best Place To Buy: Waterfront Way in Seahaven”.

    Reply
    Please complete the required fields.



  • Anyone notice the use of the word deflation in the article ie “taking the annual rate of price deflation to 4.6%” makes a change to have the correct terminology compared to the usual BBC twist on words.

    Reply
    Please complete the required fields.



  • jack, the meeja seem to have tried to jump on the bandwagon a bit late. The tide has 100% turned and many that were pumping property 6 months ago are now writing articles saying things like ‘and I’ve been warning about this for a long time’

    I am surprised that the Times still commissions Bricks and Mortar. Even ultra right wing Mail on Sunday has nothing good to report on property any more

    yeah, right

    Reply
    Please complete the required fields.



  • This is highly interesting – the crash gathers pace. Puts this together with today’s job news (bad, very bad) and a perfect storm is developing in which house prices are going to be pummelled into the ground. Still, every cloud has a silver lining: the hyperinflation ahead will erase most people’s negative equity, assuming they can stave off repossession before the monetary expansion tsunami hits them. However, before those who bought in the last 5 years start rejoicing, hyperinflation = poverty.

    Reply
    Please complete the required fields.



  • jack c,

    The word “deflation” isn’t intrinsically negative, unlike alternatives such as “fall” or “decline”. Most people only encounter the word when they are deflating an airbed after visitors leave. To be fair to the Beeb, the article does contain plenty of scary words like “fall”, “accelerate”, “falling sharply”, “deteriorating”. The weasel-word “correction” is in there too, although it was never a correction on the way up.

    Reply
    Please complete the required fields.



  • I wonder what ztuart of assetz will have to say when the land registry and ft finally catch up (when prices finally stabilize because it will always be four months behind…): Maybe he will claim that all are wrong and that prices are really straightlining…

    Reply
    Please complete the required fields.



  • drewster – “Most people only encounter the word when they are deflating an airbed after visitors leave” – please expand upon this statement

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>