Thursday, October 9, 2008

Are house prices now crashing at cruise speed?

UK house prices fell by 1.3% in September - Halifax

Commenting, Martin Ellis, chief economist, said: "House prices declined by 1.3% in September. The overall price decrease in the three months to September was very similar to that in the previous quarter, indicating that the trend rate of decline may be beginning to stabilise. The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance, however, mean that market conditions will remain challenging."

Posted by converted lurker @ 10:17 AM (526 views)
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6 thoughts on “Are house prices now crashing at cruise speed?

  • Eternal Sceptic says:

    Why cannot the man be honest and say property prices are going to hell on a rollercoaster? And the fall has only just started. The worldwide finanancial system is having a series of used bandaids applied when it is bleeding from every pore. When every financier is rightly or wrongly regarded as a scoundrel, wherein lies the trust.

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  • Cruise speed? Yes, and approaching terminal velocity. Just look at the NWide graph on the HPC homepage.

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  • Cynicalsoothsayer says:

    Nowhere near ‘terminal velocity’. Wait and see.

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  • “indicating that the trend rate of decline may be beginning to stabilise”

    Meaning that the rate of decline is going to continue at the same rate, so stabilising is just a spin word for falling.

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  • and if they talking house price to earnings ratio is long term an average of 4.0, then house prices have to fall a whole lot more.

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  • Stabilise? How can he say that? There are too few sales going through to have any statistical confidence in what the trend is, let alone what it is going to be. If the number is still falling, then that will only get worse…..It was only the other week some commentator said that ‘house price predictions are futile’. Couldn’t agree more.

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