Friday, June 26, 2009

House price crash not cancelled after all?

Land Registry - house prices fall 15.9% YoY

Prices fell 0.2% month on month in May, according to the latest Land Registry report, taking the annual rate of decline to 15.9%. Wonder if all the bulls who were citing LR figures as being the most accurate last year will stick to their story?

Posted by little professor @ 11:16 AM (1239 views)
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6 thoughts on “House price crash not cancelled after all?

  • Superb – no doubt this will get trumpeted by the BBC/Express etc to the same extent as the lunatic +2.5% or whatever it was Rightmove said happened in May. Then again, maybe not.

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  • mark wadsworth says:

    To be fair, the Haliwide are just as accurate (none of the indices is perfect) and they are a couple of months more up to date. But like you say, the MSM will gloss over HMLR figures until Autumn, by which stage Haliwide indices will be plummeting again and HMLR will appear to flatten off.

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  • Hmm, seem we are not interested in indeces anymore. We used to get about 30 comments every time an index updates.

    Anyway, this month’s LR figure is quite significant. It reinforced the fact that vendors were complete in denial, judging by Rightmove and Findaproperty indeces which showed a silly 5% increase in asking price.

    It also is evident that essentially it was mainly cash buyers snapping up bargains kept transaction level stable. The fact that Haliwide’s consecutive increase failed to be reflected in LR index at all is because transaction are done cash by hands not mortgages.

    With GB effetively spent about 3 generations tax income in a matter of days, the UK HPC yet still continues. Still calling green shots?

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  • Did this turn out to be a good day to bury bad news?

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  • justwatching says:

    Mark @ 2, since ‘justwatching’ this site I think that you are possibly the most consistent in talking sense with respect to HPC. BUT

    is the Haliwide as accurate??????????
    This approvals vs actual sales stuff, differences? Are they mangified in a falling market? More chains collapse, smaller volumes, mix adjustment.

    Surely repeat sales are more accurate, also with a higher volume?

    Cash buyers vs mortgage required?

    Peter @ 3, not quite. Haliwide seems to get a much wider, more vociferous audience. Now why is that?

    Iguana at 4. I wish I’d kept a tally on the reporting of falls vs rises. Up you are in, down does not equate to newsworthy.

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  • Not a lot to shout about as the index was virtually unchanged. The volume is still esate-agent-crushingly low at 33000 odd on the month of March, which is about 50pct down from last year’s 65000 and way below the peak when I think 120,000 were done in a single month.
    You could say the crash was cancelled, but in its place we have a slow crumble over the body of HPI, which is defintely dead.

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