Tuesday, Dec 08, 2009

House prices drops only half-way there...

About Property: Barclays chief: House prices "could fall by 30%"

House prices could fall by as much as 30 per cent from their peak, according to the head of Barclays. John Varley, the head of high street lender Barclays, warned that Britain is only halfway through the housing slump. As house prices have already fallen by around 15 per cent, the total fall could wipe almost a third off the average house price.

Posted by doom&gloom @ 01:02 PM (2467 views)
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17 Comments

1. krustyatemyhamster said...

30% nominal followed by stagnation sounds 'bout right. Surely it's in the lenders' interest to get there soon as well - they'll sell twice as many mortgages.

Tuesday, December 8, 2009 01:08PM Report Comment
 

2. Neil B said...

"Mr Varley also said banks must accept responsibility for their role in the recession and say "sorry" to customers"

Oh thats a relief. Its so nice of them to say "Sorry". I thought they would just continue to use £billions of TAX payer's money to fund their £billions bonuses and salaries without even thinking twice about it.

Tuesday, December 8, 2009 01:15PM Report Comment
 

3. Mr Cobblepot said...

This article is a year out of date, though I still think it will ring true once the election is out of the way!!

Tuesday, December 8, 2009 01:17PM Report Comment
 

4. Bengtsy said...

that's an article from dec last year!!

Tuesday, December 8, 2009 01:24PM Report Comment
 

5. Moosey said...

Note that the article is dated 17 Dec 2008!

Tuesday, December 8, 2009 01:27PM Report Comment
 

6. tpbeta said...

If Varley thinks it then it's more than a prediction - to some extent he has the power to make it happen.

Tuesday, December 8, 2009 01:32PM Report Comment
 

7. hpwatcher said...

The banks have clearly over extended themselves on mortgages, and can't really afford for house prices to crash, too much money will be lost.

This is why the government cannot afford to allow a house price crash to happen...But it is something that will be forced upon them, if they don't act to reduce the debt.

Tuesday, December 8, 2009 01:43PM Report Comment
 

8. crunchy said...

I think a good old brief interlude is called for at this juncture, to oil your memories.

http://www.youtube.com/watch?v=oZFt46aQyQ8

Yes, we're all looking older!

Tuesday, December 8, 2009 02:10PM Report Comment
 

9. str 2007 said...

Surprised there aren't more posts here. This is news.

As tpbeta says, John Varley is in a very influenctial posiion to make his predictions happen.

Scanning the Woolwich mortgages, the lowest deposit they offer is 15% and that has an interest rate in excess of 6%.

Personally I think the rising Hliwide figures are reflecting higher value properties changing hands.

There are still some selling down here in Hampshire, but sales have slowed IMO and this is representative of the increase in prices being unsustainable.

Tuesday, December 8, 2009 02:20PM Report Comment
 

10. Greenski said...

Has no-one noticed the date on the article. This was news - a year ago.

Tuesday, December 8, 2009 02:26PM Report Comment
 

11. need-a-crash said...

Er this article is over a year old!

Tuesday, December 8, 2009 02:30PM Report Comment
 

12. crunchy said...

5. Too many renegades here today. Perhaps later tonight. LOL

Tuesday, December 8, 2009 02:33PM Report Comment
 

13. crunchy said...

Wednesday, 17 Dec 2008 15:29
That's what on the tin. A doom&gloom prank? lol

Tuesday, December 8, 2009 02:37PM Report Comment
 

14. jack c said...

We've debated this one before

Monday, Dec 15, 2008Barclays CEO joins HPC debate with 30% price drop predictionCitywire: House prices already 25% lower, say estate agents
Estate agents are reporting actual house sale prices to be around 25% below their peak, making predictions of a 30% fall seem increasingly within reach. Online property search business Rightmove reported the figure alongside its report of a 10% drop in initial asking prices since their May peak.The agents� suggestion of a 25% fall comes as Barclays chief executive John Varley told the Telegraph that Britain is only mid way through the house price slump. Varley was basing his comment on indices showing that house prices are down around 15% meaning the total fall could be near 30%.

Posted by jack c @ 10:16 AM (1220 views) Add Comment

www.housepricecrash.co.uk/newsblog/2008/12/blog-barclays-ceo-joins-hpc-debate-with-price-drop-prediction-20412.php

Tuesday, December 8, 2009 02:40PM Report Comment
 

15. str 2007 said...

Thanks Jack & Crunchy

I thought it seemed familiar and thought I'd looked at the date, but my eyes decieved me.

Just goes to show how your brain reads what it wants to.

So much for John Varley's predictions - what a charleton. LOL

Tuesday, December 8, 2009 02:54PM Report Comment
 

16. crunchy said...

10. Charleton or lone voice? We live in interesting times. Varley or Brown, in a free market economy?

Tuesday, December 8, 2009 03:02PM Report Comment
 

17. tpbeta said...

oh well. maybe he'll be proven right eventually.

Tuesday, December 8, 2009 03:30PM Report Comment
 

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