Monday, September 27, 2010

Hometrack: -0.4% MoM

House prices fall in every region of UK, even London

House prices are falling in every region of the UK for the first time since April last year, figures reveal today. The average cost of a home dropped by 0.4 per cent during September to £157,600, against the background of a mortgage famine and falling confidence, according to industry analysts Hometrack. Prices in London and the South East, which have previously been immune from price falls in other parts of the country, have also gone into reverse. 'Market expectations are now based upon the belief that there will be a period of continued house price falls,' Hometrack said.

Posted by little professor @ 01:40 AM (5300 views)
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12 thoughts on “Hometrack: -0.4% MoM

  • Good news again this month.

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  • All regions show falls, in September, a busy month.

    Let’s hope this builds so we can get this HPC over with asap.

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  • The average selling times quoted in the article surprise me: 6 weeks for London and 12 weeks everywhere else? That doesn’t correspond with what I see in the market, not by a long shot. Does this mean keenly priced properties are being snappd up as soon as they’re marketed, to make up for all those properties sitting for sale for many months? If so, what does that say about demand for even slightly reduced prices?

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  • This is just a blip, due to the cold weather.

    😉

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  • I saw this article whilst perusing the Mail this morn………

    But an even better one was this:
    Cameron Hope tried to get a loan to help his business grow he felt as if he were talking to a brick wall.

    In fact, he became so angry with the banks’ refusal to lend that he decided to give them a taste of their own medicine.

    Yesterday the 59-year-old property developer bricked up the front door of a Barclays bank branch in protest at the lack of credit for small firms.
    He said he reached the end of his tether after he lost out on a lucrative property deal because his bank, HSBC, would not match half the funding for it.

    ‘We had agreed to buy the plot of land which, with planning permission alone, was worth more than £1million,’ he said.

    ‘We had raised £200,000 and all we wanted was £200,000 from HSBC. They took our application on and at first made positive noises about it, then got their own valuation done and then they just said no.
    —————————————————————————————————————————————————–

    So the property developer thinks the land is worth over a million, but the bank does’nt think it will be worth £400k?

    HAHAHAHAHA!

    SO HSBC/BARCLAYS EXPECTING A 60% DROP IN LAND/HOUSE PRICES THEN?

    Read more: http://www.dailymail.co.uk/news/article-1315340/Businessman-furious-banks-refusal-lend-bricks-Barclays-branch-protest.html#ixzz10iMNtcDY

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  • sibley's b'stard child says:

    “Buyers have the upper hand in the market with the average price paid now 93.2 per cent of the asking figure – which is down from 94.3 per cent in June”.

    Looks like a fair number of buyers are achieving tasty reductions, in which case.

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  • general congreve says:

    Gold up, housing down. All going according to plan.

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  • Well hats off to the commenters at The Mail – if you go to “best rated” they are all saying that prices have to come down. Don’t forget to click the green and red arrows for comments that you like/don’t like!!!

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  • I love this comment:

    “Liz, East Anglia no I am not Johnny and Johnny is not me – if I was going to impersonate an EA I would be a little bit daft to put Birmingham rather than any other of 1000s of places that I could use. Johnny is not the only Estate Agent coming out from behind their usual spin in order to try and talk the market down. Just over a week ago the Sunday Times reported that numerous EA’s in London are telling their vendors that if they want a realistic chance of selling their property they will need to reduce their asking price by 20%. Why would EA’s do this? Because with current levels of asking price they are achieving historically low numbers of sales, & hence income from house sales. It is in their, & their vendors, interest to get asking prices way down to levels where people can actually afford to buy. Why does this surprise you? Johnny is trying to talk himself into, not out of, a living. Other EA’s need to follow suit to save their jobs & incomes or go under by the truck load.
    – Dave, Birmingham, 27/9/2010 10:24”

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  • sibley's b'stard child says:

    Quite MW, i’m surprised by the overall bearish comments – this seems at odds with the demographic. Either that or perhaps the DM is the ultimate in public sentiment indicators – when the last gutter press turns bearish…

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  • I notice that the Halifax reported 4.8% of rises over the last 4 months of 2009, so it won’t take much to push their YoY figure negative by the end of the year..

    ..that, I think, is the stat that will really sway the popular perception of the market’s direction.

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  • 5. general congreve said…”Gold up, housing down. All going according to plan.”

    general congreve concieved the plans, from knowing a houseprice crash was in his own hands.

    All the best general. Love it!

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