House prices 'see first double-digit fall'

carolt

Of course, it is just one snapshot, but its conclusions are very similar to those of the Nationwide recently.

If you mean the DCLG figures, they are always several months out of date by the time they arrive, but tend to follow a similar trajectory.

mr.broderick

trulysaintly wrote: »

Just a quickie...

The Halifax Index is based SOLELY on the mortgages that Halifax has approved - doesn't include information from other lenders, so isn't a good reflection of the whole market.....

Also, the 11% is based on average prices across the UK...so dependent on where you live it might be quite different...

There is a government department that releases figures based on data from 65% of lenders - much more relevant than one lender's figures....it could be based from a lender that has less competitive deals, and therefore lower take up of their loans...

Worth bearing in mind before anyone takes the figures as gospel..

Thanks for the reminder i'll put the 60 pack of paracetamol away.

tomstickland

HammersFan wrote: »

And it is possible that lower interest rates are on the way very soon to head off a recession. I would not be suprised to see the base rate around 3.5% next year.

And higher interest rates might be on the way to try and control inflation.

mr.broderick

!!!!!!? wrote: »

Wow, I wish I was in a position where I could sell expensive possessions like houses for a hobby and could just hold on to the asset if I didn't like what the market was offering.

Never mind, things should have recovered by 2017 if historical trends repeat themselves.

Up until recently a large percentage of houses on the market were testing it, hips has kinda put a dampner on that, but still happens.

carolt

!!!!!!? wrote: »

Wow, I wish I was in a position where I could sell expensive possessions like houses for a hobby and could just hold on to the asset if I didn't like what the market was offering.

Never mind, things should have recovered by 2017 if historical trends repeat themselves.

At least all those poor people who qualified as HIPs inspectors can make some money out of their dithering.

mr.broderick

carolt wrote: »

At least all those poor people who qualified as HIPs inspectors can make some money out of their dithering.

If i weren't on her ignore list she would have noticed i just touched on this...Ignore function should be banned in my opinion, it creates anomolies like this and it upsets my ocd.

obsessed_saver

carolt wrote: »

Sellers clearly are reducing, that's why we are seeing falls. But not that many, which is why we are also seeing very reduced volumes.

Actually, I disagree with your deducement.

Sellers clearly are reducing, that's why we are seeing falls. But the mortgage crunch has made it very hard for borrowers to get mortgages, which is why we are seeing reduced volumes.

The lower volume is not due to the fact that sellers are holding out.

mircea

carolt wrote: »

http://www.guardian.co.uk/money/2008/aug/07/house.prices.property1
"House prices fell by almost 11% in the 12 months to July, Halifax said today - thought to be the first double-digit drop since the lender began publishing a monthly survey in the mid-1980s.
Commentators at Capital Economics said it was the first time annual house price falls on the index had entered double digits since it was launched in 1984, and that the figures for the past three months showed prices had fallen at a rate of 20% a year.
....."
Fantastic news for all us FTB's who have been waiting patiently! :j
Sad for anyone who risked all at the peak, obviously, but then no-one 'made' them buy......

You are wrong. A house price crash on this scale and in such a short time is NOT good news for anybody. This is too abrupt and the consequences for the interlinked sectors such as builders, estate agents etc and in time for the whole economy will be catastrophic. I would love to see how FTB's will be saving for a deposit without a job and in the middle of a serious crisis.

mr.broderick

mircea wrote: »

You are wrong. A house price crash on this scale and in such a short time is NOT good news for anybody. This is too abrupt and the consequences for the interlinked sectors such as builders, estate agents etc and in time for the whole economy will be catastrophic. I would love to see how FTB's will be saving for a deposit without a job and in the middle of a serious crisis.

I know but carolt just doesn't get this.

ruggedtoast

This is about much more than house prices now. This is a systemic and functional failure of our financial model that has seen, yet again, unchecked greed benefit a few and be the ruin of many.

A lot of guys in the trades, especially the younger ones, just dont understand whats happening and arent at all prepared for any lean years after a decade of constantly ringing phones and full schedules. It really worries me when I talk to people who a year ago had site work coming out of their ears who are now struggling to find a combi boiler to service, who are absolutely positive that the next quarter cut in interest rates is going to bring it all back.