Halifax August - 1.8% yoy -10.9%

Treadmill

ginvzt wrote: »

The drop is about -11.7% since January 2008! It is a lot, and it is scary!!!!!

Actually, this result is comparing the current prices with the peak prices last year (August 2007), according to Halifax!!!

Seriously though. hows it "Scary" ? Finding a lump in your testicles or waking up to find a man with a knife in your bedroom is scary.

For the vast majority of people in the UK whos house value is just numbers on paper it doesn't mean much at all really.

ginvzt

Seriously though. hows it "Scary" ? Finding a lump in your testicles or waking up to find a man with a knife in your bedroom is scary.

For the vast majority of people in the UK whos house value is just numbers on paper it doesn't mean much at all really.

We are looking to buy and seeing the price dropping so fast doesn't really give you much confidence. Yes, I know, we can rent. But we want a place to live where we are at freedom to do as we wish - decoration, gardening, etc. To have pets if we wish. So, yes, seeing prices skiing downhill is scary. And worrying. We are going to stay were we are until the fixed contract runs out. We may continue to live were we are, or we may move to a different place and rent. But, if we find a house we love, we just may buy it. If we are not scared too much!

Btw, it is not just a number on the paper for many people - you can't really remortgage if you are in negative equity! And with prices now the same as in February 2006 more and more people are coming close to that threshhold.

Paul_N_4

oldMcDonald wrote: »

Ah, PaulN, you got in there whilst I was still typing!

*edit - Do Sky usually report the 'real' YOY figs ?

Not sure, but I noticed a few newspapers sussed it a couple of months back and others seem to be catching on.

Chris2685

Makes sense, the property I'm buying has dropped nearly 20% (from asking price) from January 2008!
It was up for £250k back then, and now is selling for 210K. If I was evil, I could probably threaten to pull out and bring it down another 15k too, but I'm not evil :P

WTF?_2

Edale wrote: »

The scary figure is if you look at the decline for the last six months and annualise it. If the pace continues then I reckon this gives a decline of over 22%.

I reckon we're looking at 30-35% from peak (last Aug/Sept) by the time this bottoms out in a couple of years time.

That's in nominal terms. In real (inflation adjusted) terms, could end up being anything to 50% from peak.

Edale

Treadmill wrote: »

Seriously though. hows it "Scary" ? Finding a lump in your testicles or waking up to find a man with a knife in your bedroom is scary.

For the vast majority of people in the UK whos house value is just numbers on paper it doesn't mean much at all really.

The vast majority will not be directly affected but for those that are repossessed or cannot remortgage the situation is very bad. If this does carry on, and I see no light at the end of the tunnel yet, then many others will be indirectly affected.
scary (skâr)
adj. scar·i·er, scar·i·est 1. Causing fright or alarm.

Testicle lump and knife wielding madman = very scary

andys15

!!!!!!? wrote: »

I reckon we're looking at 30-35% from peak (last Aug/Sept) by the time this bottoms out in a couple of years time.

That's in nominal terms. In real (inflation adjusted) terms, could end up being anything to 50% from peak.

really.if bbc or sky see your post. they might interview you. perhaps with your wisdom you might get a permanent slot on newsnight.

Dan:_4

Oh no. You can now expect BoE to cut rates later today. Halifax have released these figures today so the morning news coverage would be 'double-digit house price falls - biggest since 1983 - and threfore pressuring BoE to cut rates.

Halifax done this when we got the last cut back in April ish.

ad44downey

Edale wrote: »

Testicle lump and knife wielding madman = very scary

Waking up beside Jodie Marsh = very, very scary.

ginvzt

Halifax seems always to release the figures on the day or day before BoE announces the rate.

Well, that is what I noticed for that last few months!