Nationwide -1.7% MoM. -12.4% YoY

Kez100

Treadmill wrote: »

12.7 % YOY is no where near what some where predicting a year ago. 40% YOY was getting bandied about

I actually think ithe true drop is closer to 40%. The reason it isn't in the figures is due to tiny sample size.

If we truly matched a proper level of market at the momnet - that is the price an average new buyer would be prepared to pay I suspect it is circa -40%. We just have to wait for the sellers to realise this and that will tae some time and hence we will have smaller drops with small sample sizes until we get there (and probably overshoot it as well for a time!).

carolt

Treadmill wrote: »

12.7 % YOY is no where near what some where predicting a year ago. 40% YOY was getting bandied about

You seem to conveniently forget the many on here a year ago who were swearing blind that prices would never drop, and would continue to rise, or at best 'stagnate' for a lengthy period. :rotfl::rotfl::rotfl:

mewbie_2

In all my reading of bear stories I have not seen anyone predict a YOY of 40%. Peak to trough (what an appropriate word), maybe.

As for interest rates - you would think they might have room to cut them - things are really very bad indeed if they can't.

carolt

The Guardian adds:

"The average price of a home in London was 9.4% lower in the third quarter of this year than last year, although it remains the most expensive place to buy with an average price of £274,124.

However, Earley warned there could be shocks to come in the capital's housing market. "The turbulent events within the City have clearly not been helpful for overall economic sentiment in the capital, and it is quite probable that going into the final quarter of the year the aftermath of September's financial market gyrations will have a further negative impact on house prices in London."

http://www.guardian.co.uk/money/2008/oct/02/house.prices.property

Good news for London/Home Counties buyers!


And

"Howard Archer, chief economist at Global Insight, said the fundamentals in the housing market were "pretty ugly" and he was revising down his forecast for prices as a result.

Previously he predicted a 15% fall in prices by the end of this year and a 12% fall next year, but he said prices were set to fall by 16% this year and by 15% in 2009.

"As a result, house prices are seen falling 30% in nominal terms from their October 2007 peak of £186,044 on the Nationwide measure to stand at £130,005 at the end of 2009," he said."

luvpump

A somewhat fairer interpretation by the telegraph..

http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html

King_Of_Fools

Five coolest regional towns/cities
Rank Town / City Annual % Change Average Price
1 Belfast -26% £232,449
2 Sheffield -19% £163,744
3 Bristol -14% £211,228
4 Cambridge -14% £266,916
5 Liverpool -13% £141,891

TDS_2

King_Of_Fools wrote: »

Five coolest regional towns/cities
Rank Town / City Annual % Change Average Price
1 Belfast -26% £232,449
2 Sheffield -19% £163,744
3 Bristol -14% £211,228
4 Cambridge -14% £266,916
5 Liverpool -13% £141,891

Glad to see my home town making a top 5 appearance. Well done.

luvpump

1.7 % means the average house is losing over £700 a week according to my figures

pickles110564

mewbie wrote: »

As for interest rates - you would think they might have room to cut them - things are really very bad indeed if they can't.

I do not want interest rates to drop us savers are keeping this country from sinking and we should be rewarded with higher rates.

BiggaThanBen

Prices in "crash proof" St Albans are falling as fast as in Manchester or North Wales ..-10%YoY