Nationwide -1.7% MoM. -12.4% YoY

Kez100

luvpump wrote: »

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

Mine is losing nothing. It gained nothing either. It was a roof over my families head, with a liability attached of £60k, and remains so.

WTF?_2

skap7309 wrote: »

By the sound of the BBC report they seem to think HPI is just around the corner and lead with the suprized headline 'continue fall' as if it should all be over by now. Also bulletpointing where prices are holding. VI anyone?

Weren't they talking on the Breakfast programme about how prices were much higher than a decade ago? Or maybe I misheard......

Really scraping the barrel when you have to point out 10 year price trends to make a sharp fall look not so bad. Sometimes I wonder if the BBC aren't working to a government agenda to trot out the official state line.

steadysaver

luvpump wrote: »

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

Also interesting to note, that should these "stable" drops of 1.7% per month contiune that equates to 20.4% YoY.... that will be good news for potential buyers

King_Of_Fools

!!!!!!? wrote: »

Weren't they talking on the Breakfast programme about how prices were much higher than a decade ago? Or maybe I misheard......

Really scraping the barrel when you have to point out 10 year price trends to make a sharp fall look not so bad. Sometimes I wonder if the BBC aren't working to a government agenda to trot out the official state line.

The 10 year comparison is in the Nationwide PDF linked above. They have gone from 2 year to 3 year to 10 year comparisons in only a few months!

They are obviously trying to set a baseline below which they think prices will not fall so they can always report a positive number each month.

GDB2222

!!!!!!? wrote: »

Weren't they talking on the Breakfast programme about how prices were much higher than a decade ago? Or maybe I misheard......

Really scraping the barrel when you have to point out 10 year price trends to make a sharp fall look not so bad. Sometimes I wonder if the BBC aren't working to a government agenda to trot out the official state line.

I think that's a fair point to make, though. A further 25% fall from today's levels will only take prices back to 2003 levels. Of course, taking inflation into account, that would be a large fall in real terms.

mewbie_2

You could also add 5% tax free interest in an ISA, or 5-10% inflation to those drops to make them look even worse in relative terms?

mewbie - bit smug with making what may be a pertinent comment. Probably get rubbished by some clever clogs though.

WTF?_2

House prices crashing - and this is crash territory no mistake - and we're not even in recession conditions yet with the economy still coasting along with almost a decade's upward momentum behind it ..... very, very, ominous.

Makes you wonder how bad this is all going to get once large numbers of OOs start to lose their jobs (or at least, overtime) leaving them unable to service the monster levels of debt they took on to get onto the property ladder. Made worse since we have lots of couples with large multiples of joint income.

Also, more and more tenants are going to start defaulting or at least paying rent later and later leaving landlords who are already struggling to make the difference between rental income and mortgage payments unable to do so. Singles/childless couples who might have rented a small house will start thinking about HMOs. Others will consider returning home to family to save cash.

We're heading for all out housing meltdown.

PasturesNew

!!!!!!? wrote: »

Weren't they talking on the Breakfast programme about how prices were much higher than a decade ago? Or maybe I misheard......

Really scraping the barrel when you have to point out 10 year price trends to make a sharp fall look not so bad. Sometimes I wonder if the BBC aren't working to a government agenda to trot out the official state line.

They said on the Breakfast programme that prices were 60% higher than 10 years ago. Which doesn't sound right does it.

Paul_N_4

Some stats.

Jun '08: £172,415
Sep '08: £161,797

So an £11,000 drop in 3 months.

If you project the same fall over the next 3 months, the average house price will be back to mid 2004 prices according to Nationwide.

Realy

!!!!!!? wrote: »

House prices crashing - and this is crash territory no mistake - and we're not even in recession conditions yet with the economy still coasting along with almost a decade's upward momentum behind it ..... very, very, ominous.

Makes you wonder how bad this is all going to get once large numbers of OOs start to lose their jobs (or at least, overtime) leaving them unable to service the monster levels of debt they took on to get onto the property ladder. Made worse since we have lots of couples with large multiples of joint income.

Also, more and more tenants are going to start defaulting or at least paying rent later and later leaving landlords who are already struggling to make the difference between rental income and mortgage payments unable to do so. Singles/childless couples who might have rented a small house will start thinking about HMOs. Others will consider returning home to family to save cash.

We're heading for all out housing meltdown.

If all that was true it would not be just a housing meltdown we are all in the poo. You might as well get the £50 notes out for toilet paper.

As for not being in recession conditions are you having a laugh!

I think people thought it would have been a lot worse being 1 year in.
Yes prices have dropped (is that not just correction) but forced sales are no where near what people thought they would be.