This is bizarre. An interest rate cut is expected soon and houses are not selling...

hethmar

Ive just been checking property snake and mouse price for our area and there are drops of less than 4%. It seems large drops in some areas must be skewing the figures.

dealornodeal_3

hethmar wrote: »

Ive just been checking property snake and mouse price for our area and there are drops of less than 4%. It seems large drops in some areas must be skewing the figures.

Yes you are right.. Places like Yorkshire, Wales, Manchester and Liverpool

sympatex

property-bee.com might be more useful if you are looking in a specific area. i've never found property snake particularly useful.

GDB2222

hethmar wrote: »

Wheres the link for that being please?

That's just a nice, refined way of saying "ya talking cobblers", isn't it?

hethmar

No, GDB, I really wanted to have a look, 'onest.

hethmar

sympatex wrote: »

property-bee.com might be more useful if you are looking in a specific area. i've never found property snake particularly useful.

I have got that but hardly anything is showing up on rightmove - lol, some have cheekily taken a fiver off some prices. I assume you have to wait a while on property bee to actually see any drops as Im not getting many changes to when I first installed it?

GDB2222

hethmar wrote: »

Ive just been checking property snake and mouse price for our area and there are drops of less than 4%. It seems large drops in some areas must be skewing the figures.

Those websites just show you asking prices for properties still for sale. There are loads of places round here that aren't selling. The drops in house prices are recorded against properties that have sold. By definition, those are no longer on property snake, are they?

Also, a lot of the drops are not out in the open, because the gap between offers and asking prices has widened so much since 2007.

hethmar

Yes thats true, though mouseprice actually shows sold prices.

beingjdc

hethmar wrote: »

Wheres the link for that being please?

There wasn't one at the time, it's why I said "about to".

Anyway, annual fall of 14.6%, or 19.8% in "real terms".

http://www.nationwide.co.uk/hpi/historical/Oct_2008.pdf

You are looking in the wrong places. Ourproperty will only show you completions up to August - i.e. sales agreed in Spring this year, since when there have been much bigger falls, and Propertysnake will show you falls in asking prices, which may tell you about the state of the market, but are a different thing altogether from falls in selling prices.

baileysbattlebus

dealornodeal wrote: »

Yes you are right.. Places like Yorkshire, Wales, Manchester and Liverpool

I agree.

Some areas have seen HPI of almost 300% - the ones mentioned above - most of these areas will likely see bigger falls IMO, than areas where HPI wasn't as great. There are a quite a few traditionally more reasonably priced areas where prices went through the roof

you only have to look at Northern Ireland where prices rose between 300 and 400% in the last few years - prices are dropping like a stone there.

Price drops, IMO, will not be uniform across the country, just as HPI was not uniform across the country.

One thing is interesting, I looked at ASHE for average wages and the areas that experienced the biggest HPI are generally areas that are below the average salary.

This from the Council of Mortgage Lenders
The last paragraph I found particularly interesting -

The average house price in Northern Ireland in
2007 was £230,431, up from £159,636 in 2006. In
the first quarter of 2008 the average price had
eased to £222,115.

The average UK house price in 2007 was
£213,807, up from £192,648 in 2006. In the first
quarter of 2008 the average UK house price had eased to
£218,521.

In 2007 the average first-time buyer in Northern
Ireland put down a significant deposit of 23%
compared to the UK average of 10%. In the first

quarter of 2008 this had increased to 28% - compared
with the UK average of 11%