Nationwide: prices down 1.4% in October, down 14.6% since last year

poppy10_2

That's a £30k drop in the average house price, since last October, taking it back down to £158k.

Prices fell by an average of £2265 in October alone.

However the rate of fall has lessened, from 1.7% last month to 1.4% this month. Yay!!! :j

poppy10_2

It's not the end of the year yet, but with prices down almost 15% annually, it seems like a good time to revisit the predictions made last December by the experts, as to what house prices would do in 2008

dopester

Is that for real?

Nationwide don't usually release these their monthly data at just past midnight.

http://news.bbc.co.uk/1/hi/business/7698393.stm

I was looking forward to my monthly fix of seeing Chief Economist Fionananaala on tv interviews explaining her shock and awe at stuff no one could have ever predicted earlier in the year, but suspect we might be denied that as well.

neverdespairgirl

dopester wrote: »

I was looking forward to my monthly fix of seeing Chief Economist Fionananaala on tv interviews explaining her shock and awe at stuff no one could have ever predicted earlier in the year, but suspect we might be denied that as well.

Not to forget, of course, her pointing out that house prices are still 5,000 times higher than in 1720, and that the rate of decrease may be slowing....

neverdespairgirl

I wonder if the BBC have slipped up and published early? As you say, it's usually 7am, and nothing on the Nationwide website yet.

carolt

Anyone got any data on the 'real' fall - do they not use a rolling 3 month figure? Or have I got that wrong, and it's just the Halifax who do that?

Chris2685

Interesting... I prefer to look at the yoy figure, or actual price x is now price y figures.

Percentages usually can be changed depending on the data used...

That said, I am really waiting to see prices fall 25% from peak... I wonder if it will happen? Many say it will, but it hasn't yet...

Edit: By the way it is true: http://www.nationwide.co.uk/hpi/historical/Oct_2008.pdf

Davesnave

Chris2685 wrote: »

I am really waiting to see prices fall 25% from peak... I wonder if it will happen? Many say it will, but it hasn't yet...

If they don't, I will eat Kirstie Allsopp.........No, on second thoughts...
Maybe her sister?

carolt

Ha ha ha - see these comments from the Nationwide release!

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“House prices in the UK fell for the twelfth consecutive month in October. The price of a typical house is now
14.6% lower than at this time last year, the peak of the market. The typical house price fell by 1.4% in October,
around the same rate as the average monthly fall of 1.3% over the last year, but lower than the monthly falls
recorded in each of the previous three months. The price of a typical house is now £158,872, almost £30,000 less
than a year ago, but to put in context, still almost £30,000 more than five years ago.

:rotfl::rotfl::rotfl:

Just shows we still have a good long way to fall.....

Chris2685

Davesnave wrote: »

If they don't, I will eat Kirstie Allsopp.........No, on second thoughts...
Maybe her sister?

I would love to see that

Some people have been saying 50% falls from peak are possible, which I would love to see. That would mean that house prices would be around 100k on average, to me that seems a bit optimistic. But I am an optimistic person

ad9898_3

I'm waiting for some to post a link to the graph, I wonder if it's levelling off yet , 14.61%, who would have thought that a year ago.

Add on 5.2% CPI and we have 19.8% falls in one year.