UK house prices down 8.1 pct yy - Hometrack

wintersunshine

http://www.guardian.co.uk/business/feedarticle/8102929

UK house prices down 8.1 pct yy - Hometrack


Not exactly 70% - well not even 10%. Well I doubt most sell-to-renters have actually coverred their costs yet?

ad9898_3

Patience is a virtue.;)

skap7309

wintersunshine wrote: »

Not exactly 70% - well not even 10%. Well I doubt most sell-to-renters have actually coverred their costs yet?

No sign of this ending anytime soon though.......

napoleon

wintersunshine wrote: »

http://www.guardian.co.uk/business/feedarticle/8102929

UK house prices down 8.1 pct yy - Hometrack

Down, down and even further down. Will they ever stop falling?

Dithering_Dad

I saw a report in the Metro this morning that said the fall was starting to bottom out. Dunno if this is true or not. I suspect we'll not know the bottom was reached until we're halfway up the other side. That's usually the case with the stockmarket anyway.

Cannon_Fodder

Interesting that these stats have contradicted the LR figures of last week, at least in respect of London, which LR said was least affected YoY...

Hometrack - "London -- where prices are highest -- has seen the biggest percentage fall over the past year, at 9.5 percent."


Like all stats, need a pinch of salt. Not familiar with the make-up of Hometrack's stats. Any glaring omissions/inclusions that tend to make it lean one way or another?

skap7309

Dithering_Dad wrote: »

I saw a report in the Metro this morning that said the fall was starting to bottom out. Dunno if this is true or not.

I really cannot see that. The undeniable lack of credit is a huge factor and it is going to become far more restricted before it gets better. We are talking a long way off before that i think.

Dithering_Dad

skap7309 wrote: »

I really cannot see that. The undeniable lack of credit is a huge factor and it is going to become far more restricted before it gets better. We are talking a long way off before that i think.

It mentioned that as people are finding it so difficult to get a mortgage, even people who have a home and are looking to move 'up the ladder', a lot of people are simply 'staying put' and so much less property is on the market. I guess the logic is that prices can only drop if there are houses actually on the market to drop.

I guess the fact we're in recession is also a huge disincentive to people either buying their first house or to move to their next one. People tend to 'hunker down' in these circumstances.

drbeat

Spotted this in the Metro too:

http://www.metro.co.uk/money/article.html?Mortgage_lending_slumps_70%25&in_article_id=426131&in_page_id=36

Dithering_Dad

yep, I guess that lends credence to the other article. If no one can actually get a mortgage, then no one can buy a house except those who are cash rich and buying at auction.

If no houses are selling, the land registry sales figures will start to show the market 'bottoming out' - i.e. they can only show 10% falls (or whatever) if people are actually buying houses at 10% discount.

I can see the logic, but I'm not sure I'm convinced. Only time will tell, I suppose.

drbeat

Dithering_Dad wrote: »

Only time will tell, I suppose.

It'll be interesting to see what happens.