Land Registry - 12.2% YoY drop in England and Wales.

WTF?_2

http://news.bbc.co.uk/1/hi/business/7804513.stm

House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry.

This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show.

The price of an average home stood at £161,883 with prices falling in every region over the last year.
..
ANNUAL HOUSE PRICE FALLS IN ENGLAND AND WALES
East Midlands: 14.2%
East: 14.1%
South East: 13.7%
South West: 12.8%
Wales: 11.7%
West Midlands: 11.6%
Yorkshire and Humber: 10.6%
North East: 10.3%
London: 10.2%
North West: 10.2%

Source: Land Registry

Catching up with the other indices but unlikely to reach the same levels as new builds and repos excluded.

EDIT: oops, covered in UK House Prices thread.

IveSeenTheLight

At least link the source data so people can see the full report and localised areas

http://www1.landregistry.gov.uk/assets/library/documents/221282.pdf

boyse7en

Devon is only down 7.8% YoY, which surprises me as i thought our prices were inflated by retirees from the SE and second home buyers; two groups who are not exactly flush with cash at the moment.

fatpig_2

!!!!!!? wrote: »

http://news.bbc.co.uk/1/hi/business/7804513.stm

Catching up with the other indices but unlikely to reach the same levels as new builds and repos excluded.

.

House price falls are accelerating. There must be alot of greedy people getting very worried right now.

jungli_jim

Extrapolate a 1.9% fall month on month untill the end of 09 brings the average price down to £128,600......This does not take into account the effect of recesssion and biblionic unemployment figures. If you are looking at buying now and have nothing to sell i'ld offer no more than £100K.

Somewhat blows the Nationwides laughable Nov (-0.4%) figure out of the water, it's no wonder they don't want to forecast for 09

Kez100

Cornwall -6.5%?

I'm very surprised. Won,t ever get to FTB market if it doesn't move faster than that!

Having said that I am not seeing second home owners selling up, which also surprises me. Perhaps the summer and holiday rentals make enough to not have to worry. Although nothing much is selling there isn't much coming onto the market. Most property up for sale was on the market most of 2008 or longer. We also have very little in the way of new build estates so the big reductions on those won't be showing in our statistics.

StevieJ

jungli_jim wrote: »

Extrapolate a 1.9% fall month on month untill the end of 09 brings the average price down to £128,600......This does not take into account the effect of recesssion and biblionic unemployment figures. If you are looking at buying now and have nothing to sell i'ld offer no more than £100K.

Somewhat blows the Nationwides laughable Nov (-0.4%) figure out of the water, it's no wonder they don't want to forecast for 09

The LR figures are 3 months behind the others so what has it got to do with the Nationwide figure?

boyse7en

If you are looking at buying now and have nothing to sell i'ld offer no more than £100K.

Yes, every property, from studio flats in Brixton to one of those nice houses with a sea view in Sandbanks is now worth £100k. It's the miracle of HPC.

Generali

StevieJ wrote: »

The LR figures are 3 months behind the others so what has it got to do with the Nationwide figure?

Nothing at all. In just the same way, plotting a straight line descent of 1.9%/pa for a period of time that is picked from one's head is meaningless.

Having said that, the economy will get worse before it gets better and house prices have a long way to fall IMO.

WTF?_2

boyse7en wrote: »

Yes, every property, from studio flats in Brixton to one of those nice houses with a sea view in Sandbanks is now worth £100k. It's the miracle of HPC.

That wasn't actually what he said.

i.e.

I have an idea about what I'm willing to pay.

Doesn't mean that I think that I should be able to buy any house in the UK for that price because .....

I also have an idea of what that should reasonably get me.

See, not too difficult to get the logic, eh? I don't know how you construed it to mean that the OP was saying all houses should cost only what he could/wanted to pay.


BTW: Same goes for the tired argument of 'but many people won't sell their house for anything less than summer 2007 prices'. Fine, I'll go to another vendor with a similar property who will. It's not like I'm a property romantic who believes there is only one house in the world that is my soul-mate and there are plenty of houses out there.

StevieJ

Generali wrote: »

Nothing at all. In just the same way, plotting a straight line descent of 1.9%/pa for a period of time that is picked from one's head is meaningless.

Having said that, the economy will get worse before it gets better and house prices have a long way to fall IMO.

Just one point, the Nationwide figures were 1.7% in Aug and Sept somewhat closer to the LR figures based on a 3 month lag.