Halifax December Figures -2.2%

Lotus-eater

JonnyBravo wrote: »

If people were so certain this was going to happen why didn't they bet? Of course it's all much easier with hindsight but sometimes you just have to put your money where your mouth is.

I didn't know it was going to happen and I can't remember saying that to anyone, in real life or on here. I did know it was going to happen in 2005 and 06, but it didn't and I'm not stupid enough to bet on something I don't know the outcome of.

By the way, did anyone notice that Halifax said prices are sure to continue down? I thought they weren't going to do a prediction for this year, thats a prediction that is.

chucky

Cat695 wrote: »

Just looked at mine 12.9%

best wait to 30% then - that would need another 18 months of the same drops in your area. do you really think that could happen?

Cat695

chucky wrote: »

best wait to 30% then - that would need another 18 months of the same drops in your area. do you really think that could happen?

To be honest chucky I'll buy when I want to buy (and when my deposit is a little bigger) Its going to be my home and not looked at as an investment to make a quick buck off......so yes house prices dropping is good for me but I'm not going to sit around waiting to see if i can hit at rock bottom.

Hopefully I will make an offer that will protect me and my deposit

mitchaa

carolt wrote: »

The Guardian reports that:

"The latest Halifax numbers mean that the average price of £159,900 is a fifth lower than it was at the peak of the housing market bubble in the autumn of 2007."

http://www.guardian.co.uk/business/2009/jan/02/halifax-house-prices

Anyone got the precise figures for percentage fall from peak, just so I can enjoy?

16% down in 1 year, c.20% down (?) from peak....... what great news for all priced-out FTB's!

For those looking to buy, don't forget that:

"The monthly fall brings the average price of a UK home down to £159,896, a level last seen in August 2004."

Off to look at local Aug '04 figures to see what things would have cost me then......

Carol, the Halifax price index had a peak in August 2007 where prices were at £199,770, so in the 16 months since, there has been a fall from its peak by as you say 20% or an average monthly drop of 1.25%

Take that average and spread it across the next 12 months and if the market sustains its downward trend, halifax in theory should be showing a further 15% by the end of the 2009, so down 35% from peak if things continue the way they have been. (I personally dont think it will sustain that downward trend that long, but who knows?)

Just to put things into perspective though, Nationwide are still showing under 15% although their next release is due any time now and LR around 12-13%

I also wouldn't look too much into the Aug 2004 scenario either as i dont need to remind you about regional variations. Some areas are still 2007 strong

Cat695

StevieJ wrote: »

You mean Halifax mortgage approvals or actual house prices? e.g. LR or FT?

The average house price has dropped by
over 16% according to halifax

(which includes repo/auctions etc which the LR do not)

mramra

The quoted house price drops are a little bizarre. The article states prices are back to Aug 2004 levels. We bought our house in May 2004, but asking prices for similar properties on our estate are still 25% higher than we paid for ours in May 04.

Now I know these are asking prices and to some extent will be unrealistic but 25% is a large gap between asking and realistic pricing isn't it?

Jorgan_2

Cat695 wrote: »

now wheres steveJ when I need him

I hate to say I told you so but over 15%

I started reading this thread as I heard this on the news, I had the same thought as yourself.

Cat695

mramra wrote: »

The quoted house price drops are a little bizarre. The article states prices are back to Aug 2004 levels. We bought our house in May 2004, but asking prices for similar properties on our estate are still 25% higher than we paid for ours in May 04.

Now I know these are asking prices and to some extent will be unrealistic but 25% is a large gap between asking and realistic pricing isn't it?

Well it does say average so differs on where you live.....and the horror hasn't hit home yet

ps2659

mramra wrote: »

The quoted house price drops are a little bizarre. The article states prices are back to Aug 2004 levels. We bought our house in May 2004, but asking prices for similar properties on our estate are still 25% higher than we paid for ours in May 04.

Now I know these are asking prices and to some extent will be unrealistic but 25% is a large gap between asking and realistic pricing isn't it?

One of the reasons property is not selling.

chucky

Cat695 wrote: »

To be honest chucky I'll buy when I want to buy (and when my deposit is a little bigger) Its going to be my home and not looked at as an investment to make a quick buck off......so yes house prices dropping is good for me but I'm not going to sit around waiting to see if i can hit at rock bottom.

Hopefully I will make an offer that will protect me and my deposit

totally agree - as long as you buy well it doesn't really matter when you buy. if it's your home you'd get much more enjoyment out of it instead of saving "x" amount from looking at the Halifax numbers.

hitting rock bottom is virtually impossible due to the house buying process - normally it can be 6 weeks to 3 months (unless you're a cash buyer) and even longer if you're in a big chain; it's just impossible to predict.