House prices FALL -0.3% MoM - Land Registry

themanbearpig

House prices fell again in April


House prices are still falling

House prices in England and Wales fell slightly again in April, according to the Land Registry.
The average house price fell by 0.3% that month, with the annual rate of decline remaining at 16.2%, the same as it was in March.
"Although property prices are still falling, the speed of the fall has been fairly static over the last couple of months," said the Land Registry.
The average home was worth £152,898 in April, down by £29,659 over the year.
Last week the Nationwide building society, one of the UK's biggest mortgage lenders, suggested that UK house prices picked up by 1.2% in May, the second increase it had recorded in the past three months.
That was the latest of a number of pointers suggesting that the slump in the property market may be slowing down.
But with lenders still rationing their lending to both new and existing borrowers, sales are still far lower than a year ago.
The Land Registry said that number of properties sold between November 2008 and February 2009 averaged just 31,315 per month, which was only 42% of the level seen during the same period the year before.


BBC article:
http://news.bbc.co.uk/1/hi/business/8076716.stm





We do seem to be near the bottom of the first rung of falls, but by no means the end of them altogether. I would expect 4-6 months of small decreases and increases like these until autumn, and then stagnation and further falls again, but at a slower rate than 2008. Then a further nose dive when interest rates and taxes start climbing in a few years.

PasturesNew

themanbearpig wrote: »

But with lenders still rationing their lending to both new and existing borrowers, sales are still far lower than a year ago.

I wouldn't say the lenders are rationing it ... I'd say not enough people could meet the criteria set to obtain a mortgage.

They're not rationing it ... they're not giving it away to people with a pulse.

purch

I'd say not enough people could meet the criteria set to obtain a mortgage.

The Balance Sheets of the Banks will not be in a fit state to take on anything other than first rate Assets for many years, if at all.

System

Interesting, Nationwide reported a 0.4% drop for April, so at least they are agreeing with each other.

chucky

Just shows there are areas with 3% or 4% growth already... whilst others have the reverse. it's getting more and more regional.

• The region with the most significant annual price fall was the South West with a movement of -18 per cent.
• London experienced the greatest monthly rise with a movement of 1.4 per cent.
• The North East was the region with the most significant monthly price fall with a movement of -2.6 per cent.
• The highest monthly price increase was in Rochdale with a rise of 8.2 per cent.

http://www1.landregistry.gov.uk/assets/library/documents/hpi162009e.pdf

StevieJ

chucky wrote: »

Just shows there are areas with 3% or 4% growth already... whilst others have the reverse. it's getting more and more regional.

• The region with the most significant annual price fall was the South West with a movement of -18 per cent.
• London experienced the greatest monthly rise with a movement of 1.4 per cent.
• The North East was the region with the most significant monthly price fall with a movement of -2.6 per cent.
• The highest monthly price increase was in Rochdale with a rise of 8.2 per cent.

http://www1.landregistry.gov.uk/assets/library/documents/hpi162009e.pdf

• The highest monthly price increase was in Rochdale with a rise of 8.2 per cent.

Hey, that is Dopesters old stomping ground, wonder what his take will be on that

IveSeenTheLight

chucky wrote: »

Just shows there are areas with 3% or 4% growth already... whilst others have the reverse. it's getting more and more regional.

• The region with the most significant annual price fall was the South West with a movement of -18 per cent.
• London experienced the greatest monthly rise with a movement of 1.4 per cent.
• The North East was the region with the most significant monthly price fall with a movement of -2.6 per cent.
• The highest monthly price increase was in Rochdale with a rise of 8.2 per cent.

http://www1.landregistry.gov.uk/assets/library/documents/hpi162009e.pdf

For a long time I've said, be careful with UK averages, better to watch your local area.

Merthyr Tydfil shows a 5.5% monthly increase (could be noise ) but YoY they are showing a 3.3% increase

skap7309

themanbearpig wrote: »

We do seem to be near the bottom of the first rung of falls, but by no means the end of them altogether. I would expect 4-6 months of small decreases and increases like these until autumn, and then stagnation and further falls again, but at a slower rate than 2008. Then a further nose dive when interest rates and taxes start climbing in a few years.

I would certainly agree - phase one is drawing to a close. Phase two is when IR / taxes start to climb.

skap7309

IveSeenTheLight wrote: »

For a long time I've said, be careful with UK averages, better to watch your local area.

Yes you are right - it is good reading to at -1.2% MoM / -17.1% YoY for Cambridgeshire. Not exactly a dump of a county so i am actually surprised it is lower than the national average.

ad44downey

themanbearpig wrote: »

House prices fell again in April

The crash continues.

TIMBER!!!!!!

thegibdog

chucky wrote: »

• The highest monthly price increase was in Rochdale with a rise of 8.2 per cent.

I think this just demonstrates the volatility of the figures, Rochdale had the highest monthly falls for the previous two months - over 5% in both February and March.