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2nd leg of Housing Market Crash begins
Doctor_Gloom
Posts: 397 Forumite
I don't know if this story has been mentioned yet, so just in case it hasn't:
U.K. House Prices Fall for Third Month in May as Supply Climbs
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By Scott Hamilton
June 11 (Bloomberg) -- U.K. house prices fell in May for a third month as the prospect of higher taxes and the end of some disclosure rules prompted more homeowners to put their properties for sale, Acadametrics Ltd. said.
The average cost of a home in England and Wales fell 0.2 percent to 220,352 pounds ($323,000) from April, the research group said in an estimate released by e-mail today. Previously reported house-price gains for March and April were revised to declines as more transaction data became available.
Britain’s housing market rebound has shown signs of slowing this year as consumers brace for the spending squeeze and tax increases due in the emergency June 22 budget from Prime Minister David Cameron’s coalition government. While mortgage approvals rose to a four-month high in April, they remain at less than half the total at the housing-boom peak in 2007.
The property market “is delicately poised and easily buffeted in one direction or another by slight changes in circumstances,” Acadametrics Chairman Peter Williams said in the report. “The question now is: ‘Will that decline continue through to the end of the year and beyond?’ There is much to suggest that it will.”
Values in London dipped 0.1 percent to 374,758 pounds in April, the month with the latest available regional data, while values in England’s East Midlands region dropped 2 percent, Acadametrics said. Annual U.K. price gains slowed to 9.7 percent, the least in four months.
U.K. House Prices Fall for Third Month in May as Supply Climbs
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Scott Hamilton
June 11 (Bloomberg) -- U.K. house prices fell in May for a third month as the prospect of higher taxes and the end of some disclosure rules prompted more homeowners to put their properties for sale, Acadametrics Ltd. said.
The average cost of a home in England and Wales fell 0.2 percent to 220,352 pounds ($323,000) from April, the research group said in an estimate released by e-mail today. Previously reported house-price gains for March and April were revised to declines as more transaction data became available.
Britain’s housing market rebound has shown signs of slowing this year as consumers brace for the spending squeeze and tax increases due in the emergency June 22 budget from Prime Minister David Cameron’s coalition government. While mortgage approvals rose to a four-month high in April, they remain at less than half the total at the housing-boom peak in 2007.
The property market “is delicately poised and easily buffeted in one direction or another by slight changes in circumstances,” Acadametrics Chairman Peter Williams said in the report. “The question now is: ‘Will that decline continue through to the end of the year and beyond?’ There is much to suggest that it will.”
Values in London dipped 0.1 percent to 374,758 pounds in April, the month with the latest available regional data, while values in England’s East Midlands region dropped 2 percent, Acadametrics said. Annual U.K. price gains slowed to 9.7 percent, the least in four months.
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Comments
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2nd leg of Housing Market Crash begins
says it all - desperate much:rotfl:The average cost of a home in England and Wales fell 0.2 percent0 -
It's sticky bum time for multiple property owners yet again. What with rocketting capital gains tax rates and now this bombshell.
But it's great news for normal people who want to buy a home for themselves and not just to exploit others.0 -
it's not really... because for the same index house prices have fallen for 3 months totalling a 1.8% price drop over the whole quarter... in only one month (Feb) house prices rose 1.7% virtually cancelling those 3 month of drops... let's not look at Jan because that's another price rise...Doctor_Gloom wrote: »But it's great news for normal people who want to buy a home for themselves and not just to exploit others.
Jan-10 +1.5%
Feb-10 +1.7%
Mar-10 -0.5%
Apr-10 -0.7%
May-10 -0.2%
great news for home owners would have been buying in Feb last year :eek:0 -
Don't feed the troll.0
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Doctor_Gloom wrote: »
June 11 (Bloomberg) -- U.K. house prices fell in May for a third month as the prospect of higher taxes and the end of some disclosure rules prompted more homeowners to put their properties for sale, Acadametrics Ltd. said.
The average cost of a home in England and Wales fell 0.2 percent to 220,352 pounds ($323,000) from April, the research group said in an estimate released by e-mail today. Previously reported house-price gains for March and April were revised to declines as more transaction data became available.
The property market “is delicately poised and easily buffeted in one direction or another by slight changes in circumstances,” Acadametrics Chairman Peter Williams said in the report. “The question now is: ‘Will that decline continue through to the end of the year and beyond?’ There is much to suggest that it will.”
.
3 months in a row, eh? Nice. But I don't think it trumps the 6 months in a row Academetrics reported falling prices in, wait for it, the crashtastic year that was............. 2005:rotfl:Published: September 9 2005 09:34 | Last updated: September 9 2005 09:34
House prices in England and Wales fell for the sixth month in a row in August, according to the FT Acadametrics house price index, the most reliable guide to the prices achieved by sellers in the property market, published on Friday.
After another small monthly drop of 0.1 per cent last month, the annual rate of house price inflation has declined from 15.2 per cent in August 2004 to 3 per cent. House prices have not increased since December last year, with an average property fetching £190,833 on the market in August.
The figures suggest that house price inflation is edging down to zero, an important point when home owners will have few grounds to believe house prices will rise in the near term and investors will no longer be able to justify holding property on the basis of past capital appreciation.
Acadametrics, the consultancy that compiles the FT price index, said house price inflation “is likely to fall further still” because rises in prices last Autumn will gradually fall out of the calculation in the remainder of this year.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »3 months in a row, eh? Nice. But I don't think it trumps the 6 months in a row Academetrics reported falling prices in, wait for it, the crashtastic year that was............. 2005:rotfl:
That crash in 2005 must have so bad and painful that my brain thankfully has saved me all anguish by deleting any memory of it. Wonderful thing how the human body defends itself.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Doctor_Gloom wrote: »I don't know if this story has been mentioned yet, so just in case it hasn't:
It has. Wookster and Carlot have already posted this exact same story.
Why not read the thread titles ~ works for me.
I guess a 0.2% fall made you so excited you just couldn't help yourself. :rotfl:If I don't reply to your post,
you're probably on my ignore list.0 -
It has. Wookster and Carlot have already posted this exact same story.
Why not read the thread titles ~ works for me.
I guess a 0.2% fall made you so excited you just couldn't help yourself. :rotfl:
Its the tipping point, the bigger falls are coming.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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It has. Wookster and Carlot have already posted this exact same story.
Why not read the thread titles ~ works for me.
I guess a 0.2% fall made you so excited you just couldn't help yourself. :rotfl:
Well, to be fair, it's so rare they can actually report bad news for the housing market these days, probably only right to let them post the same story 3 or 4 times.....:rotfl:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
it's not really... because for the same index house prices have fallen for 3 months totalling a 1.8% price drop over the whole quarter... in only one month (Feb) house prices rose 1.7% virtually cancelling those 3 month of drops... let's not look at Jan because that's another price rise...
Jan-10 +1.5%
Feb-10 +1.7%
Mar-10 -0.5%
Apr-10 -0.7%
May-10 -0.2%
great news for home owners would have been buying in Feb last year :eek:
Would you care to comment on the trend:cool:
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