House prices fall 0.6% in June Halifax

brit1234

News flash on BBC now, prices fell 0.6% in June. Link to follow when one appears.

:T

chucky

wicked - another massive drop.

here's the link
http://www.lloydsbankinggroup.com/media/pdfs/research/2010/HousePriceIndexJune2010.pdf

Brit would you have started the thread if they were positive?

brit1234

House prices fall 0.6 percent in June - Halifax

(Reuters) - House prices in Britain fell 0.6 percent in June after a 0.5 percent fall in May, mortgage lender Halifax said on Thursday.


That left prices 6.3 percent up in the three months to June compared with a year ago and took the average price of a home to 166,203 pounds.


Analysts had forecast a rise of 0.2 percent on the month
http://uk.reuters.com/article/idUKTRE66717820100708

chucky

wicked - another massive drop.

here's the link
http://www.lloydsbankinggroup.com/me...exJune2010.pdf

Brit would you have started the thread if they were positive?

sarkin1

Prices are 7.5% above their April 2009 trough despite the modest decline over the past few months. The average house price is now £166,203; 17% below its August 2007
peak.

See you at the bottom peeps yaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Really2

Must be the low sales base distorting the figures again.;)

Generali

The press release from HBOSLLOYTSBC&Getc:

T[FONT=Arial,Arial][FONT=Arial,Arial]Commenting, Martin Ellis, housing economist, said: [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]"House prices fell by 0.6% in June following a similar decline in May. Prices in the April to June quarter were largely unchanged compared with the first three months of the year. This continued the slowdown in house price growth since the beginning of the year following the moderate recovery in prices during much of 2009. This pattern is in line with our view that house prices will be broadly unchanged over 2010 as a whole. A shortage of properties for sale in 2009 contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. An increase in the number of properties available for sale in recent months has helped to reduce the imbalance, relieving the upward pressure on prices. The low level of interest rates, however, continues to support housing demand." [/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial]Key facts[/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial] [/FONT][/FONT]• [FONT=Arial,Arial][FONT=Arial,Arial]House prices fell by 0.6% in June. [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]This followed a 0.5% decline in May. [/FONT][/FONT]
• [FONT=Arial,Arial][FONT=Arial,Arial]Prices in the second quarter of 2010 were 0.1% lower than in the first quarter of 2010. [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]This continued the slowdown in the pace of house price growth since the beginning of the year and compared with a 0.6% rise in 2010 Quarter 1. [/FONT][/FONT]
• [FONT=Arial,Arial][FONT=Arial,Arial]House prices in June were 6.3% higher on an annual basis as measured by the average for the latest three months against the same period a year earlier. [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]This was below the 6.9% increase in May, which was the highest since October 2007 (8.9%). [/FONT][/FONT]
• [FONT=Arial,Arial][FONT=Arial,Arial]Prices are 7.5% above their April 2009 trough despite the modest decline over the past few months. [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]The average house price is now £166,203; 17% below its August 2007 peak. [/FONT][/FONT]
• [FONT=Arial,Arial][FONT=Arial,Arial]The increase in the number of properties for sale is curbing the upward pressure on house prices. [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]Estate agents have reported a sharp increase in instructions from new vendors following the recent abolition of HIPs, reinforcing the recent trend as more homeowners have been encouraged to sell following the improvement in house prices in 2009. The ratio of house sales to the stock of unsold properties on surveyors' books fell for the fifth time in the past six months in May. [FONT=Arial,Arial][FONT=Arial,Arial](Source: RICS monthly survey, May 2010.) [/FONT][/FONT]The easing in this ratio indicates a moderate loosening in market conditions, reducing the support for house prices. [/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial]• [FONT=Arial,Arial][FONT=Arial,Arial]Housing market activity has eased. [/FONT][/FONT]Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase – a leading indicator of completed house sales – were largely unchanged between April and May, at a seasonally adjusted 49,800. Approvals in the three months to May, however, were 3% lower than in the preceding three months, indicating a modest softening in housing market activity. [/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial]• [FONT=Arial,Arial][FONT=Arial,Arial]In separate research, Halifax has found that the cost of owning and running a home in the UK has declined by 6% over the past two years. [/FONT][/FONT]Between April 2008 and April 2010, the average annual cost associated with owning and running a home fell by £544 from £9,564 to £9,020. In real terms (i.e. after allowing for retail price inflation), the cost of housing has fallen by 9%. Housing costs in the UK are now equivalent to 27% of gross average full-time earnings, down from 30% in 2008. [/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial]• [FONT=Arial,Arial][FONT=Arial,Arial]The fall in the cost of housing since 2008 has been driven by a 19% (£881) decline in mortgage payments (interest and capital repayments). [/FONT][/FONT]The average mortgage rate paid by existing borrowers fell by 2.13 percentage points between April 2008 and April 2010 from 5.80% to 3.67%.
[/FONT][/FONT]

The house price figures are seasonally adjusted IIRC. Interesting that the average mortgage rate has fallen by 35% yet still prices are falling!

Falling approvals at a time of year when, presumably, they would normally rise is a worry especially given the lousy weather/volcanos/plague of locusts/death of first born sons that ocurred in Q1 of 2010. More evidence of possible deflation? Perhaps.

brit1234

Even the BBC is now going Bearish



UK house prices wilting in summer:rotfl:


UK house prices have fallen slightly in the early summer compared with the start of the year, a survey has found.

Property values dropped by 0.6% in June compared with May, following a 0.5% fall the previous month, the Halifax said.
This meant prices in the second three months of the year were 0.1% lower than the first quarter.

More properties coming onto the market and less activity from house buyers has caused the fall, the lender said.

The average home in the UK is now valued at £166,203 according to Halifax figures.

http://news.bbc.co.uk/1/hi/business/10551070.stm

neas

We knew this fall was coming people.... even the bulls lol. Its not when it will fall but by how much. I guess 20%... why i negotiated a nice discount and good interest rate on my current properdee (well not mine yet still purchasing it).

chucky

oh dear when Brit is using his speacial Brit Windings size 48 font in red - he must be trying very hard to tell us something

where's boomerangs with his head in his hands picture??

chucky

neas wrote: »

We knew this fall was coming people.... even the bulls lol. Its not when it will fall but by how much. I guess 20%... why i negotiated a nice discount and good interest rate on my current properdee (well not mine yet still purchasing it).

they're only 2% lower than they were in January - that's for 6 months on the Halifax index.

the Nationwide is probably positive...

if people see that as a crash - they must be very, very desperate.