Regional House Drops

Graham_Devon

Around your way...

According to the Halifax House Price Index, a monthly survey conducted since 1983, the average house price fell 3.6 per cent in September. Current prices stand 2.6 per cent above levels of a year earlier compared with the latest reading for the Retail Price Index of 4.7 per cent.

But a look at regional data from Halifax – which were last updated at the end of the second quarter in June – shows just how patchy the fuller picture is. For example, average house prices in north-west England have fallen quarter on quarter in every single quarter, bar one, since the first three months of 2008. The buyer of an average home there in 2007, purchased with a typical 10 per cent downpayment, still owes more than their property is worth.

Prices in Yorkshire and Humberside began falling in the last three months of 2007 and fell in all but two of the following 10 quarters. There, too, a buyer of an average home in 2007, with a 10 per cent deposit, remains under water.

So the average house price, nationwide (bar Aberdeen I guess before I get told off) has fallen in real terms YOY.

However, the North West appears to be taking the brunt of the falls.

And a nice little graph thing of percentage falls since peak in 2007 nationwide:


So the worst affected are:
- Northern Ireland - 46%
- Wales - 10/11%
- East Anglia - 10%
- Scotland - 8%

Best performing areas:
- London - 3.5%
- Outer Met - 5%

No area has reached peak, on nationwide levels.

Full analysis here:
http://www.ft.com/cms/s/0/2a200f5a-d301-11df-9ae9-00144feabdc0.html

nearlynew

As I keep saying, you cannot trust the figures of lying thieves.

The "rise" since 2009 was really a "stabilisation" and the current "stabilisation" is really a fall.

And prices will continue to fall for the foreseeable future.

nicko33

nearlynew wrote: »

for the foreseeable future.

how long is that?

chucky

Graham_Devon wrote: »

So the average house price, nationwide (bar Aberdeen I guess before I get told off) has fallen in real terms YOY.

why in Real terms - what does that exactly mean?

HAMISH_MCTAVISH

Graham_Devon wrote: »

No area has reached peak, on nationwide levels.

False.

They are using the quarterly breakdown from June.

Scotland has just reached a new peak in August.

www.ros.gov.uk

carolt

Well, good news for all those who don't live in Scotland, then.

Graham_Devon

HAMISH_MCTAVISH wrote: »

False.

They are using the quarterly breakdown from June.

Scotland has just reached a new peak in August.

www.ros.gov.uk

Aberdeen is included in Scotland Hamish.

Scotland has not reached a new peak. Please see the graph, which doesn't have it's own bar for Aberdeen.

chucky

chucky wrote: »

why in Real terms - what does that exactly mean?

i know Devon won't want to answer this because he doesn't understand...

but can someone explain to me what real house price drops meen to FTBs?

HAMISH_MCTAVISH

Graham_Devon wrote: »

Aberdeen is included in Scotland Hamish.

Scotland has not reached a new peak. Please see the graph, which doesn't have it's own bar for Aberdeen.

Graham...... Please. Just stop, you're humiliating yourself again.

Scotland has just reached a new peak price.

I've provided the link.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Graham...... Please. Just stop, you're humiliating yourself again.

Scotland has just reached a new peak price.

I've provided the link.

Not on a nationwide level, it hasn't.

Again, you are using a different set of figures. What's the point?

chucky

HAMISH_MCTAVISH wrote: »

Graham...... Please. Just stop, you're humiliating yourself again.

Scotland has just reached a new peak price.

I've provided the link.

i think that you should provide the link again Hamish...

can someone tell about these 'Real' house price drops and how they affect FTBs?