House prices fall 2.2 percent in January - Hometrack

westv

Shouldn't the thread title be "House prices fall 0.5% in January"?

smeagold

westv wrote: »

Shouldn't the thread title be "House prices fall 0.5% in January"?

Cut and paste job from Reuters, take it up with them:)

westv

smeagold wrote: »

Cut and paste job from Reuters, take it up with them:)

A good journalist always checks their sources.

Graham_Devon

FTBFun wrote: »

No you haven't.

I dare you to go up to a vendor with a print out of this report and demand £1500 off.

No point. They'd probably snap your hand off.

You'd be better just offering 10% under the price

ukcarper

Am I being silly but isn’t it 2.2% in a year 0.5% in a month.

doire_2

mystic_trev wrote: »

I believe Sibley's a great Express reader, so I'll give him this link

http://www.express.co.uk/posts/view/225556/House-prices-fall-for-seventh-month

as know how much he likes to post on the comments section :rotfl:

Sibley will be crying all night now his beloved Express has gone bearish

Thrugelmir

C_Mababejive wrote: »

Are we to have a new thread start every time house prices are mooted to be going up or down a fraction of a percent?

Confidence. The key driving factor in house purchase is negative.In my bones I feel as if we're reaching the tipping point. Where prices will adjust downwards to a signficantly lower base level.

Note I do not say crash. Readjust, as thats what markets naturally do.

AD9898_2

FTBFun wrote: »

I take it you're going to completely ignore supply and demand then?

Been said many times, but worth doing so again. Supply and Demand is irrelevant on items that are too expensive or who require large amounts of finance.... example.

Most like the idea of having a Ferrari and would jump at the chance, so why aren't they the best selling car as demand in theory should be very high, the answer is obvious, only a few can afford to buy one or get the finance to acquire one, hence demand is subdued.

Same with houses, doesn't matter how nice it is, if it's too expensive for what it is, it won't sell and demand for it will be low. Simples.

Supply and Demand only works when an item is value for money, houses simply aren't at current levels and even the banks know this as they aren't willing to lend without serious deposits, so that you lose your money before they do should prices fall.

In my opinion, the average house price should around £100k, and if proper lending and borrowing had been done over the last decade, using proper multiples as we did in the past, this is where they would be, and there would be no massive deficit, fianancial crisis or recession threat.

But unfortunately, greed won the day. And we are where we are.

nearlynew

FTBFun wrote: »

I take it you're going to completely ignore supply and demand then?

No.


Just supply and desire.

C_Mababejive

smeagold wrote: »

I'd assume your of the house price bull persuasion, no?

I'm fairly neutral.

I think homes should be affordable for those who do an honest days work.

They should be seen as homes first and investment vehicles/inflationary hedges second.

You should buy one if you feel you need one but it isnt essential.