U.K. Home Prices Decline as Outlook Worsens, Hometrack Says

Wookster

Pimperne1 wrote: »

Three percent over a year. Not too unhappy with that considering how much they went up before 2007. Jo, you really are the turkey voting for Christmas.

3% of rather a large number is not insignificant.

joguest

Pimperne1 wrote: »

Not really random. I took the latest LR figures which showed a drop of 2.6% to Sep 11 and then looked at the previous year which showed a rise of 5.2%.

Here's another one then, May 09 Average Price £152,597, Sep 11 £162,109.

10.9% over four years though - not really a "crash" is it?

I can't recall stating that it was a "crash". However, it looks more like a "crash" than a "boom".

ukcarper

As the difference is negligible I would have thought that if you think prices will fall 3% or less you might as well buy and get on with your life. If you think prices will fall by more than 3% then carry on renting either way it’s a gamble after all who would have predicted the rise in 2008.

Pimperne1

joguest wrote: »

I can't recall stating that it was a "crash". However, it looks more like a "crash" than a "boom".

I can clear that up for you, you didn't state that it was a crash. Still 10.9% over four years - not really a "crash" is it?

nollag2006

joguest wrote: »

I can't recall stating that it was a "crash". However, it looks more like a "crash" than a "boom".

A few percent up and then a few percent down looks fairly flat to me. If you add in the rising rental yields, then the story becomes more interesting. Indeed, there are very few parts of the country now where it is cheaper to rent than to buy.

There is a lot of pent up demand in the marketplace out there, with folks being forced to rent because of the limited amount of stock on the market, but mainly because of mortgage rationing.

Once mortgage availability improves, and we've been waiting on that for a very long time now, then we will see a rapid rise in house prices.

Makes buying a no-brainer really

HAMISH_MCTAVISH

joguest wrote: »

There's really very little financial difference either way with prices falling at this rate.

True.

joguest wrote: »

Over the last four years the land registry shows prices in england & wales have fallen 10.9%, or 2.62% per annum.

So very little, if any, gain has been had by waiting then.

On average.

joguest wrote: »

Obviously it depends on where you live - if you're not living in London/areas of the southeast, then renting (and delaying purchase) has made financial sense over the last four years.

Or rather, if you're not living in one of the sh1thole Northern England towns that skew the average downwards, then renting (and delaying purchase) has made no financial sense over the last 4 years.

In the majority of areas in fact, prices are not falling at all at the moment. (See RICS and Hometrack area data).

Graham_Devon

nollag2006 wrote: »

Once mortgage availability improves, and we've been waiting on that for a very long time now, then we will see a rapid rise in house prices.

Makes buying a no-brainer really

You'll hit the mortgage buffer pretty quickly if an improvement sees a "rapid rise" in house prices.

Males me wonder if people think before typing sometimes.

nollag2006

Graham_Devon wrote: »

Males me wonder if people think before typing sometimes.

Another Graham classic!!


:rotfl::rotfl:

MrRee_2

Renting is for mugs and those who dream of, but cannot achieve, a home of their own.

I have rented when very hard-up .... I disliked buying someone else's property for them.

I have owned many house since those dark rental days ... I now sit in a large house with zero payments to be made on mortgage or rental.

Those who continued to rent when I bought 30 years ago are paying £2000+ to live in a property I do - and, will pay that (increased each year) for the rest of their days ...... I am effectively saving £2000 a month! WhooooHooooooo!!!!!

Buying will always be the wise option - and house prices will always be higher over an 10 year period.

It is as certain as the sun rising in the East.

geneer

Pimperne1 wrote: »

Not really random. I took the latest LR figures which showed a drop of 2.6% to Sep 11 and then looked at the previous year which showed a rise of 5.2%.

Here's another one then, May 09 Average Price £152,597, Sep 11 £162,109.

10.9% over four years though - not really a "crash" is it?

Though as nominal UK average falls are pretty much the same as the 90s crash, then it is really a crash isn't it?