Evening Standard.. house prices could fall 50%

Tommygun2000

IveSeenTheLight wrote: »

I wish people would get their facts correct.

According to the Land Registry.

1. Prices peaked at £182,301 in November 2007 (as opposed to your over £200k)
2. They are currently £162,561 (a drop of 10.8% from peak). Ok, this is nominal and not REAL, but then people buy nominally
3. The latest release shows that the YOY figure is positive

That's just one index that suits you. I wish people would get their facts correct.

If you look at ALL indexes you will see that at the top of the market average house prices were around 200K. They then fell to in the 150's. As I said.

Now house prices are going up less than inflation, which means they are still falling in real terms.

crash123

wotsthat wrote: »

Land Reg October -0.3%

Zzzzzz

Where`s Hamish when you need him?

IveSeenTheLight

Tommygun2000 wrote: »

That's just one index that suits you. I wish people would get their facts correct.

It's not an index that suits me, it's the one that most believe to be the best with the caveat it can lag.

Tommygun2000 wrote: »

If you look at ALL indexes you will see that at the top of the market average house prices were around 200K. They then fell to in the 150's. As I said.

Clearly not.
LR peak £182,301 - Previously linked
Nationwide peak £184,131 - http://www.nationwide.co.uk/hpi/downloads/UK_house_price_since_1952.xls

It appears you may prefer to be using the Halifax index (as it is closest to suiting your posts)

Maybe you would like to reference which index YOU would like to use



Certainly not ALL of the indexes peaked at £200k and troughed at £150k (Not even Halifax dropped to that level)

Even the halifax which you seem to prefer has recovered nominally from it's trough.

Tommygun2000 wrote: »

Now house prices are going up less than inflation, which means they are still falling in real terms.

So what you are saying is that nominally prices are more expensive, just no in real terms.
It has been discussed at length previously, but if you want to compare against inflation, wage inflation is the better basis to compare.

That said, if you are comparing with the trough of 2009, someone who bought in 2009 would have paid down 3 years of their mortgage against someone who was renting and we can see nominally it's higher to buy now than then.

Eellogofusciouhipoppokunu

DervProf wrote: »

Very easily.

And I think what I said makes complete sense. If you go back to my post, and read what I was replying to (the previous post by somethingcorporate), then you might understand.

I understood it Derv. Seemed pretty straightforward.