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House prices continue to drop as housing boom ends
PasturesNew
Posts: 70,698 Forumite
House prices continue to drop as housing boom ends
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=518411&in_page_id=1770
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=518411&in_page_id=1770
No bounce then ....
House prices have fallen for the fifth consecutive month.
The average price in England and Wales has dropped to £174,400, nearly £ 2,000 lower than it was in the autumn.
The figure from the property information firm Hometrack is the latest sign that the decade-long housing boom is officially over.
A raft of recent surveys have signalled that the market has begun what could prove to be a major downturn.
Analysts at Capital Economics predict prices will fall 5 per cent this year and 8 per cent next year.
Other forecasters are even more pessimistic.
One of the most worrying signs is that the number of new buyers registering with estate agents is low.
House-hunters normally come out in force after the Christmas and New Year
lull.
For the last three years, there has been an average rise of 25 per cent in the number of buyers registering in February as against January. This year, Hometrack found a rise of just 7.9 per cent. It means there is little chance of an increase in demand halting the price fall.
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Comments
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What about the buy to let investors relying solely on capital gains?:rotfl::exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Anyone who quotes from the Dailymail should hang their head in shame...
perhaps if this quote came from a believable source then it would spark a better debate!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You do have a problem with the Daily Mail, don't you?!
Would the Times suit you better? (Or is that too downmarket???)
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article3427667.ece
Shooting the messenger won't change the message....0 -
Why is it considered so fashionable by some to arbitrarily dismiss anything that the Daily Mail says out of hand? Are you part of some intelligentsia cabal who alone truly understands the macro economics involved? The DM has provided the following sources for their piece:-Anyone who quotes from the Dailymail should hang their head in shame...They started falling in October - and are still going down in February, according to the figures from the property information firm Hometrack.Capital Economics predicts prices will fall five per cent this year and and eight per cent next year.
Are they all lying? Do you know something that we don't?All lenders which used to offer mortgages worth up to 125 per cent of the value of a home have pulled the deals. Within a matter of days, all five providers - Alliance & Leicester, Abbey, Northern Rock, Coventry Building Society and Birmingham Midshires - axed their deals.0 -
Why is it considered so fashionable by some to arbitrarily dismiss anything that the Daily Mail says out of hand?
Because one day they print articles about house prices crashing, and a few days later they run an article about how overcrowded the UK is with immigrants, and that we need to build 1000s of new houses to prevent house prices continuing to rocket...
By all means read the Dailymail, but take the articles onboard with a pinch of salt, as most are embellished with personal opinion rather than fact. They contradict themselves on a regular basis. I read it online every now and then for a good giggle... scaremongering is their forte, whatever the subject may be.
If you want a credible debate, then quote from a credible source.You do have a problem with the Daily Mail, don't you?!
Would the Times suit you better? (Or is that too downmarket???)
The Times would be slightly more credible than the DM thanks!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
A similar article in the Telegraph today from Roger Bootle.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/25/ccom125.xml
I like this paragraph:
The word crash has always been misleading. A dribbling lower is what can be expected. It has started slowly but the momentum will build up as the tightening of credit conditions comes through and the labour market worsens.
Hopefully the Telegraph has more credibility than the Daily Mail?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Anyone who quotes from the Dailymail should hang their head in shame...
perhaps if this quote came from a believable source then it would spark a better debate!
Are you against the Daily Mail or any info regarding property prices dropping?Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.0 -
Personally I'm against the Daily Mail & very much in favour of house prices dropping.JohnInDebt wrote: »Are you against the Daily Mail or any info regarding property prices dropping?
Pinkshoes & I don't agree on much (apart from the colour of our favourite shoes), but on this I fully agree - the Daily Mail is not, generally, a reliable source."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
JohnInDebt wrote: »Are you against the Daily Mail or any info regarding property prices dropping?
The Daily Mail. I'm not against it, I just wish people wouldn't quote from it as it's rather more fiction than fact, and contradicts itself on a regular basis, as explained above.
Property prices don't affect me as I have no intention to sell, at least not for the next 5 or 10 years. If prices drop and I need to move, then I'd just rent my property out, as the rent would more than cover the mortgage.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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