Nationwide. 29 May 2008. -2.5 (month) -4.4 (year)

lethal0r

long may it continue, although preferably without a recession! house price falls ARE good news in the current climate, except if they fall too much!

merlinthehappypig

Nenen wrote: »

Anecdotal evidence: friend of a friend has had his house on the market at 265K (started at 270K for the first three months) for the last 6 months with no interest. EA contacted him yesterday to suggest he drop the price again. FoF was aghast and said he'd already dropped by 5K (big deal! :rolleyes:) and certainly wasn't taking any less or he'd be' giving it away' :rolleyes: EA then told him he should either drop the price 10K or take it off the market for at least six months!

Something tells me that 6 months is a little optimistic but I guess the EA just wanted it off his books!

One of the ones we have been watching on propertybee went dark blue yesterday as I flicked through.

I got all excited until I saw the detail. Originally on £350000 it had dropped to £349950................. It's a bit like winning the lottery only to discover it's just £10.

carolt

So how long have we got to wait till Halifax comes out? Is it the 1st of the month?

Gorgeous_George

I wonder if the data may be flawed.

It may be that a disproportionate number of FTBer homes were bought in May (new builds etc) and that meant that the average house bought in May was cheaper.

Alternatively, it may be that the opposite is true and that the falls were greater.

Without a doubt, prices are falling and will continue to do so for some months/years to come.

Just as the rise was caused primarily by the slack lending by inept lenders, these falls have been caused by the credit crunch and higher mortgage rates/stricter lending.

The asking price of the BTL that I have my eye on rose from £75K to £80K this month. With rent at £450 to £475 per month, I'll wait a while yet.

GG

JonnyBravo

carolt wrote: »

So how long have we got to wait till Halifax comes out? Is it the 1st of the month?

Last month was on the 2nd IIRC. This month the 2nd is a Monday so probably then?

poppy10_2

!!!!!!? wrote: »

Somebody set us up the crash.
All your house are belong to us.

:rotfl::rotfl::rotfl:

I'm sure the banks will be adopting this as their new slogan soon.

Edale

Gorgeous_George wrote: »

I wonder if the data may be flawed.

It may be that a disproportionate number of FTBer homes were bought in May (new builds etc) and that meant that the average house bought in May was cheaper.

Alternatively, it may be that the opposite is true and that the falls were greater.

Without a doubt, prices are falling and will continue to do so for some months/years to come.

Just as the rise was caused primarily by the slack lending by inept lenders, these falls have been caused by the credit crunch and higher mortgage rates/stricter lending.

The asking price of the BTL that I have my eye on rose from £75K to £80K this month. With rent at £450 to £475 per month, I'll wait a while yet.

GG

From Nationwide website:
Nationwide house prices are mix adjusted - i.e. we track a representative house price over time rather than the simple average price. We do not use the simple average price (Land Registry uses this method) because it is too easily influenced by a change in the mix (i.e. proportion of different property types, locations etc) of houses

So the answer is no!

Trollfever

Somebody set us up the crash.

:rotfl:

meanmachine_2

Well, the stock market didn't like those sets of figures much, did they? Anyone see a trend with the 10 biggest losers of the day?

TAYLOR WIMPEY85.50
8.00
8.56
GALIFORM57.00
5.00
8.06
Bradford & Bingley90.50
6.75
6.94
Grainger Trust282.00
18.00
6.00
Findel230.00
14.25
5.83
Barratt Developments190.00
10.50
5.24
Persimmon487.50
26.00
5.06
Capital & Regional288.00
14.75
4.87
Bovis Homes Group429.00
19.00
4.24
HBOS414.25
16.75
3.89

phlash

I was a nutter 2 years ago, then I became a weirdo, followed by a dreamer, eventually being promoted to a doom monger.

After those figures I'm now considered an economist of epic proportions. Its a shame just a few 'real' economists couldn't of used their noddle, a bit of their degree knowledge and common sense regarding economic cycles.