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MSE News: Nationwide: Biggest house price fall in three years

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in House buying, renting & selling
"House prices have recorded the biggest dip in nearly three years amid the "challenging" economy..."
Read the full story:
Nationwide: Biggest house price fall in three years

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  • brit1234
    brit1234 Posts: 5,385 Forumite
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    Good news for first time buyers, lets hope this continues. House prices are still very overvalued and should continue to fall like all the other housing bubbles around the world.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

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  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
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    Just a hiccup.

    I see a former BoE government has come out and stated UK property is currently a good buy, with prices set to surge thanks to an unprecedented shortage.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • brit1234
    brit1234 Posts: 5,385 Forumite
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    Turnbull2000 wrote: »
    Just a hiccup.

    I see a former BoE government has come out and stated UK property is currently a good buy, with prices set to surge thanks to an unprecedented shortage.

    That's probably because he has a buy to let portfolio and whats to protect his investment.

    Oh if it is just a hiccup you wouldn't mind interest rates rising to normal levels rather than 0.5% designed to stop the housing bubble crashing.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • zerog
    zerog Posts: 2,478 Forumite
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    Excellent news. Let's hope for further falls and soon.
  • DRP
    DRP Posts: 4,275 Forumite
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    :beer:

    good news for those (like myself) currently wanting to buy a bigger place and are now more likely to get a better deal :money:
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    Annual fall in price = 1.5%

    Average mortgage interest = 3.4%

    Average rent = 5.5%

    Yep, it was still cheaper to buy than rent over the last year. :)
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • jimjames
    jimjames Posts: 17,621 Forumite
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    zerog wrote: »
    Excellent news. Let's hope for further falls and soon.

    Looking to buy another soon so definitely want more price drops!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    Wonder how many months the will keep milking this stamp duty excuse
    poppy10
  • rickbonar
    rickbonar Posts: 448 Forumite
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    business_man wrote: »
    I am sure its only temporary, prices will be rocketing soon.

    What rocketing downward?

    Maybe the Greece and other EU countries will help and also the housing benefit withdrawn from under 25 year olds too.
  • Lizling
    Lizling Posts: 882 Forumite
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    The article doesn’t mention the figures being inflation adjusted, so with inflation of roughly 4.2% year on year, that makes it about a 5.7% annual fall in real terms. Not bad!
    Saving for deposit: Finished! :j
    House buying: Finished!
    Next task: Lots and lots of DIY
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