July House Price Thread - down 11% year on year (Halifax)

Petem95 · 2008-07-09 18:08:13

THE CROWN BLOGSPOT: Neil skewers Jowell (http://thecrownblogspot.blogspot.com/2008/07/neil-skewers-jowell.html) Halifax haven't officially released this months data yet (think its expected tomorrow), but seems it could be an even bigger drop meaning year-on-year prices are down 11%? (see above link) I've been expecting this crash to be huge, but I'm still amazed at the speed things have happened. Whereas I would have expected 30% falls from peak, 50% falls now doesn't look unrealistic. Housing downturn worse than early 1990s | Personal Finance | Reuters (http://uk.reuters.com/article/personalFinanceNews/idUKZWE92942220080709) The downturn in the housing market has gathered pace and now feels "an awful lot worse" than the last major correction in the early 1990s Things do look like they're about to get very nasty. Don't get me wrong - I'm welcoming the massive house price crash, but not the associated economic mess! My firm has already cut 15% of the workforce this year, and with some of our customers getting into difficulty there will probably be more cuts at some point :eek: It's just lucky that while the economy was doing ok Labour have been tucking money away for the rough times, and looking after the UK's gold reserves..... :rolleyes:

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09 July 2008, 07:08 PM

Petem95

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July House Price Thread - down 11% year on year (Halifax)

THE CROWN BLOGSPOT: Neil skewers Jowell

Halifax haven't officially released this months data yet (think its expected tomorrow), but seems it could be an even bigger drop meaning year-on-year prices are down 11%? (see above link)

I've been expecting this crash to be huge, but I'm still amazed at the speed things have happened. Whereas I would have expected 30% falls from peak, 50% falls now doesn't look unrealistic.

Housing downturn worse than early 1990s | Personal Finance | Reuters

Quote:

The downturn in the housing market has gathered pace and now feels "an awful lot worse" than the last major correction in the early 1990s

Things do look like they're about to get very nasty. Don't get me wrong - I'm welcoming the massive house price crash, but not the associated economic mess! My firm has already cut 15% of the workforce this year, and with some of our customers getting into difficulty there will probably be more cuts at some point

It's just lucky that while the economy was doing ok Labour have been tucking money away for the rough times, and looking after the UK's gold reserves.....

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09 July 2008, 07:17 PM

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Just got details of a 1930's bay fronted detached house on a corner plot in Bournemouth ... few hundred yards from the cliff top, in need of modernisation.

To go to Auction - Guide Price £160,000 ..... OK, it's low to attract interest - but, what will it go for? £180,000? £170,000?

Whatever it is it will be much less than 1 year ago - I would suggest a drop of about 30% along the South Coast has already occurred?