SunnySideUp

Dropped by 2.6% in November 2008.

Graph:-

http://newsimg.bbc.co.uk/media/image...ices_04_12.gif

Nationwide noted a small slowdown in the decrease, could be just a hic-up?

When will this collapse end?

Capital Economics say that we are only halfway through and, although sales have settled at a level, prices have another 20% to fall

"The speed at which this housing market correction is unfolding, already the fastest on record by a country mile, is likely to step up a gear over the coming months," said Seema Shah at the consultancy Capital Economics.

BBC NEWS | Business | House prices still falling fast

Fasten your seatbelts ........

Matteeboy

2.6% is nothing.

Think 40% in the next two years...or more...

davegtt

I'll chew my hat if its more than 40%

SunnySideUp

It was 2.6% in a single month.

2.6% a month = 62.4% over 2 years (non-compounded)

SunnySideUp

Some people HAVE to sell.

Some try to rent instead, but the rental market is saturated now and rents falling.

Some can choose to sit it out, but their next house will be much less.

sarasquares

iTrader: (1)

i want the house prices to hit the floor so i can buy my own


if it carries on like this a deposit would buy the house


bit of a bummer though for those trying to sell

SunnySideUp

I'm looking to buy. Not selling, just buying - asking prices have dropped at least 20% since the summer.

fatscoobfella1

iTrader: (1)

If you look on propertysnake there is man at 30%+..

SunnySideUp

Just asked a property website for an aerial view of your street, it came back with this

http://splinteredsunrise.files.wordp...ich-757855.jpg

cookstar

iTrader: (6)

shamrock

Where are all the people that said house prices will only ever go up as supply outstrips demand?

These threads are too quiet without them!!

Gear Head

iTrader: (2)

People who 'have' to sell are obviously dropping the price so much just to get shot. As others have said, if you are 50:50 on selling, the best bet is to take it off the market. Interest rates are now lower, fuel is lower, energy costs are set to fall, so less people should have to sell in the near future anyway.....in theory. Obviously rising unemployment could have the opposite effect, but the banks have now agreed to give 6 months grace if you miss a payment.

davegtt

Im gutted about the market state really as I want to sell up at the minute but its just not worth it now

Matteeboy

Remember the ribbing you gave me just over a year ago for renting and saving the funds left over?

I'd better come back in two years to demand evidence of your hat munching. Can I choose the hat?

sarasquares

iTrader: (1)

may i suggest one of these

Matteeboy

Sara - what search terms did you use for that pic then?!!

Coffin Dodger

Give it a couple of years and all will be back to normal I hope

sarasquares

iTrader: (1)

big sombrero

davegtt

I didnt give you a ribbing at all, I mearly stated, and I'll stand by what I said that IMO it makes better financial sense to have bought a house, pay a mortgage and own it when youve finished. I wouldnt want to be coming up to the end of my working life paying rent on someone elses house.

For me, I bought a home to live in it, and for that purpose its sensible for me rather than renting.

Although home life has changed somewhat, hence my wanting to sell. Nothing to do with financial aspects etc.

Oh and a little over a year ago I never said house prices wouldnt fall, I remember clearly stating they would probably drop a good 20% overall

mamoon2

I'll give you £14.64 and two pairs of old trainers (one has a hole in the toe) for your house. PM me if your interested

wagrain

Somebody correct me if I'm wrong.....
But ever time they mention on the news about house prices going down, its the "average price" of a house that has been "sold" that is used for the data.

So you could argue that its because the very expensive houses are not selling as often (compared to lower priced property) and that is why the average sale price is lower!

This is how I understand it having looked into the actual data being quoted.

So its just the "average" price of a house that has been sold, that has gone down.

Theoretically, if loads more multi million pound properties were sold (even if their sale value was lower than say what it was 2 yrs ago) and no sub 100k sold, it would make the indices show prices going up!

I know things are not always black & white, but when they are always quoting "averages" on the news, it has to be taken in context.


Anyone see where I'm coming from on this?
Or is it just me

coolangatta

Increasing decrease....... ........

Gear Head

iTrader: (2)

Quite simple. The speed of the decrease is increasing!

stuart n

One of the reasons prices are continuing to fall is because the government seems to think cutting interest rates will solve the current problems.
The problem is nothing to do with the interest rate but down to the fact the banks won't lend money! That means first time buyers, such as myself, can't afford to buy. With each rate cut the banks reduce the maximum LTV and increase their fee.
For example me and girlfriend were quoted a mortgage last year for 95% LTV and £399 fee. Today that quote is 80% LTV and £2000 fee. So we need another £15K deposit and £1600 for the fee
Until this is addresses the housing market will continue in free fall.

lozgti

Ignoring average house prices/decreases/doom etc I seriously believe when we bought our house last year it was about 25 to 30% more than it should have been.

When houses come back down to the level where wages can afford them they will stop going down.

Simple fact is,most people will only get mortgages on sensible terms now ie reasonable deposit down and 3x wages.....doesn't buy you a lot but houses won't sell if people can't afford the price

Leslie

Seems to underline the feeling that getting a 125% mortgage at 8X your salary was a bit unwise!

Les

Gear Head

iTrader: (2)

And Mr Sherlock appears!

unclebuck

More drivel from the unemployed drivelmeister.