House Prices Down 10.5%

[GreenerGrass]

UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide.

The 10.5% annual decline came after house prices dropped by 1.9% in August, the building society said.

http://news.bbc.co.uk/1/hi/business/7584877.stm

But don't get too gloomy:
Data from estate agents suggested "there may be some glimmers of interest returning to the market", said Nationwide's chief economist Fionnuala Earley.

[DimPrawn]

Oi!

That's my job.

Now lets look at the data

August -1.9%
July -1.5%
June -0.9%


Looks like we are accelerating downwards to me.


Lots of nice data here http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf

[Diver]

Oi!

That's my job.

Now lets look at the data

August -1.9%
July -1.5%
June -0.9%


Looks like we are accelerating downwards to me.


Lots of nice data here http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf

September 2.5% then

[ft101]

Estate agents might be inclined to say something like that though, don't yer think?

Hope the BoE don't cut rates, in fact, lets stick them up. The pound will take even more of a battering. A .25 drop off the rate won't do much for the housing market anyway as it is long overdue a correction.

[DimPrawn]

Estate agents might be inclined to say something like that though, don't yer think?

Hope the BoE don't cut rates, in fact, lets stick them up. The pound will take even more of a battering. A .25 drop off the rate won't do much for the housing market anyway as it is long overdue a correction.

Agreed.

It's not the interest rate that's killing 1st time buyers it's having to stump up 30 or 40% deposit at the same time that day to day living costs are rising at least 10% p.a. (food, clothes, rents, fuel, etc).

And the banks are only going to increase the deposit requirements when prices are falling 2.5% per month.

This is going to be great opportunity when it hits the bottom.

[ace00]

Oi!

That's my job.

Now lets look at the data

August -1.9%
July -1.5%
June -0.9%


Looks like we are de-celerating downwards to me.


Lots of nice data here http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf

[Likely]

what else is new

[Cyberman]

Just more propaganda before the interest rates panel MPC meets, from a party with an interest in a rate cut perhaps ?

[TimberWolf]

Looks like we are accelerating downwards to me.

Nope, based on those 3 figures the rate of change is decreasing, i.e. humped. A bit like a cannonball fired into the air that's still travelling upwards as it approaches its greatest height, but slowing as it reaches the peak.

[sasguru]

Oi!

That's my job.

Now lets look at the data

August -1.9%
July -1.5%
June -0.9%


Looks like we are accelerating downwards to me.


Lots of nice data here http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf

You think those figures are accelerating? No wonder I had such a hard time explaining time series variation along a trend line to you. Stick to dreaming about getting rich.