House prices 'fall to 2004 level'

[AtW]

House prices 'fall to 2004 level'
Mortgage approvals fell again in November

The average price of a UK home has fallen to levels not seen since August 2004, according to the Halifax.

Prices declined by 2.2% in December, to bring the average cost down to £159,896, the lender said.

On an annual basis, prices were down 16.2% from December 2007, the biggest annual fall since records began.

Halifax also said homes were more affordable than at any time since April 2003, when set against earnings. But getting a mortgage is harder for many.

The figures came as data from the Bank of England said mortgage approvals fell in November to 27,000 - at least a nine-year low.

More: http://news.bbc.co.uk/1/hi/business/7807724.stm

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A load of bull IMO - they are just saying that to tempt buyers to the market, in reality prices have fallen maybe to levels of 2006 or even start of 2007.

[Liability]

House prices 'fall to 2004 level'
Mortgage approvals fell again in November

The average price of a UK home has fallen to levels not seen since August 2004, according to the Halifax.

Prices declined by 2.2% in December, to bring the average cost down to £159,896, the lender said.

On an annual basis, prices were down 16.2% from December 2007, the biggest annual fall since records began.

Halifax also said homes were more affordable than at any time since April 2003, when set against earnings. But getting a mortgage is harder for many.

The figures came as data from the Bank of England said mortgage approvals fell in November to 27,000 - at least a nine-year low.

More: http://news.bbc.co.uk/1/hi/business/7807724.stm

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A load of bull IMO - they are just saying that to tempt buyers to the market, in reality prices have fallen maybe to levels of 2006 or even start of 2007.

Have to agree with you AtW.

Did a little test in my area and the prices are all still the same however the bid amounts are upto 10% of the asking price - which in all honesty translates to 2007 [early] prices for my Area.

The reason houses are not selling is because Estate Agents are not being real and also seller are still living in there inflated era. Once we get prices for FTB we are on our way to better news....so Id say we still need another 20% off.

[Tensai]

... the bid amounts are up to 10% of the asking price....

I *really* hope you mean 10% below asking price....

[ratewhore]

Average house prices are fairly meaningless. What about regional and property type breakdown?

[DiscoStu]

Average house prices are fairly meaningless. What about regional and property type breakdown?

Quite right, prices are still increasing in CyberToryShire.

[xoggoth]

So house prices have gone back a couple of years or four, it doesn't seem like much. Then they say the economy will shrink by over 2%. But as it grows 2+% most years that don't sound like much either. As I've said before, I really don't understand economics.

[Liability]

I *really* hope you mean 10% below asking price....

LOL - Yes sorry. Ha! that would have been bad!

[Doggy Styles]

A load of bull IMO - they are just saying that to tempt buyers to the market, in reality prices have fallen maybe to levels of 2006 or even start of 2007.

WHS

[Turion]

Flats are plunging big time in London. Probably 2001/2 prices now if they want to sell. Forget the asking prices, just look at the properties that say 'no onward chain'. These have more realistic prices and then you can throw another 15% off.

That's reality, but then many of those 'lifestyle seller' dreamer types will only find out when they lose their jobs and become forced sellers and knock off another 30%.

[AtW]

Flats are plunging big time in London.

Gordon (or next Govt whoever they are) will buy those for social housing on the cheap.