Thursday, 29 January 2009

UK house prices slide for 15th month

I will post a chart for the Nationwide house price index soon. In the meantime, you might want to meditate on this story from the FT.

UK house prices show no sign that they have hit the bottom as the Nationwide House Price Index recorded its 15th straight monthly fall in January with prices sliding 1.3 per cent,Thursday’s figures bring the year-on-year drop to 16.6 per cent, against a decline of 15.9 per cent in the year to December.

Go on, admit it. You never thought it would get this bad, so quickly.

12 comments:

AnthonyV said...

And once again in the property pages in my local paper, estate agents say "it's never been a better time to buy". But then they would say that ;o)

Nick von Mises said...

OK, I admit it. I don't remember my exact prediction but I think it was about 10% for 2008.

Anonymous said...

They will go back to the late 90s prices - minimum. It will take 20 years for them to crawl back to where they were in 2007. This of course is based on the UK a) eradicating its chav and scum cultures and actually having most people educated and working, b) getting border control under control and the population not soaring with people from the third world.

electro-kevin said...

Yes. I DID say it was going to be this bad.

AntiCitizenOne said...

EK,
Me2
BTW Rising House Affordability is a GOOD thing.

electro-kevin said...

Rising house affordability ...

You mean ... cheaper housing ?

:-))

A good thing of course, you're right. And yet NuLab are still saying that stay-at-home mums should go to work according to the Daily Wail today.

One of the reasons NuLab hate affordable housing is because they hate stay-at-home mothering.

aSteve said...

I'm still surprised at how high asking prices remain. I remember people in the late 80s talking about irrational optimism on the part of vendors - where houses would sit unsold for many months or years... but, somehow, I expected things to move faster today... in essence, because a far greater proportion of houses have changed hands at preposterously inflated prices.

fajensen said...

One of the reasons NuLab hate affordable housing is because they hate stay-at-home mothering.

They hate any productive activity they cannot Tax out of existence!

Anonymous said...

Having sold my house in September 07 and now being on my second rented house I suppose I am feeling pretty happy with myself. But actually, the people I am most pleased for is those who may now start to have a chance to get on the housing ladder - once there's more credit available;-)

I also think there's more falls to come. On the day that Lehmans went bust I put an offer in on a house owned by a retired investment banker. It was 20% off his reduced asking price and he turned me down - he will regret that.

AntiCitizenOne said...

> Rising house affordability ... You mean ... cheaper housing ?

Well Cheaper housing or higher take home pay (after tax).

electro-kevin said...

Point taken, ACO

I noted your cleverness some while ago.

Anonymous said...

Here is to another fifteen months.