Oh Dear™

[_V_]

https://www.bbc.co.uk/news/business-63886983

UK house prices saw their biggest drop in 14 years in November, falling 2.3%, reflecting "volatility" in the market, according to mortgage lender Halifax.

[jamesbrown]

It's a boom on the way up and "volatility" on the way down

Crashy, crashy, negative boom.

[ladymuck]

Did the actual price of housing fall or did the rate at which the price increases fall?

(too lazy to read the article)

[jamesbrown]

Did the actual price of housing fall or did the rate at which the price increases fall?

(too lazy to read the article)

Depends on your timeframe, I expect. I doubt it has gone YoY negative yet. That is probably still a few months out . That said, in real terms, most definitely.

[Paddy]

Did the actual price of housing fall or did the rate at which the price increases fall?

(too lazy to read the article)

House prices are 'falling' but it depends on location. Average house on a suburban estate is falling. Sought after properties such as those near railway stations or tube stations are increasing in price.

[_V_]

Bedsits above kebab shops are still grey slates

[DealorNoDeal]

I doubt it has gone YoY negative yet. That is probably still a few months out

Hard to see this not happening with interest rates soaring, rampant inflation, a cost of living crisis, recession and unemployment.

The markets are expecting another 0.5% from the BoE next week, and for rates to peak at over 4% next year.

[ladymuck]

https://www.theguardian.com/business...-for-mortgages

Removing the affordability check for a 3pc rate rise implies that rates are going to increase and lots more people won't be able to afford their mortgage

[DealorNoDeal]

https://www.theguardian.com/business...-for-mortgages

That aged well.

[jamesbrown]

Hard to see this not happening with interest rates soaring, rampant inflation, a cost of living crisis, recession and unemployment.

The markets are expecting another 0.5% from the BoE next week, and for rates to peak at over 4% next year.

The UK housing market never goes medium, it always goes big, boom or bust.