Reply to: House Prices Down 10.5%

[Shimano105]

Different this time, eh Alfred?

[tim123]

Agreed.

It's not the interest rate that's killing 1st time buyers it's having to stump up 30 or 40% deposit

Yep.

Even when the Banks do start lending again, they aren't likely to be giving 100% loans in a hurry.

The people expecting the market to go back up when the loan tap is turned back on again are living in Wonderland.

tim

[AlfredJPruffock]

I think you'll find Scottish prices lag the SE of England. Late in catching the boom and last to feel the bust.

If I held Scottish property, I'd sell it now. Soon it's going to fall up there, and you've still got a chance to turn a buck at the peak.

HTH

Au contraire , prices in Scotland (with the exception of Edinburgh) have had a far more modest increase in prices rather than the 'boom' experienced by the South - hence the softer landing.

Hence Mortgage repayments are substanially lower given the lower price of property as compared to the South.

In the long term, property ownership in Scotland represents a good and sensible investment , oh and your own wee place to live in !

All the same if you really want to make money in a more speculative fashion there;s always the Casino - or IT contracting ? !!

[DimPrawn]

Poperty prices in Scotland still increased by 3.5 per cent - and that is despite a reduction in volume of mortgages.

Crises - what crises ?

I think you'll find Scottish prices lag the SE of England. Late in catching the boom and last to feel the bust.

If I held Scottish property, I'd sell it now. Soon it's going to fall up there, and you've still got a chance to turn a buck at the peak.

HTH

[AlfredJPruffock]

Poperty prices in Scotland still increased by 3.5 per cent - and that is despite a reduction in volume of mortgages.

Crises - what crises ?

[TimberWolf]

Are people reading these figures wrong? They are in the wrong order:

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

Looks like we are accelerating downwards. Bring on the crash!

Prices are falling but the change in accelerating is pushing prices in the opposite direction, even if lower order derivatives (e.g prices) continues down for a bit. (1.9 - 1.5 < 1.5 - 0.9). For example if the rate of change of 'acceleration' were constant it looks like it would go something like:

June -0.9%
July -1.5%
August -1.9%
Sep -2.1
Oct -2.1
Nov -1.9
Dec -1.7
Jan -1.3
Feb -0.7
Mar +0.8

Course a few months (or years) past figures doesn't a future make.

[DimPrawn]

Why does the UK have to see houses as a source of speculation rather than somewhere to live in?

If I was in charge I would target house prices to grow at rate of earnings increase. And I would control it by building more HOUSES(not flats).

Thank god you're just a bottom rung techie then.

[BrilloPad]

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.

Why does the UK have to see houses as a source of speculation rather than somewhere to live in?

If I was in charge I would target house prices to grow at rate of earnings increase. And I would control it by building more HOUSES(not flats).

[Incognito]

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.

You really are a complete idiot SAS aren't you? You're so quick to seize on something you see as a mistake and attempt to belittle the original poster.

Actually, if you had bothered to look at the document DP had posted and compared the monthly change figures against the stated monthly index, you would have seen that from May to June the index fell 2.1 points, from June to July it fell 5.2 points and from July to August it fell 6.4 points. That certainly looks like an accelerating rate of decline to me. Chump.

[Cyberman]

There really is no end to your cretinism, is there?

there is no end to your waste of breath is there.

[Cyberman]

ACTUAL? They show my house as having been sold to me for 60,000 less than I paid. I have told them this and they have agreed it was an error, but it is unchanged.

That shows that prices have risen even higher than the figures show, and also that buyers are trying all sorts of ruses to lower their stamp duty !!

[KentPhilip]

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

Are people reading these figures wrong? They are in the wrong order:

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

Looks like we are accelerating downwards. Bring on the crash!

[sasguru]

Wait for the next Land Registry figures which show ACTUAL prices..... they will show prices rising in my area, as they did last month, and that is all I care about !!

There really is no end to your cretinism, is there?

[expat]

Wait for the next Land Registry figures which show ACTUAL prices..... they will show prices rising in my area, as they did last month, and that is all I care about !!

ACTUAL? They show my house as having been sold to me for 60,000 less than I paid. I have told them this and they have agreed it was an error, but it is unchanged.

[DimPrawn]

Wait for the next Land Registry figures which show ACTUAL prices..... they will show prices rising in my area, as they did last month, and that is all I care about !!

Land prices on the Moon are also rising.

http://www.moonestates.com/shop-moonestates.php

Boomed!