Thursday, Aug 28, 2008
The fall is now a crash!!
aboutproperty.co.uk: When does a fall become a crash?
The torrent of negative news for the UK property market continued unabated today, leading analysts to question – is this now a house price crash?
What's the evidence?
Figures from the Nationwide released today illustrate the scale of the problem now facing the market.
Average property prices have fallen across the UK by 10.5 per cent over the course of the last year, and what's more the pace of decline is accelerating. While prices fell by an already dramatic 1.5 per cent in July, this accelerated to 1.9 per cent in August, with activity "very subdued", according to Nationwide.
Posted by housebear @ 03:15 PM (858 views) Add Comment
7 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
1. maddison said...
A crash implies some sort of panic with lots of selling and only the very brave buying. The market is more like in a deep freeze and getting colder.... I would also call it like mervyn said " a painful correction "
2. pelethar said...
Nobody connected with the property industry (EA's, bankers, BTL merchants, surveyors) is likely to use the word "crash" other than retrospectively, once prices have stabilised or are rising again - and even then probably not for a few years.
3. peter_2008 said...
I would define that conservatively, a crash is when the Nationwide/Halifax monthly price change graph, at the present X&Y scale, can no longer fit in to 1 browser page on BBC web site at a standard resolution of 1024 x 784. The fall is so big, you need more than 1 page to see it as a whole!! And we about ¾ way through.
4. nooneo said...
"When does a fall become a crash?"
Not on the BBC that's for sure!
Declan Curry, Hugh Pym, Robert Peston that annoying aussie twit who's on in the mornings - You will never hear the "C" word eminating from their lips that's a cert !
5. Bricor Mortis said...
Still too early to call a "crash". Due to regoinal variations its a bit patchy nationally. Scotland is up technically. Im in Bristol, which according to the BBC calculator is down 3 and a bit percent. When the repo's really get underway, people handing keys in in droves, and anecdotals of property being given away, thats a crash.
In the last crash, I was offered a house in Abergavenney for any offer I cared to make, as they could not sell at 8 grand and it was beginning to dilapidate. ( the owners had moved unable to sell ). I declined which in retrospect was a mistake, but thats something of the psychology of a crash. I have also read on here anecdotals of ex L.A.houses in the N.E. going for 10 pounds around that time.
6. nooneo said...
Bricor Mortis and maddison
Are you expecting the elusive plateau or the legendery soft landing?
It's a full blown HOUSE PRICE CRASH chaps. Even I thought no-one was still thinking denial was in egypt!!!
7. magnifico said...
The line between a fall and a crash will swing towards the latter as soon as a few thousands of jobs go in the City.