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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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 Posted: Mon Oct 25, 2004 9:25 pm Post subject: Homeowners told not to fear crash |
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Hometrack property website said house prices fell by 0.6% across the UK in October – the fifth monthly drop in a row – as higher interest rates and falling demand continued to cool the market.
The average house price has now fallen by nearly £2,000 since June to £165,800, with the number of buyers registered with estate agents dropping by 3.8% since September.
Hometrack's John Wriglesworth claimed the property market has reached the peak of its current cycle, leading to a softening of prices.
He said: 'House prices are likely to drop further over the next few months due to the current excess supply and the expected seasonal fall-off in the number or prospective buyers.'
He added: 'We see no sudden or significant prospective downturn. Much lower interest rates compared with 10 years ago, strong rises in household incomes, lower unemployment and lenders now willing to offer larger mortgages relative to incomes all point to a levelling-out of house
prices.'
Hometrack's figures further fuels the debate of whether interest rates have peaked. Falling house prices and economic growth suggest the Bank of England will tag the base rate* at 4.75%, but soaring retail figures indicate that fresh increases are still to come.
Last week the Royal Institute of Chartered Surveyors warned house prices are falling at their fastest rate for nine years, while the Building Societies Association said mortgage approvals – loans agreed but not yet made – had dropped to a three-year low.
Wriglesworth predicted base rates would average 5.25% in 2005, despite Hometrack's figures suggesting the market has peaked, with 0% house price inflation during the year.
Agreed sales for October fell by 1% and the average time taken to sell a house rose to six weeks from 5.8 weeks in September.
The largest price falls occurred in Avon and across the whole of London, with North London faring particularly badly.
The October report also claims that 'media scaremongering' was contributing to falling prices. |
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fireboy
Saving Enthusiast
Joined: 18 Oct 2004
Posts: 134
Cash Points ££ 459.94
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| Posted: Tue Oct 26, 2004 6:13 pm Post subject: |
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House prices are going to FALL !
When it costs 5, 6 or even 7 times to buy a house for a first time buyer, that is a clear indication that house prices are now so over valued. |
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