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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Mon Dec 17, 2007 10:35 pm Post subject: UK House Prices Fall 3.2% in December - On Target for 2008 C |
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By: Nadeem_Walayat
Rightmove survey announced a 3.2% drop in UK House price asking prices in the month from Mid November to mid December. This was the sharpest decline since rightmove's records began in 2002. The sharpest drop of 6.8% was in London with average house prices falling by a whopping £28,000 in one month.
Rightmove sited the implementation of the home information packs (HIPs) for the sharp drop. The impact of the HIPs was inline with the Market Oracle warning of 23rd November 07 - UK Housing Market to be Hit by the Big HIPs Freeze During December.
Despite the sharp drop, rightmove who have a vested interest as an estate agency are still forecasting a stagnating market during 2008 and call for the Bank of England to cut UK interest rates by a further 0.5% early 2008 to support the UK housing market. The Market Oracle forecast as of 22nd August 07 , is for UK interest rates to fall to 5% by September 2008, with the first cut scheduled to occur in January 2008 having come a month early.
The UK housing market continues deteriorate and is expected to result in annualised UK House price inflation going negative for the first time since the early 1990's by April 2008. The buy to let sector rush for the exit to take advantage of the change in UK capital gains tax rules effective 1st April 2008 as well as buy to lets no longer remaining a viable investment in the face of falling house prices.
An additional sign of the housing slump accelerating was illustrated in my recent analysis of the sharp deterioration in the ability of houses to sell at auction, with the number of sales falling from 97% in January 2007 to 71% by November 2007, typical auction house.
The Market Oracle forecast is for a 15% drop in UK House over the next 2 years with London expected to drop by as much as 25%, as of 22nd August 07.
The UK property market remains at historically high unaffordability levels as illustrated by the Market Oracle UK House Price Affordability Index.
http://www.marketoracle.co.uk/Article3110.html |
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