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UK house prices fall by record 3.6% in a MONTH!

UK house prices fall by record 3.6% in a MONTH!

Old Oct 7th 2010, 8:55 am
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Default UK house prices fall by record 3.6% in a MONTH!

I feel for those who have just migrated here and haven't been able to sell or are trying to sell their house in UK. That and the exchange rate. .

Is this the start of a US style drop in UK house prices? Who would of thought that an island as tiny and cramped as UK could suffer house price falls, it's all about supply and demand they tell me.

http://www.telegraph.co.uk/finance/e...n-a-month.html


UK house prices fall by record 3.6pc in a month
The UK housing market has suffered a shock as figures from the Halifax revealed the average price of a property dropped more than £6,000 in September.

Published: 8:46AM BST 07 Oct 2010
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Old Oct 7th 2010, 9:02 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

It is a worry as we still have our house there.

Although short term (one month) breaking news doesn't worry me too much yet.

The £ to $AUD exchange rate worries me more.
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Old Oct 7th 2010, 9:12 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

I put mine up for sale 3 days ago

I think with falls like that the price is irrelevant, you just won't get a buyer at all.
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Old Oct 7th 2010, 9:41 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Anything to do with the 4.6% rise reported in August ?

http://www.bbc.co.uk/news/business-11491015

House prices fell by 3.6% in September from the previous month, according to the Halifax the largest fall on record.

However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.

The three-month on three-month comparison, seen as a smoother measure of prices showed a 0.9% drop in September.

The average UK home is now valued at £162,096, the survey found.

Prices remained 2.6% higher than a year ago, the figures show, although this was down from a 4.6% rise reported in August.
 
Old Oct 7th 2010, 10:12 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by ABCDiamond
Anything to do with the 4.6% rise reported in August ?

http://www.bbc.co.uk/news/business-11491015
However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.
Said Lloyds Bank, peddlers of mortgage debt.

Who knows what is going to happen but I can't see anyone wanting to buy a home in UK this side of Christmas, so I'm expecting continued falls in UK.

ABCDiamond, do you feel that this is a blip and that UK house prices will recover shortly? Are you that optimistic?
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Old Oct 7th 2010, 10:34 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by pomtastic
Said Lloyds Bank, peddlers of mortgage debt.
and yet YOU have quoted the same bank for your 3.6% House Fall story

Do you only believe one side of the story, the negative bit ?

House prices fell by 3.6% in September from the previous month, according to the Halifax the largest fall on record.

However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.
<snip>
Prices remained 2.6% higher than a year ago, the figures show, although this was down from a 4.6% rise reported in August.
Originally Posted by pomtastic
ABCDiamond, do you feel that this is a blip and that UK house prices will recover shortly? Are you that optimistic?
I read the full stories, not just the headlines, and try to get a better idea of what MAY happen.

That story said UP 4.6% in one month, down 3.6% in another month, with the three month change being down 0.9%.

You chose to push the "Down 3.6%" and ignore the rest.
I chose to look at the whole story.

It looks like a slow trend downwards, but who knows how things could change ? Will prices drop back to last years figure ? ie: another 2.6% NET fall.
 
Old Oct 7th 2010, 10:57 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Who knows what is going to happen but I can't see anyone wanting to buy a home in UK this side of Christmas, so I'm expecting continued falls in UK.

ABCDiamond, do you feel that this is a blip and that UK house prices will recover shortly? Are you that optimistic?[/QUOTE]


BUT it is very regional -we are looking to buy now (don't really like the money sat in the bank unprotected)- we are cash buyers and have put in offers for 4 houses in the last 2 months and not got any of them - they have all gone over the asking price.

To all those trying to sell good luck and don't take much notice of the headlines they'll only depress you - things ARE selling just taking a little longer.
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Old Oct 7th 2010, 11:20 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by ABCDiamond
Anything to do with the 4.6% rise reported in August ?

http://www.bbc.co.uk/news/business-11491015
I think the 4.6% was referring to ANNUAL house price inflation at Aug 10, whereas the 3.6% is a MONTHLY decline.
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Old Oct 7th 2010, 11:26 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by Reading fan
Who knows what is going to happen but I can't see anyone wanting to buy a home in UK this side of Christmas, so I'm expecting continued falls in UK.
I am still in the UK and know a few people who have their houses for sale and from what I hear it is VERY quiet out there, very little interest around at what is supposedto be one of the peak periods.

We sold our house back in July for I think a good amount, there was a bit of opimism around following the general election and the good summer weather in June. A house on the same street as we used to live went on the market a month ago for an amount less than we accepted on our house, exactly the same style house but on the market for a good £18,000 less than what we started at back in April. So if their starting price is already well below the final offer we accepted then what will the final difference be!
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Old Oct 7th 2010, 11:33 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Only one thing for me to do then and that's to continue renting out my house in the UK (fortunate I know) and use the exchange rate in my favour by sending money over monthly to go towards paying off the mortgage. We will consider selling when things change.
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Old Oct 7th 2010, 11:48 am
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by sportsendurance
Only one thing for me to do then and that's to continue renting out my house in the UK (fortunate I know) and use the exchange rate in my favour by sending money over monthly to go towards paying off the mortgage. We will consider selling when things change.
Is the exchange rate in your favour?
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Old Oct 7th 2010, 12:02 pm
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Default Re: UK house prices fall by record 3.6% in a MONTH!

$1.63 to £1 seems fine by me
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Old Oct 7th 2010, 12:09 pm
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by sportsendurance
$1.63 to £1 seems fine by me
to send money from uk to australia....seems bad, would not $3 for every pound be better?

Edit: oh I get it...you're sending the money from oz to pay off mortgage in UK...doh!!
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Old Oct 7th 2010, 12:12 pm
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Got it
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Old Oct 7th 2010, 12:56 pm
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Default Re: UK house prices fall by record 3.6% in a MONTH!

Originally Posted by sportsendurance
Only one thing for me to do then and that's to continue renting out my house in the UK (fortunate I know) and use the exchange rate in my favour by sending money over monthly to go towards paying off the mortgage. We will consider selling when things change.

Yes and good advice to anyone emmigrating right now, don't sell, rent it out, and pay off the mortgage with strong Aussie dollars, the UK housing market may well dip for a while, but unless you've bought very recently you're likely to still be up on the value. If more people are putting off buying a house in the UK, that's more demand for rentals. You can't lose really, every cloud has a silver lining.
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