Property prices drop £6,000 in a month

Property prices drop £6,000 in a month

www.telegraph.co.uk

£6,000 ($9,560) wiped off property values in one month.

House prices have suffered their biggest drop on record, with more than £6,000 wiped of the value of the average property last month.

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£6,000 ($9,560) wiped off the average UK property value in one month!

The recovery. What recovery! Banks are said to be 'fragile' and in need of fresh input. Bailouts, QE call it what you will is now looking more likely. They can not hide it for much longer. It will hit hard and it will hit fast.

Sue Anderson, a spokesman at the CML, said: "The future direction of house prices remains uncertain." It is this kind of language that shows why I trust not what they say. They know exactly that there is no way after a record fall that there is any chance that house prices will recover in any meaningful way soon.

People just can not afford the house prices. People that did buy in recent years also took out loans because their house was like a bank for them. They were being told that their house was worth more and more each month. They felt rich and lived that lifestyle. Now they know different.

www.telegraph.co.uk
(visit the link for the full news article)




Also see related story:

UK house prices fall by record 3.6pc in a month

Source

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.

The group said an increase in the number of properties on the market, combined with a drop in demand fuelled by uncertainty over the economy, forced prices down 3.6pc - the biggest monthly fall since figures were first compiled in 1983.

The price of an average home in the UK dropped from £168,124 in August to £162,096, Halifax figures showed.

damn you got there first haha i accidently posted the same story...so if any mods pop by could you please delete it as its all covered here

Is a terrible state of affairs, im worried for my friends and family who own property

reply to post by loves a conspiricy


Yes it is very worrying. A close friend of mine has just completed on the contracts for a house in the past month! I fear for what is to follow. I have a feeling inside that I have known for a long time though. One can not tell someone not to buy a house because one is worried! It is their life. I would never purchase at the moment. There is a hell of a lot left to this crisis. It has only just started.