Is this a competition to see how gloomy a prediction you can make?
WWW, your 'house price' figures are from mortgage companies and include only figures from mortgage-financed sales, and compare
asking prices not
selling prices. And suggesting that real declines are twice as great as even these figures simply because you like a good conspiracy theory is complete claptrap!
For a more balanced view of the housing market, free of the spin of 'HousePriceCrash.com' enthusiasts, take a look at the
FT Index*, which compares
selling prices of all properties, whether mortgaged or not. It's conclusion is that prices in June dropped 1.2% (not inconsiderable, I grant you), but that prices nationwide are still marginally above this time last year. That figure is distorted somewhat by London, but the worst decrease was in Ceredigion, recording an
annualised reduction of 5.4% over the last three months.
As Alex says, things certainly aren't good, but we don't help anyone by trying to be the one that screams the loudest. Leave that to the red top papers and conspiracy theorists, and let's keep it off Pprune. A balanced view enables a balanced judgement. An extreme view can only allow a distorted judgement.
Scroggs
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