House prices slipped by 0.5% in September compared with August and now stand at £161,132, according to Halifax.
Over the year, house prices have fallen 2.3%, and over the last quarter by just 0.1%.
Halifax housing economist Martin Ellis said the volatile pattern was consistent with a market lacking direction.
He said: “Greater uncertainty about economic and personal financial circumstances, together with pressure on householders’ finances from weak earnings growth, higher inflation and increases in taxes, are likely to be constraining housing demand.”
He said Halifax expects little price movement for the rest of this year.
Comments
Q3 2012 - 19.4% down.
Q2 2012 - 17.1% down.
Q4 2012 - 22.5% DOWN
Didn't you get the previous memo FBA?
It's all part of our masterplan, see? We're slowly annexing EAT. Don't worry overly, resistance is futile.
"Halifax housing economist Martin Ellis said the volatile pattern was consistent with a market lacking direction."
I think the direction is clearly down. House prices down 0.5% this month.
****NEWS FLASH****
EAT have agreed to slip a 'HOUSE PRICES' story into news releases on a weekly basis for HPC'ers to congregate on and gravitate to.
It is designed this way in order that they can collectively comment to each other to their hearts content on how they would like lower house prices.
Unfortunately it comes with the realisation that Estate Agents have no interest in their opinions and these stories are no longer read by Estate Agents and draw no longer draw counter comments or comments of wisdom or explanation for the market from Estate Agents due to the fact that they are totally bored sh*tless by the HPC'ers
This is why this story has not been read much.
It is for HPC'ers, not agents.
Enjoy your mire. Swim in it ! and get yer hair dryers out.
In fairness RnR, I suspect it was the ZIRP rather than the QE1 which effected the dead-cat bounce. Almost uncanny the correlation between BoE slashing BR in March '09 followed by rising prices from April '09 throughout 2010.
Of course, it was only a temporary solution which has evidently run out of steam.
Two letters from yesterday that might make all the difference here: QE
The Man Like Merv said yesterday that he hoped the funny money would filter through to assets and "make people feel wealthier" so they go on the odd cruise or two.
If only the gov would get those party-pooper banks to lend again it'd be happy days again.
Q4 2012 = -12% YoY (as per Land Registry)
"market lacks direction"????????????
Just in case anyone has not read,Halifax,Nationwide,Hometrack,Land reg etc....They all say the direction is very much DOWN!
End 2012 18% down.
I agree with Gary that we are going to be looking at a massive fall in prices,although I would go for 15% rather than 23%.
Rather than this thread ending up trying to get one over on each other I would be really interested to hear what other agents think the market will come down by the end of 2012.
Even if you are commenting........stick down what % at the end of the post and we'll see what the average is.I trust fellow proffessional agents more than economists,media etc.
I can already predict how this thread is going to turn out.
However, it is interesting that of all the new stories uploaded today, this (so far) has attracted the least viewers.
My guess is that the headline says enough and would hopefully be something that isn't a surprise to most readers.
A monthly fall of 0.5% does not represent a return to the falls of 08/09. Neither does it herald a return to the boom of '06 etc.
This is not going to change the standoff between vendors and buyers.
All those indignant Vendors who snap back at you with “I’m not giving it away” will feel a little less smug when these 2.3% falls turn into 23% falls next year.