House prices are now at their lowest level since March 2005, according to a ‘poll of polls’ by Chesterton Humberts.
The ‘poll of polls’, carried out in conjunction with the Centre for Economics and Business Research, analyses all the house price data in the other major surveys and aggregates their results.
It calculates that houses prices fell by 1.3% in February, an annual decrease of 16.1%. Flats and terrace properties have fallen hardest, with year on year declines of 17.6% and 16.9% respectively.
In London, prices have decreased by an average of £54,592 since their peak in February 2008.
Where to lose £55,000 in a year
09 March 2009
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Comments
I thought the author of this article (how to lose £55K) had seen my accounts for last year!
55K? pathetic, just open an estate agency!
And, of course, all of us on the ground know we're now back to 03/04 levels.
Bit surprised to see that house prices hit a peak on Feb '08. Have people forgotten the last set of interest rate rises by the Bank of England? The market was terribly overheated and the Banks last rate rise was May '07, House prices have pretty much been in decline since then, and as soon as Northern Rock hit the news in Nov '08 it's been pretty much a free fall.... It doe's look however that people are now smelling the bottom of the market as viewing levels at the moment are very high.
That's when I started as an agent, 2005. Surely it can't be just me being responsible for the boom....