The bottom in UK house prices is no bottom at all


	The bottom in UK house prices is no bottom at all

JICWyllie

6-4-2009 5:14 AM

110 views

tags:

1-housing, 1-prices, 2-decrease, 2-uncertainty, 3-forecast, uk

JICWyllie says:

If the job market needs to improve before housing prices begin to rise -- seems like a valid assumption -- then the economy is in a double bind, or could that be a downward spiral?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/66b0e7fd-9321-42f8-b231-a880af806514/7A5A9319-431C-4691-996E-63BB3E24997F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html" href="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html" style="font-size: 11px;">www.telegraph.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html"><P>
After a 75pc drop in mortgage approvals, record low transaction volumes and a 
  22pc fall in average values from their 2007 peak, some indicators suggest a 
  floor has been reached. But the signs aren't yet conclusive. Further lurches 
  downward cannot be ruled out. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html"><P>
Skittish changes of demand in very thin markets probably explain the erratic 
  behaviour of the two main price indices. On a month-on-month basis, 
  Nationwide's rose in March, fell in April, then climbed again in May. 
  Halifax's rose in January, but has been falling ever since. Such yo-yoing is 
  a feature of housing downturns. The same thing happened between February and 
  August 1993. But prices did not stabilise until late-1995. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html">House prices need to fall another 17pc to get back to their long-run average 
  of 3.7 times average income.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/economics/houseprices/5433684/The-bottom-in-UK-house-prices-is-no-bottom-at-all.html">the macroeconomic environment must 
  stabilise. That seems a long way off: unemployment is predicted to rise from 
  its present 7pc to over 10pc. Second, first-time buyers need improved 
  mortgage terms. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7A5A9319-431C-4691-996E-63BB3E24997F/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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