UK house prices post biggest fall since October 2008 - Halifax data today Weds 7th Dec

[jimmyjammy001]

Just a quick note for anyone looking to buy, in particular first time buyers who run the extreme risk of running into negative equity if buying with a low deposit

UK house prices post biggest fall since October 2008

Also its important to note that "Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs March 2020). "

I suspect there will be bigger falls yet still to come as well

Fair enough. Life's too short. Right ... I'm off to celebrate NYE. See you all in 2023.

I'll just leave this here ...

Yes I did eventually find that post - all @Flowersandbutterflies had to say was that it was from 26th December but they didn’t. Anyway, apologies for not recognising the username.
There really is no reason for adults to be so quick with the insults- calling people “mugs” or “hard of thinking” just for a difference of opinion or not recognising a username from someone they have spoken to once or twice.

Maybe you'll find a new obsession that isn't HPC / DHB next year, Mark!

But you could have opened the quote history to see the conversation, rather than demanding to know somebody's previous name (seriously bad form, by the way).

Maybe you’ll find a new obsession that isn’t insulting people because of a difference of opinion in 2023.

I didn't insult anybody because of a difference of opinion. 🤷‍♀️

I can only see the quote history of the OP and it’s also bad form to throw personal insults about like “are you a mug?” but I don’t see you objecting to that

No, if somebody quotes a message, you click on 'Show quote history' to see the whole quote stream.

It's only a personal insult if it's directed at a named person. And being called a mug is hardly insult of the century now, is it?

To be honest, regardless of whether I agree with DHB or not (in any way, shape or form), those that vehemently disagree with him/her have thrown/implied personal insults persistently on all threads they've posted on. It's a bit rich to then complain about such things going on!

Price of average UK home fell in
December
• Average house price fell by -1.5% in December (vs. -2.4% in November)
• Annual rate of growth dropped to +2.0% (from +4.6%)
• Typical UK property now costs £281,272 (down from £285,425 last month)
• Rate of annual growth slowed in all nations and regions during December

www.halifax.co.uk/assets/pdf/december-2022-house-price-index.pdf

Please don't cut/paste the deliberately misleading grammar used by these publications.

What they mean ... and what is mathematically correct ... is that the average price of those houses in a particular category that actually sold in December was 1.5% lower than the average price of other houses in the same category that actually sold in November.

What they want people to believe is that their house is 'worth' less (or sometimes more) because of this.

This is bollocks.

It's like saying "the average height of the people on the 07:46 to Paddington this morning was 2% lower than when we took a comparable sample last month" and inferring that a) you are shorter now, and b) all people are getting shorter ...

.

Maybe I’m being thick, but if they fell 2.4% in November and 1.5% in December - how can the quarterly fall be 2.5%?

Because October was presumably a rise?

Although the thread title suggests October wa also a fall.... in that case I've no idea

Nope , that was down too.
Got some help here from the kids - they think the quarterly fall is 4.2%.

Someone at Halifax needs to take a lesson from them.

Halifax say all nations and regions still have annual price growth. Average being 2% despite regional increases of North East 6.5%, East England 5.5%, West Mids 7.3%, Wales 6.1%, Scotland 3.5%, N Ireland 7.1% and London 2.9%.

Can we have the other regions please.

I think it might be owing to differing definitions for "quarter". Some use rolling 3 months, so a 'last quarter' when referred to in Oct would be Jul/Aug/Sep and when referenced in Dec would be Sep/Oct/Nov. Others may use fiscal quarters so Q2 is Jul/Aug/Sep and Q3 is Oct/Nov/Dec.

I do wish they were more transparent with their reporting of figures. It feels more smoke and daggers than hard facts.

Think that should be mirrors, but I’m getting frustrated.🙄

So the average house lost £4K in value last month?

@Mark19735 this is exactly the bollocks they pump out when house prices are rising.
’The average house increased in value £3k in the last month(!).’
So at least they are consistent.

3k here or 4K there is just noise imo. We are looking to buy and houses are 28% more expensive now than they were at the start of last year for us, due to the mortgage rate. That’s a six figure sum.

I think as we move through this year we will start to see the impact of that reduced affordability on house prices. It's only just starting to show at the moment, but will have a big impact.

Despite being a mortgaged homeowner, I do think that increasing rates is the right thing. The artificially low rates have been a big driver in pushing prices up over the last decade - and inflating asset values while everything else stagnates is not a good thing.

Thank you for your input. Think I'm acting as a rottweiler here, but I've done some digging and Halifax say that the quoted annual 2% increase figure in December has no relation to the regional figures quoted, which are 3 month rolling mortgage approval numbers, but its a small sample size.
Good luck on trying to analyse that then.

They way average Joe sees it is, they’ll look at the asking price of £280k, think that even if the agree on the 280k price today, by the time they complete in 5 months, that house would have lost 4K per month, so would be worth £260k.
Others will think, we’ll they ask 280, it’s worth 260, but with it losing 4K p/m, I’ll offer 240.
In any case, sentiment of a house being a financial asset has collapsed.

@Twiglets1

Shes just heard her annual salary increase from January will be 12%... It’s like her mortgage just became 12% cheaper in 7 months.

12% before tax. Add on increase in NI, increase in energy, food, transport, council tax, goods, general living costs, and what does that work out extra?

Actually if we're looking at over 10% inflation it's a negative number.

So no her mortgage didn't become 12% cheaper. This isn't even GCSE maths level to work this out.