Halifax data out today
For anyone still doubting the severity of the housing market (pay attention Flint, Darling, Brown and Ms Balls)
Here are some facts based on the monthly Halifax figures
The last 12 months have been the worst since Feb1993
The last 11 months have been the worst since December 1992
The last 10 months have been the worst since September 1992
The last 9,8,7,6,5,4,3 months have been the worst ever (YES EVER)
The last 2 months was the worst since last month!
So these figures are as bad or worse than the market was at the depths of the last housing crash and as some experts are pointing out, we have not even had the repossessions or slowing economy hit yet.
Halifax actually use some dodgy figures for their annual decreases. Halifax claim that house prices fell 3.8% over the last year.
The average house price was £196636 in May 2007
The average house price is now £184111 in May 2008
That is a drop of 6.4% - go figure.
Halifax handily release this before the BOE announcement at noon today, however interest rates will not help matters now.
Gordon Brown sowed these seeds over many years and now the housing market will have to deal with it. There is nothing that can now be done to save the housing market (as if it needed saving) we are on a roller coaster, we rode the peak and now the home owners are screaming on the way down.
Watch for all the priced out first time buyers and home movers waiting to jump on at the bottom, so that they can get a chance to enjoy the ride.
How bad can it get for buy to let investors and what are vulture funds