|
UK House Prices Which Way Will They Go?
UK house prices fell for the third consecutive month in May according to the Acadametrics index released today (June 12).
At TheAdvisory we fell that this is a clear indication that the second dip – feared since prices started growing last April – is upon us.
While other indices have shown prices falling, the Acadametrics index is the only UK house price index that is based on actual prices for every property transacted in England and Wales rather than valuation estimates or asking prices.
The data recorded by the index makes a second dip seem absolutely inevitable. Yes, a 3-month decline is already a second dip, but we are talking about a second crash.
According to Acadametrics sales also fell in May, the data showed transactions down 18% compared to April’s figure, which itself was running at approximately 35% below that of April 2007. This is hardly surprising, given the austerity measures the recently formed Tory-Liberal coalition government must lay upon us, which is causing understandable uncertainty in the public sector, and the economy as a whole.
Understandable as it is, the fall in sales couldn’t have come at a worse time; with a massive rise in supply near inevitable, and in fact already underway.
Let us know your housing market experiences and come over to theadvisory.co.uk and comment on our quick house sale blog. blog archives
|