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Sharpest house price falls on record – and more to come

29 September 2008

The house price fall of 1.9% recorded by the Land Registry in August was the sharpest in the whole of the eight years that the official house price index has been going.

But agents fear that because the Land Registry is so historic – recording prices of deals completed months after prices were agreed – worse is to come.

According to the Land Registry, house prices in August were down year on year by 4.6%, taking the average house price to £174,500. That compares with the Nationwide’s house price index for August, which reported a 10.5% house price fall in the year.

Howard Archer, chief economist at think tank Global Insight, said there would be no let-up in the downward pressure on sales volumes and prices, amidst very tight lending conditions.

He predicts that house prices will fall by 30% from their peak, as recorded by the Land Registry in August 2007, to when they bottom out in the first half of 2010

Comments

  • icon

    I expect to see 30-35% drop in prices from August 2007.

    2010 will be the time to buy.

    • 08 October 2008 11:18 AM
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