uk house prices well into double dip terrain
News Posted On: 09 May 2011
UK house prices fell again in April according to the index of leading mortgage lender Halifax PLC. The 1.2% decline between March and April was slightly less than the 1.4% drop in March from February, but still sufficient to send the annual decline into a 21 month record plunge of 3.7%; the biggest year on year drop recorded since October 2009 when prices fell 4.7% year on year.
That in itself is quite strange. House prices in the UK enjoyed a recovery throughout the second half of 2009 and into 2010. According to the Halifax's historical data, falls of 3.2% and 1.4% respectively in the first 2 quarters of 2009 were more than made up for by the 2.5% and 3.2% growth seen respectively in quarters 3 and 4.
Unfortunately it petered out into 2010 in the Halifax measure. The lender's data shows just a 0.6% growth in the first quarter, and then the decline restarted, the so-called and much-dreaded double dip, as prices fell 0.2% in Q3 and 1% in Q4. The index brings us into 2011 with a 0.6% decline for the first quarter.
Scottish house prices have been on the biggest rollercoaster of late looking at the historical spreadsheet we can see that prices fell 7.1% in Q4 last year and grew 7% in Q1 this year. Seriously, you couldn't make it up. Understandably buy to let investors are bagging bargains at an increasingly rapid rate as every job lost, home repossessed or up for short sale represents a person, couple or family looking for rented accommodation, as well a cheap property coming onto the market, a double combo investment opportunity.
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