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UK house prices continue to crash

Discussion in 'General Discussions and Lounge' started by Fredo, Oct 6, 2008.

  1. Fredo

    Fredo New Member Webmaster

    Nationwide data out today confirms the UK house price crash is unstoppable, data shows prices have plummeted for an 11th consecutive month, dropping by 1.7% in September!

    This can both be good news and bad news.
  2. bacardi

    bacardi New Member Webmaster

    I hate to be the bearer of bad news but I dont think home prices in the UK or any other part of the western world will bottom out for at least another 18 months and if the meltdown continues it can be another two more years after that.

    The general rule of thumb is that in a bear market a home loses about one half of the gains made during the boom. So if a house started at 100,000 dollars before the boom and goes to lets say 200,000 dollars then in the next bear market it should go to about 150,000 dollars. Mind you these are rough estimates and and depending how bad the economy is and how high unemployement is so like I said this is just a guideline!
  3. temi

    temi Facilitator Webmaster

    Quite agree with your analysis bacardi, house prices were grossly over value in the first place.

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