DCLG: House prices fall 10.2% on year

[Property Prices]

Data from the Department for Communities and Local Government (DCLG) has revealed house prices fell by 2.3% during December, taking the annual fall to 10.2% during the 2008 year.The double-digit drop is the first since the DCLG began collating the data back in 2003.As with the Land Registry, the figures from the DCLG lag behind [...]

More: DCLG: House prices fall 10.2% on year

[Ronny]

It does state on the report there is renewed interest in property however, from a personal point of view, any new mortgage enquiries seem to come from First Time Buyers.

The majority of these FTB do not have access to sizeable deposits and this in turn makes it more difficult/expensive to obatin a mortgage which is seeing poeple choosing to delay any possible purchases.

[gordano]

Interesting post. I was at an investor forum 2 weeks ago, about 100 people in attendance. We did a straw pole amongst investors, the view centred around a 10% fall this year. Of course this is not scientific, but it does provide an interesting reflection on where we are in the market. My own view is that property prices will be affected significantly by mortgage supply. Recent comments in the press are suggesting the government are about to agree quantitative easing ... the effective printing of more money could improve mortgage supply and thus help stabilize proeprty prices.

[bobbyjay]

It's crazy with what's happening with the property prices. But I always thought alot of them were over inflated anyway.