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Today’s release of data from Land Registry showed prices fairly flat in August, with the average house price in England and Wales £155,968, down 0.1% on the month and 9.4% on the year.
In US$ they rose $2,367 to $257,955. In Yen, up ¥374,219 to ¥2.451 million. The Euro price was down €625 to €180,876 and [...]
Although this is just an initial reaction to a cursory look at the Government’s panic measures, they would appear to be inadequate and likely to be long-term detrimental to the housing market.
The total number of mortgages fell by 81,000 in the first six months of 2008, only the third time in the 37-year history of the figures. It follows a decline of 14,000 in H2 2007 and could signal that a secular bear in homeownership has started.