By this talk of falling house prices in general.
Perhaps that\’s too strong: I can\’t see that any of the various indexes give us an accurate picture.
UK house prices are now falling year-on-year for the first time in more than a decade, the Nationwide Building Society warned today.
We\’ve all seen the stories that those purpose built buy to let developments have crashed in price by 30-50% in certain towns. Here\’s the full press release. As you can see there\’s no mention of the mix of housing that is used to calculate the measure.
There\’s a general sense that in recent years the flats market has been greatly overbuilt, while the house market hasn\’t been. So, the question is, how much of that average decline is actually made up of a large decline in hte value of those new flats and a small fall, or possibly even still a rise, in single occupancy houses?
Of course, I don\’t know, but I\’m wondering whether anybody else does either?