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House Prices drop by 2.9% in November 2008

Are we heading for negative equity? I believe we have already reached this point, especially if home owners have remortgaged their houses in good times, we all enjoyed during the last decade or so.

The house price index published today by Rightmove indicates a sharp decline of 2.9% this month as home owners rush to cash in before further melt down in the housing market. This has increased the annual year-on-year change to negative 7.1% from negative 4.9% reported last month.

The full report can be accessed below:

The Rightmove - House Price Index - November 2008

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  • Chanaka Jayawardhena

    Rather surprisingly everyone subscribes to the notion that house price inflation is good, while any other type of price inflation is bad… why is that?

    What is this fascination with house prices. The more expensive houses become the more we have to pay towards them, thus reducing our disposable income. Why don’t people understand (or don’t want to?) this simple logic?

  • Chanaka Jayawardhena

    Rather surprisingly everyone subscribes to the notion that house price inflation is good, while any other type of price inflation is bad… why is that?

    What is this fascination with house prices. The more expensive houses become the more we have to pay towards them, thus reducing our disposable income. Why don’t people understand (or don’t want to?) this simple logic?

  • Admin

    I believe that the house price inflation is seen as increase of wealth or asset appreciation by many household owners, whilst most other inflations are seen as consumable related.

    The aspect of paying more is linked to the notion that at disposal it will realise even higher gains.

    Most people make simple decisions

  • Admin

    I believe that the house price inflation is seen as increase of wealth or asset appreciation by many household owners, whilst most other inflations are seen as consumable related.

    The aspect of paying more is linked to the notion that at disposal it will realise even higher gains.

    Most people make simple decisions