Yes, house prices are falling: but they probably won’t fall quickly
by Guardian Staff from Economics | The Guardian on (#2RSQM)
The news that the property market is going down has cheered many: but cheap credit and huge pent-up demand is likely to cushion the decline
There is a small but vibrant web forum, housepricecrash.co.uk, whose members' outrage at inflated property prices is matched only by their dismay that the longed-for slump has never materialised. After Nationwide reported last week that house prices had fallen for the third month in a row, its faithful believe the day of reckoning is finally coming.
The average home fell in value by 0.2% in May, said Nationwide, following on from declines of 0.4% in April and 0.3% in March. Not since the height of the financial crisis in 2009 have prices fallen for three months in a row.
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