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UK Houses continue to fall – now back to 1987 prices

UK homes gold fall again low

Halifax are out again today with their report on Home prices. Once again it’s pretty grim reading with prices falling 4.2% from a year earlier.

Last month we calculated that the average home in the UK would cost you 175 ounces of gold. Today you can pick up the average house with just 171 ounces of gold. You have to go all the way back to 1987 for a time in the UK when the Gold:House ratio was this low.

UK homes gold fall again low(click for sharper image)

The absolute low in the Gold:House ratio was back in 1983 when we hit just 94 ounces to buy the average UK home. With more news today that the consumer isn’t spending in the high street  – down 2.1% from a year earlier – confirming that the UK is in a recession when measured correctly, home prices will continue to come under pressure for the rest of the year as gold closes in on that 94:1 ratio of ’83.

 

Link to this article: : http://www.goldmadesimplenews.com/gold/uk-houses-continue-to-fall-now-back-to-1987-prices-4033/

Posted by on Jun 7 2011. Filed under Analysis, Gold News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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