Biggest House Price Fall for 14 Years - with 'Significant' Further Drop Expected

THE TELEGRAPH: Property values are now down 5.3pc from their peak, as interest rate rises bite

House prices have fallen by close to £15,000 in the biggest annual slump for 14 years.

Property values are down 5.3pc from their peak in August last year, leaving the market in its weakest state since 2009, new figures show.

Economists warned the drop marked the start of further “significant” falls to come.

A typical home has lost £14,600 of its value in the past 12 months, following a sharp rise in mortgage rates and a cooling in the market, according to Britain’s biggest building society Nationwide. » | Tom Haynes | Friday, September 1, 2023

House with No Toilet Sells for $2m as New Zealand Property Market Soars

A house in in Auckland, New Zealand, has sold for more than $2m despite needing more than $200,000 worth of improvements. Photograph: Barfoot & Thompson
THE GUARDIAN: The decaying, rundown property in the Auckland suburb of Grey Lynn was prized because of its renovation potential

A decaying three-bedroom house with no toilet or bathroom, missing walls and an overgrown garden has sold in New Zealand for more than $2m (£1m), in the latest example of runaway property markets around the world.

The 1920s-era bungalow on Ariki Street, in Auckland’s affluent suburb of Grey Lynn, sold at auction on Thursday for $2.075m (£1.05m), after the bidding opened at $1.75m, Stuff reported.

Auckland council’s property valuation page estimates its value at $1.65m and that the property requires $200,000 worth of improvements. » | Eva Corlett in Wellington | Thursday, July 15, 2021