Futures market puts house prices in cash terms down by a third by 2011
Punters in the residential derivatives game are putting a very bleak gloss on the direction of house prices. The Tradition Future HPI, which measures future prices against the Halifax (HBOS) non-seasonally adjusted average, puts a value of £137,233 on an average house in June 2011. Given that prices peaked at £201,081 last August, that is a fall of about a third in nominal terms and considerably more in real terms. No wonder the figures tempt the Director of Tradition, Peter…