For the first time in 12 years there has been an annual fall in house prices. Figures from the Nationwide, Britain’s biggest building society, show that the average house now costs less than it did a year ago. Well, Richard Scott is here with the details. Richard. Thanks George. Well, we’re now in a situation we haven’t seen for more than a decade.
Over the last year, average house prices fell by one percent. That might not sound a lot but it’s the first time prices have fallen over a year as a whole since 1996. And over the last six months, the average property has seen its price go down by twelve hundred and fifty pounds a month. Now for some, falling prices are bad news but for others, they’re very good news. So who are the winners and the losers in a falling housing market?
First, let’s take a look at who stands to gain. With average prices currently more than seven and a half times average earnings, first-time buyers are the most obvious winners. People moving up the ladder should also gain because although their property will fall, the place they’re buying should fall by more.
But what about the losers? Well, anyone wanting to downsize is likely to miss out, as will people banking on property for their retirement. And although most people moving up the ladder will win, it does depend on the property. Dee Smith is still struggling to sell her three-bed semi after two years. She’s cut the price four times, but says she can’t afford to go any lower.
"It's the percentage... if everywhere, the house prices were falling equally, then I... then I could understand, but it’s not. It’s certain houses, that, um, in certain areas that are falling more and more. And then, where you want, where we want to go, it’s not. It’s a smaller percentage, you know, so it’s not helping us." Ultimately, though, the balance between winners and losers could depend on the economy and what effect falling house prices have on it.
"I think the real danger is that we get ourselves into a vicious circle, uh, in which falling house prices prompt to weaken economic activity, which, uh, prompts unemployment, and that in turn falls back into, uh, feeds back into falling house prices. Of course, the picture of what’s happening to house prices changes as you move around the U.K. And exactly who are the winners and losers depends on individual’s circumstances. George. Thank you, Richard.
※ see = witness ex. Yesterday saw [witnessed] the resignation of the acting Secretary of State. ex. India has witnessed many political changes in recent years. ex. At present, we are witnessing another building boom.
※ go down : (배 따위가) 침몰하다, (비행기가) 추락하다, (후세에) 전해지다, (역사 따위에) 기억[기록] 되다, (정도 , 양 수 질 따위) 내려가다, 떨어지다, (기계 컴퓨터) 작동되지 않다 ex. The ship went down off the coast of Africa . ex. We watched as the plane went down in a fiery blaze. ex. He will go down as one of the best teachers this school has ever had. ex. The efforts they made will go down in history. ex. No one expects house prices to go down in the near future. ex. The computer went down.
annual : 1년의, 1년에 걸치는, 해마다의 연례 의 detail : 세부, 세목, [pl.] 상세한 설명 [기술], 상세 * detailed : 상세한 ex. a detailed report 상세한 보고 as a whole : 전체로서, 총체적으로, 대체적으로 ex. Many organizations use public relations as a way of promoting an image of the business as a whole rather than just one product. 많은 조직 단체들마다 단지 한 가지 상품뿐만이 아니라 전체 사업 이미지 의 판촉수단으로서 홍보활동을 한다. property : 1. 부동산, 소유지, 토지 2. 재산, 소유물 ex. The property had a high value because of its great location near the city center. * private property : 사유 재산 (A property is a building and the land belonging to it.) (opp. public property) ex. This vehicle has been parked on private property. winner : 승리자, 성공한 것 (something that is very popular or successful), 혜택을 보는 사람 ex. Her latest book looks like being another winner. ex. There are clear winners when a dam is built. Farmers get irrigation water, businesses get electricity. loser : 실패자, 패자, 전연 쓸모없는 것 [사 람], 손해를 보는 사람 * a good/bad loser : someone who behaves well/badly when they have lost stand to + V : ~할 것 같다, ~한 형세에 있 다/to be in a particular situation or state that makes something likely to happen to you. If you stand to gain something, you are likely to gain it. If you stand to lose something, you are likely to lose it. ex. Many small companies stand to lose financially if the new law is introduced. earning : (일하여) 벌기, 획득, (earnings) 소득, 수입, 번 것 * average[gross] earnings 평균 [총] 소득 / * net earnings 순수입 obvious : 명백한, 분명한 move up the ladder : 승진하다 (get promoted) ex. Congratulations on moving up the ladder. 승진을 축하합니다. gain : (노력해서) 얻다, 획득하다, (체중이) 늘 다, 이익을 보다 진보, 향상, 증가 (an improvement or increase in something), 얻는 것, 이익 (a benefit or advantage) ex. The baby's weight gain during the first six months was normal. / ex. The Green Party made big gains in the local elections. ex. It is a policy that will bring significant gains to all sections of the community. downsize : 소형화하다;<인원을) (대 폭) 축소하다 ex. American manufacturing companies want to downsize their factories. miss out : (일·호기 ·즐거움 따위를) 놓치다, 얻지 못하다 ex. Don't miss out! 기회를 놓치 지 마세요! ex. miss out on : He narrowly missed out on the world record. ex. We're missing out on a tremendous opportunity. bank on : <사람·사물을> 의지하다, <남이> ( … 하는 것을) 기대하다 (depend on) ex. He was banking on your attending[ ＝ on you to attend] the party. 그 는 당신이 파티에 꼭 참석하는 걸로 알고 있었다. struggle : 발버둥치다, 몸부림치다, 애쓰다, 허덕이다, (~ 과) 맞붙 다, 분투하다, 싸움, 투쟁, 힘든 일 * struggle to do something: ex. We have to struggle to win our freedom. / * struggle with: ex. They've had to struggle with the painful process of modernization. / * struggle for: ex. Andy was coughing and struggling for breath. / * struggle into/out of etc: ex. She struggled into her tight jacket. / * struggle against: ex. people struggling against oppression. ex. It was a struggle to get up the hill in the snow. 눈 덮힌 언덕을 오르기는 너무 힘들었다 semi : 1.《미》준결승(semifinal) 2. 《영》<집 등이> 한쪽 벽이 옆채에 붙은 (집) (semidetached ) ex. a semidetached house vicious circle : 악순환 ex. He had fallen into a vicious circle of drinking too much and then losing his job and then drinking even more. ex. I get depressed so I eat and then I gain weight which depresses me so I eat again - I'm caught in a vicious circle. prompt : 즉석의, 신속한, 즉각적인, 부추기 다, 재촉하다, (남을) 촉구하여 ~ 시키다, (감정·행위 따위) 를 불러 일으키다, 유발하다 ex. a behavior prompted by natural instinct : 자연 본능에 의해 촉구된 행 동 ex. His curiosity prompted him to ask questions. 그는 호기심에 이끌려 질문을 했다 in turn : 차례로, 번갈아 / 1. one after the other in an order 2. as a result of something that is part of a connected series of events: ex. Her mother taught her, and she in turn taught her own daughter. feed back into ~ : ~로 되돌아가다 * feed something back into ~ : ...을 ~로 되돌리다 ex. You should feed me back into where I am. 저를 원래대로 되돌려야 해요. * feed back : [정보 따위]를 (~에) 되돌리다, 피드백하다, (청중의 반응 따위가) 되돌아오다