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Boomed! Prices rose by another 0.4% in August

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    Boomed! Prices rose by another 0.4% in August

    http://news.bbc.co.uk/1/hi/business/6979353.stm

    The average house price in the UK has almost reached £200,000, according to the latest survey from the Halifax.

    The UK's biggest mortgage lender said prices rose by another 0.4% in August, taking the average price to £199,770.

    Its latest survey says the increase pushed the annual rate of house price inflation up from 11.2% to 11.4%, despite higher interest rates.


    Now where is Bag-0-pus to tell everyone there is a housing crash underway?

    #2
    Originally posted by DimPrawn View Post
    Now where is Bag-0-pus to tell everyone there is a housing crash underway?
    I hear he's gone to view some properties with the idea of getting into BTL
    Hard Brexit now!
    #prayfornodeal

    Comment


      #3
      No.No. he's getting a BLT.

      Comment


        #4
        CRASH dammit


        This totally unjustified rise in prices is messing up my investment strategy.
        I'm alright Jack

        Comment


          #5
          although they have risen this month this does not reflect the current financial market.

          With the credit crunch nearly in full swing, with october being the deadline for banks to post their books to see who has had the biggest and wildest share of CDO's, only then will we see prices fall and fall they shall.
          With some people pridicting a fall in prices by atleast 4% by Jan 2008.

          Credit has just got harder and with banks charging each other 6.74% overnight interest, its no suprise that private equity deals have come stuck which means the economy will slow down. Finally, the rates are starting to bite!

          Welcome to the beginning of the end!
          Keep it clean!!!

          Comment


            #6
            "Lenders approved fewer mortgages during the summer months, interest from new buyers has fallen for eight months in a row, and actual property sales in July were 10% lower than a year ago"


            hmm, booming, take out London and prices fell.
            The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

            But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

            Comment


              #7
              Originally posted by Bagpuss View Post

              hmm, booming, take out London and prices fell.
              EXACTLY!!!
              Keep it clean!!!

              Comment


                #8
                London falls 'could signal property slump'
                Sean Poulter, Daily Mail
                20 August 2007


                Asking prices for homes in London - seen as the engine of the property market across the country - have fallen for the first time in a year.


                Five interest rate rises in the last 12 months are also cooling the market in other parts of the country, including the West Midlands, the North of England and the South-West.
                At the same time, there has been a fall in the number of new homes coming onto the market, which could be a result of the introduction of Home Information Packs.

                Industry leaders believe owners will be less likely to put their property up for sale 'on spec' because of the £500 cost of a pack. Over the last few years, house prices have reached such a peak that many first-time buyers have been forced out of the market altogether, while others cannot afford to climb the property ladder.

                The price drop in London is considered significant because previously homes in the capital have seemed invulnerable to fluctuations in the market.
                An influx of rich foreigners and City workers' record bonuses have pushed up prices across the board. At the same time, a property shortage - fuelled by the arrival of economic migrants - has also kept prices high.

                However, property experts at Rightmove believe things are changing.

                Commercial director Miles Shipside said: 'This fall is the first we have seen for some time and is an early warning signal that even the buoyant London economy is susceptible to market forces.' Rightmove believes the situation in the capital will be reflected across the rest of the country.

                Mr Shipside added: 'The fall was only slight, at just 0.1%, but has to be seen against the fact that London prices have risen by an average of 2% a month for the last 12 months.'

                The average asking price in London is currently £394,268, which is up by 23.4% in a year, but down by £462 compared with last month.

                Rightmove, which measures estate agents' asking prices, found they had fallen by 2.2% in the West Midlands and 0.6% in the North of England.

                There was no change in the South-West.

                Mr Shipside said: 'The balance of power has switched from seller to buyer in most parts of the country.'

                He said the global credit crunch, triggered by serious problems in the U.S. mortgage market, is likely to reduce access to good value new mortgages in the UK.

                He added: 'This may lead to slight increases in mortgage rates - even without another rate rise by the Bank of England.'

                The annual increase in the average asking price is 12.8%. However, Rightmove believes this will fall in coming months to bring it more into line with wage growth of 3 or 4%.

                Mr Shipside said: 'This much slower rate is consistent with prices and the market starting to adjust to the increased costs of home ownership.

                'It finally paves the way for a return to a sustainable market without the need for further interest rate rises, though many buyers will still face affordability problems.'

                Rightmove members in England and Wales registered that 148,000 properties were put up for sale during the last month, the lowest level since the beginning of the year.

                At the same time the average time taken to sell a house rose to 85 days, up from 80 days in July.


                Booming!
                The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

                But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

                Comment


                  #9
                  Nah you lot just don't understand. BTLs are the way forward.
                  Hard Brexit now!
                  #prayfornodeal

                  Comment


                    #10
                    Does anyone know what the figure is if you take London out of the equation?
                    I know it was a drop in % but what was it exactly?

                    Question 1
                    Taking London out of the equation prices dropped by x.x%

                    find x.x
                    Keep it clean!!!

                    Comment

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