UK Property

[DimPrawn]

Remember the "experts" here.

"Britain is not like the USA, prices won't fall".

"There's a shortage or property in the UK and immigrants want to places to live".

"It will be a soft landing."

"It will be far worse elsewhere, prices here only ever go up".

http://www.guardian.co.uk/money/2009...-housingmarket

House prices are now falling in almost every leading economy around the world as a result of the global financial crisis, with the UK experiencing some of the steepest declines, according to two significant reports published yesterday.

Of the 42 economies surveyed, 34 saw falls in the value of domestic property during the last three months of 2008, according to the upmarket estate agency Knight Frank. By comparison in the same period of 2007 house prices were falling in just a quarter of the world's biggest countries. Knight Frank said yesterday that it was now clear no market would escape unscathed from the financial crisis.

A separate study by the Royal Institution of Chartered Surveyors (RICS), also released yesterday, revealed by how much Europe's housing market fell last year.

The UK recorded the second-steepest annual price decline - after Latvia - out of the 42 countries Knight Frank examined.

[PM-Junkie]

Remember the "experts" here.

"Britain is not like the USA, prices won't fall".

"There's a shortage or property in the UK and immigrants want to places to live".

"It will be a soft landing."

"It will be far worse elsewhere, prices here only ever go up".

http://www.guardian.co.uk/money/2009...-housingmarket

House prices are now falling in almost every leading economy around the world as a result of the global financial crisis, with the UK experiencing some of the steepest declines, according to two significant reports published yesterday.

Of the 42 economies surveyed, 34 saw falls in the value of domestic property during the last three months of 2008, according to the upmarket estate agency Knight Frank. By comparison in the same period of 2007 house prices were falling in just a quarter of the world's biggest countries. Knight Frank said yesterday that it was now clear no market would escape unscathed from the financial crisis.

A separate study by the Royal Institution of Chartered Surveyors (RICS), also released yesterday, revealed by how much Europe's housing market fell last year.

The UK recorded the second-steepest annual price decline - after Latvia - out of the 42 countries Knight Frank examined.

idiots

And to be fair, prices went up here faster than other countries because of Brown's stupidity, so it stands to reason that they would fall quicker now that the chickens have come home to roost.

[thelace]

Think I'll go get me some houses in Latvia

[Foxy Moron]

da uk iz a smawl ireland innit? an mi mate sez dey no buildin nough arzes, an awl dem himigrants, an fil an kursti sez i az ta be kwik b4 dey awl gon

iz difent diz time, common senz no longer materz innit, iz da market, supli and de man

[TimberWolf]

How much further are they going to fall in the UK though?

[_V_]

100%

[Foxy Moron]

3.5 times earnings, that's what the banks will be lending. Supply and demand innit

[_V_]

Average house price reaches £100K ish, we've hit the bottom then they'll bounce up to about £110K to £120K and sit there for years.

[Pickle2]

How much further are they going to fall in the UK though?

All the way down to 3x average earnings for the price of an average house. At least.

[TimberWolf]

3.5 times earnings, that's what the banks will be lending. Supply and demand innit

According to something DP posted yesterday house prices may not be far off 3.5 times (4ish IIRC) earnings now. OTAH markets do tend to over-react, as you have said once before.