Boomed - house prices still go up! Boomed - house prices still go up!
Posts 1 to 6 of 6
  1. #1

    My post count is Majestic

    AtW is a fount of knowledge

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    51,479

    Default Boomed - house prices still go up!

    House prices fall another 1% as lending terms tighten further
    House prices: The market is 'on its knees'. Photo: Rex/Nicholas Bailey

    The average price of a house in England and Wales dropped by £2,378 over the past month, with banks continuing to tighten lending conditions as the credit crunch took a turn for the worse.

    According to the property website Rightmove, the average price fell by 1% in September compared with August and by 3.3% compared with the same month a year ago. This was the fourth monthly fall in a row but less than August's drop of 2.3%. Rightmove said this was because sellers who had to market their properties during the holiday season were forced to price more competitively.

    Miles Shipside, Rightmove's commercial director, said: "The housing market is on its knees and will remain so until financial institutions address the disastrous state of the mortgage-funding markets. We are now seeing the lowest level of new sellers for years.

    "There's a baseline level of activity from those that have to sell, but beyond that, discretionary sellers are increasingly scarce. While this market provides a good opportunity to trade up, it requires a degree of bravery in the face of the ongoing turmoil in the financial markets."

    The east Midlands suffered the biggest monthly fall, with the average price of a house dropping by 5.3% to £174,324. This was followed by the south-west, where the average price of a house dropped 3.9% to £253,996.

    In London, however, the average price of a house rose 4% to £379,162. (AtW's comment: didn't they hear about kredit krunch? ) Every London borough saw house prices rise, with the biggest increase in Kensington and Chelsea, where prices rose 9.7%. This was closely followed by Kingston upon Thames, where prices went up by 8.1%.

    The website said recent stamp duty changes had had little impact on the market. "The changes are just tinkering at the edges of the system, and at best will give slightly more choice to first-time buyers, who will be able to put the 1% they save towards the minimum 10% deposit they are now likely to require," Shipside said.

    ------

    No news on prices in Swindon - apparently some millionaire with dim pockets bought all the housing stock

  2. #2

    Fingers like lightning

    Stan.goodvibes has no reputation

    Stan.goodvibes's Avatar
    Join Date
    Sep 2008
    Posts
    547

    Default

    Yeah that was *before* all those thousands of no-longer-required traders and bank staff start flooding the market in London with homes they can no longer afford to pay for.

    The City is going to be greatly diminished by all accounts, and while the population of London may not actually decrease, the amount of money available to fund property in London is going to drop significantly, judging by the sheer amount of wealth that the City generated towards the UK economy.

    Its a property rule - the areas where prices rose first are the last to start dropping...

    Who knows, in a year or twos time i might be able to afford to buy a flat in Putney again...

  3. #3

    I Am Legend

    BrilloPad has reached the peak. Play again?


    Join Date
    Aug 2006
    Posts
    104,174

    Default

    I think that London is still a tax haven for alot of foreigners - particularly those pesky ruskies.

    At the upper end of the market prices STILL going up - just one house sold at £12m instead of £11m has an affect on the average(particularly as voilume of sales going down).

  4. #4

    More time posting than coding

    Iron Condor has no reputation

    Iron Condor's Avatar
    Join Date
    Sep 2007
    Posts
    279

    Default

    Rightmove records asking prices.

    Londoners are the greediest people in the UK, hence they dont want to drop asking prices.

    Actual Sale prices are definitely down in London for those who have been forced to sell.

  5. #5

    I Am Legend

    BrilloPad has reached the peak. Play again?


    Join Date
    Aug 2006
    Posts
    104,174

    Default

    Quote Originally Posted by Iron Condor View Post
    Rightmove records asking prices.

    Londoners are the greediest people in the UK, hence they dont want to drop asking prices.
    Actual Sale prices are definitely down in London for those who have been forced to sell.


    greed is good! lunch for wimps. etcetc.

  6. #6

    Super poster

    SantaClaus has more data than eek

    SantaClaus's Avatar
    Join Date
    Dec 2005
    Location
    #JeSuisGeorge
    Posts
    3,442

    Default

    Quote Originally Posted by BrilloPad View Post


    greed is good! lunch for wimps. etcetc.
    Yeah, I'm a Londoner and greedy, and I'm having cream cakes for breakfast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •