Monday, Feb 12, 2007
Flat and dropping
home.co.uk: Housing Market Sentiment Cools
East Midlands down 2% over last 6 months. That's where things usually wind in first as affordability
constraints kick in.
Scotland up a massive 14% as more lemmings over-extend to purchase second homes or just move
lock stock for a better quality of life.
Posted by doomwatch @ 11:06 AM (133 views) Add Comment
13 Comments
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1. uncle chris said...
These are the only house price statistics that hold any sway with me because they confirm almost exactly what I have been seeing in my area of North Wales / Merseyside. Take the page 5 graph for example, showing that the "cheaper" end of the market rising significantly because every one is after them, including FTBs, BTLs, Polish immigrants and increasingly Downsizers; whereas the more expensive houses are dropping like a stone because increasingly even those who should be moving up the ladder cannot afford to do so.
2. bidin'matime said...
"With the supply of homes on the market rising and demand falling,
especially from first time buyers, a ‘tipping point’ may well be within sight."
Coming from a property search company, that is a warning indeed.
3. bingo said...
the area I live in has been stagnant for at least a year, a house that I made an offer on two and a half years ago (obviously I didn't buy it), just sold again for 15k more than it sold for back then. Hardly enough to cover solicitors, estate agents, moving costs etc.
4. Davros said...
You wonder, that if as people say, prices are generally flat, what impact the recent rate rises might have?
5. dohousescrashinthewoods said...
A bit of reality in a Daily Mail world.
I noticed the South East headline figure is 2.2% below IceSave. Mix it up with a decent ISA and, even after tax, cash looks to be out-performing property.
Only London and Scotland are above RPI, so housing appears to be a dead-cert loser.
Glorious Sunshine, come on, I think it's time to swallow your pride and take the U-turn. I'm sorry to say that sticking to your guns is already costing you money (assuming your BTL isn't in Knightsbridge).
6. Rickyb said...
Icesave seems a good investment at the moment if you've used your ISA allowance. However if you're a basic rate tax payer, you could do worse than investing in a National Savings Index-linked saving certificate. These are index linked to the RPI, and for a basic rate tax payer, the interest rate is currently equivalent to 6.93%.
7. sovietuk said...
That 'expensive house' price drop is really quite significant and shows that it's basically a very bad short term investment for people buying into this part of the market (in the area of the country in question - at least) . Better returns are obviously made on other types of investments. Advice - a bad time to buy an expensive house in this part of the country.
8. Northernlad said...
TRIPE!
9. geed said...
The survey is saying that the average house asking price fell (inflation adjusted) in England and Wales over the last 12 months as they rose at a rate which was 1.4% below the optimistic CPI rate. With your savings earning a possible 5% tax free (risk free) in an ISA these are happy days. Another rate rise should see those without homes in areas outside London and the South of England, oh and Scotland (still mad up there) looking like they have made the right choice to sit, save and wait. Well done. There is still hope for the other areas. Get this message out to all those prospective house buying lemmings, sorry i mean friends. Print this survey off as proof.
Where is the BBC when you need em? Why are you lot not all cheering, eh?
10. george monsoon said...
yay!
11. Patientlywaiting said...
"The knock-on effect for UK house prices could be catastrophic."
He, he - just a couple of years and I'll be able to buy a reasonably priced house
I just hope that smug bitch at work has completed on her house :O)
12. geed said...
On ya George. Wheres the rest of ya?
13. dohousescrashinthewoods said...
I'm in. Woohoo! I think we're all about to be vindicated.
On the other hand I think we are all about to lose our jobs, so it's a bitter-sweet party.
Hopefully it will be a better world on the other side.
It will grow mad again soon enough, but we will be able to enjoy the good times because most of us are starting without cripling debt accumulated this side of the crash.