Tuesday, Jun 12, 2007
Endless and relentless
Firstrung: UK house prices up 0.9% in May London house prices up 2.3% in May
Asking prices for houses in England and Wales rose by 0.9% last month and 2.1% in the first quarter of 2007. Greater London prices rose by 2.3% last month and by 8.1% over the last six months...
Posted by converted lurker @ 01:07 PM (144 views) Add Comment
18 Comments
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1. tyrellcorporation said...
Jeees, I'd just jack my job if I had a house in London, - why work when your house is bringing in £2k a week!?!
My friends have a small terraced place in Winbledon and they've made £200k in 2 years!!! Insane!
They are now talking about cashing in though as For Sale signs have sprung up all along the road. This may well signal the end of the boom.
2. dohousescrashinthewoods said...
That'll be the BTLs cutting their losses ;)
3. dugmug said...
"Asking prices" - I ask you! :-)
(a) there are more houses on the market, as they admit.
(b) interest rates have gone up and are still rising, which is hardly likely to increase the number of buyers, is it!
So how many sellers, outside of London at least, are going to make the asking price on their property? Not enough for me to care about this particular set of statistics, that's for sure.
4. paul said...
Mervyn King is vainly trying to shape inflation expectations by talking about the alarming increases in borrowing resulting from these price increases. I'm not sure when the message is going to sink in - the market only responds to actions, not words.
It's like quietly and confidently advising a raging bull elephant that it would be in it's best interest to slow down, when you have a .338 Win. Mag. BAR Mk. II Safari Rifle lying idle by your side.
5. george monsoon said...
Paul, I find anyone who has that kind of knowledge of guns a bit disturbing..!!
but.., I agree with your comment, try being a manager - words do not carry weight, but actions will always do the job of getting a message across. Only a sharp 1pc shock rise will curb the silly spenders out there. As long as the BoE continue to take the "boil the frog" attitude, people will absorb the extra cost, come on we are all used to increased taxes, steadily climbing over the last decade of Labour, so people are used to getting sh@t on in small bits.
6. converted lurker said...
George I'm impressed he found a way of posting a url in the comments box! Now here's a thing, only 6 months ago the home.co.uk data was rated, both on here and in the HPC forum
7. inbreda said...
Initial asking prices up
subsequent asking prices down
www.propertysnake.co.uk
8. Scott said...
inbreda is right. What we should do is push the property snake website at the masses rather than just convincing ourselves of a crash.
9. speculatorone said...
Paul, George: we should not act suprised by the governments actions. Have Labour managed to do anything correctly since they have been in power. They are totally incompetent and would all be unemployed in the real world.
I watched Crash Gordon on Sky last night and could not believe he is now our PM. What a joke!
10. uncle chris said...
It could be that sellers think they get lots of money for their properties - after all it's the speculators trying to get out now - you know the greedy ones. By the way, take a look at the home.co.uk comment at the end of their actual pdf report - no so rosey!!
11. sold 2 rent 1 said...
Winner's curse.
Prices to peak in Q4
12. sovietuk said...
It seems to me that there has been a big increase in the number of properties coming onto the market (South East - about 40 miles from London) recently just simply by looking at the number of boards springing up around me. There appears to be a major change of attitude with sellers frightenend of the market tanking. With consumers over reliant on house price equity there are very dark clouds gathering indeed and Brown's continued falsification of government statistics will just make the inevitable recession ten times worse - very tough times ahead.
13. Mrbenn said...
I agree with sovietuk, although no hard facts I am convinced that the number of "for sale" boards in the Brighton are has noticeably increased of late.
14. Orwell said...
Yes I would accpet that,
Things look bad...
Good job I am a litigation lawyer!
15. Orwell said...
I also like the idea of the unions flexing their muscle again!
They have been saying that Jaguar and Land Rover should be taken back into public ownership!
Am I dreaming? Who would have thought it?
The halycion days of the 1970's again...bring on the double figure inflation and interests rates!
Just as Blur is leaving the gulper with the mess to sort out as well...talk about teflon kid!!!!!
16. magnifico said...
I like to see such optimism from you fellow bloggers, still I can't help but feeling like this madness can continue forever. Unless taxes are raised to curb speculation... and I can't see that coming.
17. Scott said...
All bubbles burst Magnifico. In Britain, there has been a recession every 18 years for the past 300 years, excluding the war years. The last one started in 1989, so the outlook for the rest of this year does not look good. Also, do you notice the larger than usual efforts by the media to say that "everything is okay"? They will push it even harder as they get even more desperate. Property program after property program. Towards the end when their efforts are at maximum, even I may believe their crap, but then the crash will happen.
18. Orwell said...
Or inflation (and the unions) settle the matter...!