Monday, Jul 23, 2007
It looks like a duck it walks like a duck... ohh it's a wobble!
Times: The Welsh wobble
"Prices are falling in Wales - is it a temporary twitch or a trend the rest of the country will follow? Llandudno is not some isolated property cold spot; the market in much of the rest of Wales is looking decidedly shaky, too." Probably better separating the country politically into regions in order to sustain the house prices. How about annexing Wales to the Euro? So we can blame the currency. Now Wales is part of the same island, isn't it? It is the same overpopulation and high student rate problem... I am confused! What is happening in Wales?
Posted by confused76 @ 09:54 AM (173 views) Add Comment
8 Comments
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1. paul said...
"The Dutch bank ABN Amro claimed in a recent report that house prices in the UK were overvalued by almost 50% – against 25% in the USA – making Britain “even more vulnerable to a housing crash than America”.
Yes they did. And they are not some lone vested interest with illusions of grandeur - they make and break themselves based on their forecasts. Wales might be feeling a chilly wind blowing through now, but they haven't had speculative interests running rampant there. London and the SE have, and those are the folks who will be hit the hardest I feel.
Keep watching ...
2. sold 2 rent 1 said...
Paul,
Have you got a link for this ABM Amro claim?
50% in real terms by 2016 is my prediction
3. david20040_0 said...
""According to the Land Registry, house prices in Newport fell 1.99% in the period – the biggest drop anywhere in the UK.""
A 1.99% drop when they have risen by 136% is hardly a lot now is it.
AND
""The latest weakness should also not detract from the fact that prices for the year are up by 9%.""
That is still more than inflation and more than the highest interest rate offered on a internet savings bank account of 6.3% by ICICI.
You guys are getting way too ahead of yourselves!
4. uncle chris said...
Well it's a start, but I'll be holding out for 2016. Of course we have to be careful with the statistics of percentage growth and fall. A crash of 33% in current values should wipe out 50% of previous gains, so I don't think ABN Amro are claiming that prices will halve. i.e. If average price in 2000 was an index of 100, then 50% rise would take it to 150, thus to get back to 2000 levels would require a 33% reduction.
5. Disillusioned said...
"A 1.99% drop when they have risen by 136% is hardly a lot now is it."
But why are we seeing a drop at all? House prices only ever go up don't they?!?!?!
... or maybe this is the beginning of the downward trend...
6. Johnny said...
North Yorkshire £166,985
Q1 -22.6%
Annual -16.9%
Sales 1268
http://news.bbc.co.uk/1/shared/spl/hi/in_d...tml/region3.stm
7. david20040_0 said...
We have seen tiny drops before, even in London and yet they have then gone on to rocket again.
We need something more substantial than this.
8. dohousescrashinthewoods said...
The market is fundamentally out of whack.
Interest rates are returning to normal,
so will prices.
We're all egging it on but the truth is it will hit the deck in its own sweet time.