Sunday, Jul 15, 2007
Large Falls
Lancashire Telegraph: House prices fall in most boroughs
HOUSE prices in most East Lancashire boroughs have on average fallen for the first time in several years, according to official figures.
The Land Registry, which collates information on the sale of every house in the country, shows that for the first quarter of this year prices dropped by as much as 9.9 per cent.
Posted by bufferbear @ 06:13 PM (176 views) Add Comment
14 Comments
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1. dobber said...
There's a rebellion starting in the north, it's the Red Rose county m'lord. Quick start the spin machine, tell them house prices are still going up by the gazillion in London, there's a shortage of supply?
2. talking rot said...
A general decline in house prices would be more likely if this started in London or the SE. It could be the HIPSs effect or a local factor. Time to watch the press to see if this contagion spreads. If it does, how fast does it spread, and where does it spread too!
3. Scott said...
I am from the midlands and I have moved around a lot in the past 5 years, north, midlands and south. After living in London for a few months, I am planning on moving back up north.
London is like a red light district, good for the ocassional visit to indulge in a worthwhile experience but you would not want to live there!
4. planning4acrash said...
Price falls in many locations. See individual land registry stats for individual places through the BBC website for yourself. It has an easy to use navigation tool to check out every county and district, comparing different types of property. I would like to see a permanent link to this BBC site on the homepage please webmaster:
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm
5. planning4acrash said...
If anybody was in any doubt about the market tanking, look at Oxfordshire on the BBC site (But Mrs Flange could't possibly suffer a 1.4% fall for her cottage in Oxfordshire during the last quarter?) That's just the start of it mate, and I'm lapping it up, coz I want your house's Mrs Flange, I'm coming to get ya! I can't wait for the next quarter to be published!
6. wiltshire said...
How interesting. When you click on the link on the BBC News website for UK House Prices, the first graph you are presented with is the UK's TOP 10 HIGHEST PRICED AREAS, just above this are 4 'Hot Spots' links to - Top 10 highest priced areas, Top 10 quarterly increase, Top 10 areas by volume of sales, Top 10 annual increase.
Whereas if you open the link labelled REGIONS, you get this page - http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/regions.stm
showing that in the last quarter of the 12 Regions 7 have shown a negative figure, 1 at zero, 2 at less than 1% increase. If it wasn't for the other 2 (Northern Ireland the Economic Republic of London) the figures would be going red across the screen.
I know the BBC don't care but I think I'll drop them a line to enquire why such emphasis on Highs and Increases whereas in reality the overall picture is very different.
7. enuii said...
Talkingrot, for once you are, Lancashire especially the East bit has been historically less affluent with regard to it's general population and I'm using the word general to encompass more than the traditional working classes. Like Yorkshire folk, Lancashire folk are generally careful with their money and unlikely to commit to high borrowing especially if they think something is not worth it and are not easily swayed by must haves or status purchases. This is the Big Psychological Difference between the North and the South so what we are seeing are the first signs of a general price reversal or slowdown and it is happening now in the sensible north not the money and status crazed south.
Long live the North-South divide, viva la difference!
8. planning4acrash said...
You can have fun on this site! On that bit about top places by volume, the places with the greatest volume of sales generally show falls in prices, except for London.
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm?s
Whilst the bit on the highest price rises generally show places with rediculously low levels of sales. Northampton is an odd one out because it has massive housebuilding going on (another nail in the coffin for the supply and demand issue, the hot money is flowing into Northampton precisely because it has a good supply of houses!)
Annual: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm?a
Quarter: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm?q
Looks like places with high levels of sales are in places most likely to be suffering from high interest rates, where prices have to be reduced to secure a sale, whilst rises are being reported in places where sales aren't happening!
9. dobber said...
@enuii,
Spot on, money is harder to come by in the north, therefore they don't like to give it up easily. Hard lessons have been learn't throughout history. The bling spenders in the south will feel a much greater pain through their arrogance and miss timed ventures into the get rich quick shamamatuer property market.
10. george monsoon said...
Im from the very area that they are talking about.. and i told you lot prices were falling here, months ago.. Well the evidence is there for all to see now!
11. Davros said...
Hey, it's stagnation. Don't you listen to the 'experts'?
12. Wally Walrus said...
I am staggered by these figures.How is it that none of the other real estate people picked this up?.These figures date back to January.Whose been telling fibs?
13. talking rot said...
Enuii
I married a Yorkshire lass so I'm familiar with the region; sweeping generalisations are dangerous things to make. Financial risk takers are probably evenly distributed throughout the UK. What this article shows is there has been a decline in disposable income. The poorer areas of the UK are suffering first - this is to be expected. This, however, will not cause a nationwide decline in house prices until the richer areas start to suffer too. Will a drop in house prices in Northallerton, Leyburn, Masham, Bedale, Thirsk (all places close to my heart) cause a nation-wide decline in house prices? I think it is highly unlikely. A decline in house prices in "Hampstead and Belsize", "Earls Court", "Paddington", "Finchley" (sorry, my knowledge of London districts is very poor) will cause panic in the media and general population that will add downward pressure to house prices. This country is far too London-centric / SE-centric.
14. talking rot said...
dobber
Yes there is a lot of poverty but you're not exactly right. There is a degree of flashiness in the south which is not always replicated in the north. The older family money is, the harder it is to see.
During the 1990s, there were more millionnaires per square mile (or however it was measured) in Northallerton and Thirsk then anywhere else. This Catterick horse racing; think Thirsk horse racing; think Landed gentry; think of the number of soldiers at Catterick barracks. There is about a Division's worth of soldiers, and this number will increase as forces are pulled out of Germany. Soldiers need the basics of life and spend their hard earned cash somewhere.
When I'm in UK, I have to rent in the south because that is where my work is. There is a lot of poverty around the areas I know despite a veneer of flashy wealth.