Saturday, Aug 25, 2007
Flat prices go into reverse - BTL lambs to the slaughter
BBC News: UK House Prices
Might have already been done here. At first the BBC pulled these figures from its News website as they thought there was a problem with the Land Registry statistics. On checking again many of the UK's flat prices are floundering and many areas have seen reverse fortunes including many high profile locations plumeting. Scaremongering, no. Slowly but surely Semi Detached and Detached properties look to go the same way with minimal gains and again in some area actually dropping. Just like the US took 18 months to convince people prices were actually dropping, I can see these figures being dismissed as market jitters rather than an actual HPC, for now anyway.
Posted by mattpascoe @ 03:44 PM (1066 views) Add Comment
14 Comments
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1. su said...
I'm still a bit confused by Northamptonshire figures for the last quarter. They're shown as -15.6% but when you click on "Northamptonshire" (E Midlands) to get local Authorities breakdown, all the figures are positive. I know I'm not great at maths, but I do wonder if there's been a typing error. Can anyone throw some light on this?
2. Scott said...
Hi su. I often thing of typing errors when I see flats in Hackney (a.k.a. Murder Mile) priced at 150k plus. Absolutely stupid.
3. Ash4781 said...
Is there any point to the BBC publishing this data ?
For Kent the data is all over the place!
4. Bearorbullenigma said...
Isn't the link to Detached houses' figures or for Semis?....when you click on 'All' things seem to tell a different story.
5. planning4acrash said...
Good point. Maybe these stats have not been uploaded properly. I'll e-mail this page to the BBC.
6. Johng said...
All positive in East Midlands, apart from Rutand, but with a sample size of 6 there's no statistical significance in that.
7. This comment has been removed as it was found to be in breach of our Blog Policies.
8. deepak said...
I don't know if I bellieve these figures. Check out the price for East midlands
Esp Northamptonshire its says last quarter ALL properties -15.6% last quarter.
Now if you drill down by clicking nortamptonshire for ALL properties none of the regions has seen a fall in the figures. So how come the county fell when none of the regions within it fell?
9. deepak said...
Sorry, SU. I hadn't read your response. I just went straight to my area "Northamptonshire" and posted my comment.
:)
10. paul said...
The VIs can pretend what they want but this is the writing on the wall.
David, start being realistic.
11. uncle tom said...
Look at the number of transactions - below 100 they swing wildly, depending on which properties have actually sold - over 1000 is much more meaningful.
I read this data as 'grinding to a halt' rather than 'apocalypse now'
The data I really want to see now documernts the mortgage lenders position on BTL lending in the wake of the subprime crisis - without inward BTL investment, the market hasn't a leg to stand on..
12. su said...
Deepak.
How do you arrange link straight to "East Midlands". I've noticed Paul does it as well. Do you need special software? If not, it would be useful to know how to do it rather than keep copying out lengthy www... whenever someone refers to another site.
13. planning4acrash said...
Uncle Tom, if the market grinds to a halt, and mortgage companies reposess or people have to move (some just have to) or BTL people who have to sell a couple of properties to remain solvent and up their yields, they must reduce their prices, or they won't sell and they need to sell. The market must grind to a halt before sentiment is forced to change. Also EA's, will start to be more realistic with lower offers, and recommend them because some commission is better than no commission. HIPs will help, because the energy certificates will suggest what homeowners must to do upgrade the efficiency of a house, giving an extra tool to negotiate down, i.e. if the HIP says get a new boiler, they purchaser could get 5k of asking price towards a new one. Like Tesco's say's every little helps!
14. paulos said...
Take a look at flat sales in Durham. If those aren't crashing prices, I don't know what are!
http://www.home.co.uk/guides/house_prices_report.htm?location=durham&lastyear=1