Friday, Sep 14, 2007
London House Prices Fall Most in Three Years, Rightmove Says
Bloomberg: London House Prices Fall Most in Three Years, Rightmove Says
Sept. 14 (Bloomberg) -- London house prices fell the most in three years in September after five interest rate increases in the past year and financial market turmoil sapped buyers' confidence, according to a Rightmove Plc report.
The average asking price for a home in London declined 2.5 percent to 384,439 pounds ($774,000) from August, according to Britain's biggest real-estate Web site. The reading is taken from a survey conducted from Aug. 12 to Sept. 8.
The release, which was originally scheduled for Sept. 17, appeared on another housing Web site today. For the U.K. as a whole, prices fell 2.6 percent, Rightmove said.
Posted by aloha @ 12:33 PM (1203 views) Add Comment
13 Comments
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1. David 20040_0 said...
A temporary blip, house prices only ever go up.. everyone knows that!!
2. dbnazz1 said...
The chickens are all coming home to roost at once.
This was originally scheduled for release on Monday, but there has been a lot of rumours going around about this information. I wonder if it was decided that seen as the information was already out there that the information may as well be released officially.
3. crash bandicoot said...
I can't see this on the rightmove website, have I missed it?
4. sara said...
Rightmove send their data out a few days in advance to give the newspapers a chance to devlop their stories, someone broke the embargo and now it's open season for everyone else to follow. Depending on how much has been leaked I'm sure it will be up on their site shortly.
5. maddison said...
IT was so obvious that this would happen to asking prices. I have sold my house in my street this week for £365k, asking £375k put on market end June. 2 other houses identical are on the market for £399k and no interest. So of course EA's are going to start bringing asking down to realistic levels. Its the actually selling prices that matter.
6. tyrellcorporation said...
Maddison you have done well to hit this peak - probably the most acute peak ever!!!
7. uncle tom said...
Although the credit crisis will have had some impact on this data, most of the asking prices used for this survey will have been determined before the prospect of higher mortgage rates and tighter lending criteria was widely known.
It also lends credence to the recent report that BTLers are fleeing the scene.
It will need a lot of blind optimism from the speculators to turn this round..!
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11. dbnazz1 said...
Look at the Rightmove sight, i am afraid that it doesn't quite say what was rumoured. seems to indicate a pretty similar trend to what has been reported by rightmove before with the exception that London prices fell very slightly (0.1%). The lesson here is not to believe rumours.
12. dugmug said...
dbnazz1...this is the URL of the actual report on the actual RightMove website and it actually says exactly what this article says it does. The lesson here is to put your glasses on before posting things...
http://www.rightmove.co.uk/pdf/p/hpi/press/HousePriceIndex17September2007_0471.pdf
13. Generationforcedtorent said...
If you actually read the report, it says
"Whilst this is the largest monthly fall measured since January 2002, it is largely a statistical anomaly caused by HIPs being phased in by number of bedrooms, resulting in fewer higher-priced 4+ bedroom properties coming to the market in the last month".
Furthermore,
"Distortion of normal market forces will continue into next year due to HIPs implementation and phasing according to bedroom numbers"
So the crash in asking prices hasn't actually happened yet, but hope soon will after the Northern Rock debacle!