Saturday, Oct 20, 2007
Looks like prices are melting down in London
Primelocation: Prime London sale and rental prices decline for the second consecutive month, while prime country property prices remain flat.
When even property websites admit there is a problem - its time to bale out.
Posted by mike livingstone @ 05:12 PM (721 views) Add Comment
7 Comments
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1. Disillusioned said...
I particularly like the graphs on pages 2 and 4! London: It's not different this time!
2. confused76 said...
“the recent ‘credit crunch’ has undoubtedly contributed to the actual recent decline in prices, along with a significant injection of new property for sale coming to market. The performance of the City, too, has spread some uncertainty into the market, with City bonuses anticipated to be lower than the payouts of the last two years. With City money a key component of demand, we expect to see this impact the market over the next few months. According to the Royal Institution of Chartered Surveyors (RICS), new buyer enquiries have declined at the fastest rate since August 2004 and, coupled with a surge in property stock, it’s not surprising prices have fallen slightly.
“Usually, when the sales market wobbles, we tend to see a flurry of activity in the rental market. Indeed, the surge in rental property coming to market is significant, but in the shortterm, prices are in decline as the current demand fails to match the increased supply. We therefore expect to see rental prices remaining relatively flat over the coming months”.
Homeowners, ah ahh a hahh ah hah haa, BTLosers, aha hahhah ahhahhah ahahhhahhahahha ha
3. Orwell said...
Not melting down , yet.......................
4. inbreda said...
"When even property websites admit there is a problem - its time to bale out."
Mr Livingstone - IMO when property websites admit there is a problem it is too late to bale out.
5. alan said...
Sometime very soon, the stockmarkets will realise the credit problems we have. The Emperors Clothes will be seen for what they are. In my humble opinion, a drop of 2,000 points on the Dow Jones is possible.
6. deepak said...
Good to see some facts for a change.
Supply is up, demand is low that means prices will fall. (Law Of Demand)
But I disagree with confused76, I think this was to happen due to the rate rises and poor lending practices and with over 2 million people to renew by the end of next year you would have seen hundred of thousands loose there homes.
But never the less, the credit crunch has exasibated the down fall and will lead to more people failing than I would have initially predicted.
7. European-bear said...
Intersting that BOTH rents and sale prices are falling....suggests overall oversupply (But the housing shortage will underpion high prices???????). If there was undersupply, one would predict an inverse relationship, as sales price falls rents increase as people swap from mowner occupation to renting or vice versa.
Still they dare not call a crash...just a "soft landing"