Sunday, Oct 21, 2007
Rude health, rude what? stop the spin! an iperinflated market is crashing!
Times: It’s dire in the shires
After years of rude health, the country-house market is taking a battering. Allison and Andrew Johnson have just slashed £55,000 off the asking price of their Queen Anne country house in Staffordshire. Such a turnaround in the market has led Bidwells, a specialist rural agency in the east of England, to slash its price-growth forecast for 2007 by half, to 4%. It says prices of rural properties in Suffolk, Essex and Cambridgeshire have all dropped by as much as 3.9% since the summer. YIEEPPIEEEEEEEEEE!!!
Posted by confused76 @ 08:38 PM (912 views) Add Comment
9 Comments
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1. deepak said...
That is nothing, Sarch for Fawsley on rightmove.
The first house (I really shouldn't call it a detached house) was for £3,000,000 for almost a year.
Now its down to £2,600,000. £400,000 down
Sad propertysnake does not get this information it would have been so good to see this information.
Propertysnake should be made a charity and given access to this data, it would be the guide to the market.
2. japanese uncle said...
It is simply a matter of time that this 2,600,000 is dropping to 600,000. Believe me.
3. alan said...
I wouldn't spend too much time feeling sorry for Alison & Andrew, the price of their house has probably gone up 7 times what they paid in the last 20 years...
It's just another Times article encouraging buyers to look for "bargains". yes guys, rush in and buy now.....
4. cornishman said...
http://www.millercountrywide.co.uk/properties-sales-milrps-HEL070021-1192450795
This one started off at £550,000. Then £495,000 then £450,000 then £395,000 now £345,000.
NAEA president, Stewart Lilly, comments: “There are certainly no signs of a market crash, as is being suggested by some, however.
5. tyrellcorporation said...
Cornishman. Nice looking house but I foresee a big problem in that as people become more wary about their job prospects and future income they'll be less tempted to move to areas where there are no high income jobs. I reckon Cornwall, Devon, etc will see a major price contraction in the next 12 months as traditional downsizers from the Home Counties get the willies about moving away. Anecdotally I am already seeing this as a few London-based friends who were considering cashing in and moving down to the SW have recently gone quiet about it and are now looking for new employemnt within the M25.
With average house prices in Exeter now around 11x average wages, these area are ripe for the most evil crashes - despite the superficial spending bonanza at the recently opened Princesshay shopping centre. It can't continue when the MEW and credit taps are turned off and welded shut!
6. cornishman said...
Tyrell - I agree. Devon and Cornwall will most likely have huge falls in price. Any holiday home has been basically 'free' for many years in that it has increased in value by more than the mortgage payments - so why not have one (or two even)? As soon as they actually start to cost money (stable prices) I think many will be dumped. When they start losing money (falling prices), many more will follow.
7. Bearfacts said...
Dont you just love the way that these muppets , having witnessed prices starting to drop, instead of doing the obvious extrapolation and deducing that prices must fall further forecast that inflation next year will be 4% up .
8. Sad Little Man said...
Just think everyone - if house prices really do crash, if the economy takes a nose dive and unemployment reaches new levels, the UK will be in a weakest state for two decades and lots of people will suffer. Never mind, at least us bloggers on housepricecrash will be feeling very smug! Wooo ha ha ha haaaaa!!!!! What a wonderful world it will be.
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