Monday, Dec 17, 2007
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Times Online: London house price fall of 6.8% in past month stokes economy fears
House prices in London have fallen by an average of £28,000 in the past month, as the capital sets the pace of an accelerating property downturn, a leading survey reports today.
Rightmove, the property website that tracks asking prices for homes across the market, says that prices tumbled by £20,000 a week in affluent Kensington and Chelsea – and by more than £10,000 a week in inner-city Hackney.
Posted by hpwatcher @ 05:47 AM (479 views) Add Comment
3 Comments
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1. European-bear said...
However, the impact of the downturn has been magnified by sellers putting their homes on the market before compulsory and costly Home Information Packs (HIPs) were introduced for smaller properties last week.
Blame HIPS, as it cannot possibly be anything to do with the credit crunch, over extended households etc etc. In fact the cost of each HIP is a fraction of the cost of a housing transacion
2. Chip said...
Unless I misunderstand the information packs, having read about them at the government's information site, this price drop seems to stem in large part from the new requirement for full disclosure about the property being sold, most particularly its energy efficiency. It's interesting that the requirement seems to have spooked a lot of sellers at once, like birds on a wire. As a Yank, I'm curious about this requirement applying only to England and Wales, not Scotland. Where's the "U" in UK on this one? Nonetheless, I'd like to welcome our cousins to the great housing price crash, coming soon to another country near you. And another...
3. Piotr said...
Hey, 6.8% a month equals to (1-0.068)^12=43% a year :-) Shall I say now this is definitely an unsustainable rate of fall by contrast? Many commentators were saying about an "unsustainable rate of growth" before.