Monday, Dec 17, 2007
Update with key points and link to the Rightmove report
Firstrung: UK house prices crash in December by on average £7,500
"Sellers need to price aggressively and banks need to get their own houses in order to improve liquidity as quickly as possible. We are in a different world compared to previous housing downturns. It is a world of international banking interdependencies, and a world in which the robustness of the UK housing market has never been tested". - Miles Shipside Rightmove.
Posted by converted lurker @ 11:30 AM (680 views) Add Comment
3 Comments
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1. little professor said...
"Worst hit was the affluent borough of Kensington and Chelsea, where house prices fell at around £20,000 a week. Since the average price is now £1,572,814, it’s not as though borough residents will drop below the breadline, but there’ll still be a few people choking on their croissants and smoked salmon when they read the figures this morning. Even up-and-coming areas like Hackney saw big falls – though admittedly it’s still 41% up for the year as a whole."
2. maddison said...
Location, Location, Location. I am looking forward to seeing where the prices fall the hardest. K&C has always been very volatile due to the prices and low volumes of transactions so is really a special case. These recent asking price falls are mainly due to a bit of reality bites. There are some properties near me that have been overpriced since the summer. A couple of these coming down to realistic levels will certainly show up in the stats. RM index is a bit of a waste of time really as it is run by EA's and they certainly wont blame the EA and over optimistic Sellers for the abberations. HIPS are the next best candidate.
3. converted lurker said...
yeah yeah yeah...but who likes the image of the crash test dummy? ;¬)