Tuesday, Feb 12, 2008
Almost 6% Drop in London House Prices from Q3 to Q4 2007
BBC News: UK House Prices
The BBC today (12 Feb.) updated their "UK House Prices" data based on figures provided by the Land Registry of England and Wales. The figures show a 5.7% drop in the average house price in Greater London from Q3 to Q4 2007, based on over 32,000 sales. The City of London leading the way with a drop of 17.5% (yes 17.5%). Merton (down 13.1%). City of Westminster (down 11.1%). Lambeth (down 10.7%). Camden (9.7%). Hamersmith and Fulham (down 7.5%). Richmond upon Thames (down 7.1%). Enough said!!!!!
Posted by pam @ 06:10 PM (663 views) Add Comment
9 Comments
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1. dohousescrashinthewoods said...
BLIMEY!! Sod getting het up over Darling's non-dom ditherings and the notional inflational statistics - we know the government are a sham.
This has to be the most important post on here today! Just plugged in Guildford and it's fallen 10% - in the last quarter. Sure it's not seasonally adjusted etc., but this is serious stuff - to be punching out 10% falls before HPC has even cleared the starting gate is huge.
To add insult to injury, the Guildford figure is based on 656 sales - that's nothing. EAs must be at breaking point - sounds to me like the nearest thing to a customer they are seeing is the tumbleweed rolling past their open doors.
Have I missed something? Why is this thread not swamped with comments? Why are we not firming up arrangements for the Land Registry party with jelly, ice cream and Kirsty's-hat-shaped cake?!
2. tyrellcorporation said...
This is pretty big eh? Some friends of mine bought a 4 bed semi in Merton about 6 months ago... OUCH!
3. Sold My Soul To The Never Never Never said...
Have you tried clicking onto the sales of flats in towns? In my area flats are -11.3% for the quarter and the annual figure is -7.1% and in the Knowsley area of Liverpool flats are down -19.8% for the quarter and -20.1% for the year. An evening of entertainment worth having if you are not a BTLetter!
4. submedia said...
Wow. I would be papping my pants. Thanks for the post.
5. techieman said...
...but its rubbish really - look at Camden 3 detached houses down 67% on the quarter. So it depends on WHICH 3 houses are being sold against which houses were sold last qtr. The more interesting thing would be the number sold. Not bullish (the % falls) granted but the real story is the volumes.
6. European-bear said...
Techieman you are correct. But the overall figure for London is down 5.7% in a quarter on sales of 32835. And terraces are down 8.7% and flats are down 2.1%. Flats and terraces represent over three quarters of London sales and are at the cheaper end of the market. This is starting to look genuine. The 3 detached houses in Camdem are irrelevant if the went up or down 67% on a quater. Flats and terraces London wide IS relavent!
7. paul said...
I think I agree techieman. The real story is not necessarily here (although this is a part of it), but the volumes. Volumes I think we'll find have plummeted.
I should think that Estate Agents' survival instincts should be kicking in real soon now, further depressing the market.
8. Mo said...
I would wait about 2 years moniter the market and purchase if the prices have stabilised
9. Zenmaster said...
prices need to drop on average by a min of 30% - it is so illiquid - idiots convince themselves that their house is worth 1.5 mn when it is realy less than 1 mn - its just pure greed -- before some idiot russian or middle eastern bling,,bling tosser wld cough up extra cash -- now even these idiots now realise markets go down, not just up! let the homeowners get real -- less greed is good -- please a crash is so overdue!