Wednesday, Feb 13, 2008
House prices fall in January
RICS: RICS UK Housing Market Survey January 2008
Please don't post thousands of articles citing this same source - these are the source figures from RICS, there is nothing that the BBC or Guardian or Times can add to it. Bold text is as per the source article.
"The balance of surveyors reporting house price falls increased again in January. The RICS house price balance dropped for the sixth month in succession signalling half a year of negative market sentiment. The decline in demand picked up speed as new buyer enquiries fell at the fastest pace since October. The stock of unsold property on surveyors’ books jumped by more than 10 percent and has increased by in excess of 40 percent since September 2007. Currently the average level of unsold property per surveyor is at the highest level since February 1999."
14 Comments
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1. uncle tom said...
A very bearish report - note that their attempt to look on the bright side (a token effort this month) - no longer makes any reference to the notion of a shortage..
2. su said...
"According to surveyors, the only part of the UK where prices continue to rise is Scotland with the net balance of surveyors in that country reporting price rises edging up from 3% to 7%."
Edinburgh's prices are sometimes truly brain-curdling. I found one property (98 Hanover St) which was sold in July 2007 for £240,433 and is now on the market for FP £385,000. (It's been on the market for at least 4 months) ESPC describes the property as "Spacious traditional second floor flat with splendid views. Minor redecoration required. Entrance hall, livingroom with fireplace, dining hall, luxury modern fitted breakfast kitchen, 2 double bedrooms (built in wardrobe's and 1 en-suite shower), bathroom, some original features. Gas Central Heating. Entryphone."
However in another part of Edinburgh (10 Sighthill Gardens) a fixed price of £130K sold for £125K.
3. justwatching said...
But why do the t*ssers at the BEEB quote the houeprice inflation figure from the haklifax/notionwide at the end of the article. Its alright Jack, prices really are still going up.
4. justwatching said...
2700% more reported a fall than a rise. (one way of representing 54 more than 2??)
5. confused76 said...
YEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
6. voiceofreason said...
It's a "Forest Gump" economy.
Stupid as Stupid Does...
... but not for much longer
7. maddison said...
Remember this site is called housepricecrash.co.uk not housepricefall.co.uk. Dont get too carried away, most people didn't expect house prices to never go down but show growth over the long term. My prediction last year of house price fall of 10% and no more is still looking good...
8. hpwatcher said...
''"The market need only fear a significant fall in prices if job losses start to multiply."''
There WILL be a substantial rise in unemployment, as the country edges toward recession......but don't expect the official figures to reflect it, they will be disguised.
9. magnifico said...
My fears that the BoE could delay the fall another couple of years ( like in the middle of 2005) seem now unjustified. The latest 1/4 percent cuts to IRs haven't done anything to cheer up the market, and even that avenue is now firmly blocked by rising inflation.
The only thing is my dream of selling my house at the top of the market seems now just as misplaced... it's been on the market for a month now and we only had a couple of viewings.
It's nice to be in a position where it doesn't really matter if the house sells, I would hate to be in a situation in which I'm under pressure to get rid of a property that has become a financial liability. The only way to sell then would be one of these " sell us your house, then rent it from us" schemes.
10. confused76 said...
Maddison,
whatever makes you happy makes me happy too!
10% house price falls plus 10% GBP fall = 20% for me and I am so happy!!!
11. wdbeast said...
c76 I am sure we are all happy for you too!
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