Tuesday, Apr 29, 2008
house prices fall 12.7% most on record
bloomberg: house prices fall 12.7% most on record
don't worry though us has very low employment!..average price in us is about £105,000 for a detached house.
uk prices are totally nuts just think its gona crash through the floor much quicker than I thought
Posted by taffee @ 02:50 PM (983 views) Add Comment
16 Comments
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1. str 2007 said...
Interesting article indicating that despite a 12.7% YoY fall they don't feel they're anywhere near the bottom yet.
As an environmental side issue - the Landrover advert at the top of the page caught my eye - I didn't realise that Landrover don't even bother marketing the Diesel version of the Discovery to Americans.
I'm not anti 4x4 and I don't know the availability of diesel but 15mpg is I think a little wasteful/greedy/irresponsible call it what you will.
A nation with still alot of waking up to do.
Sorry for the rant.
2. inbreda said...
Don't be sorry for the rant str 2007. I flipping hate 4x4s with a vengeance. I think anyone who drives one of those vehicles is a sad act. Provable in part by the fact that they are probably the car of choice for property developers and BTL millionaires. Essentially a waste of a large sum of money, by someone who didn't earn that money, and therefore has no true understanding of the value of money, to buy something which is completely unnecessary and impractical and utterly without character. Basically, an advertisement for morons with too much money and no taste.
Another sector of society that need to go the same way of the BTlers. Polluting a planet that every other person has to live in. Irresponsible gets.
3. taffee said...
some of the falls are amazing..house in detroit didn't sell at $5,700 and bank bought it at the auction(standard practice as no reserve fee)
can buy a house in florida with pool..4 bed detached for £95,000
On your note
above amazed that diesel is moe expensive than petrol
4. Bug16 said...
An old work collegue of mine now lives in the US and works in Detriot. He was over on business in the UK and I met up with him for a few beers and we discussed housing. He's still not buying a house in Detriot because he thinks they've got plenty further to drop.
5. bystander said...
"..... amazed that diesel is moe expensive than petrol"@taffee
....I am not that surprised as you can travel more miles on a gallon of diesel, so you fill-up less often and therefore the government need to charge you more to make up for the shortfall. Here endeth the lesson. However diesel is much cheaper than petrol in Euroland, but diesels carry a hefty road charge or initial purchase tax, eg in the Netherlands petrol road tax is 85 euros/quarter, depending on the size of engine, while diesel cars are taxed from 250 (ish) euros/quarter. All governments in every country know that motorists are a cash cow.
6. uncle tom said...
As I've noted before, US house prices did not rise to anything like the dizzy heights of the UK market before falling over, and their houses are a lot bigger as well.
However, the property bulls argue that the US has no shortage of development land, unlike the UK. There is a degree of truth in that, but..
The shortage argument in the UK looks more than a bit thin. We will doubtless see an exodus of recent immigrants as the recession cuts in, and much of the computed housing 'need' is from people in the bottom decile of prosperity, who do not qualify for state-subsidised housing (or improved housing) - people who are in no position to wade into the market. Morevoer, as the recession bites, and the government needs to make savings, re-drawing the lines on qualification for housing benefit looks very likely.
We have a great many people in financial difficulty, many of whom will probably return to living with parents or otherwise living in less spacious surrounds.
Speculators sitting on vacant property as an investment are also likely to offload, making more living space available
Overall, I can see a significant shrinkage in UK housing demand relative to supply, possibly to the point where there is an overall surplus.
That would lead to widening value gaps between popular locations and those less favoured - for example, it is quite possible that the older and less attractive properties in the post-war New Towns will become effectively worthless..
7. cornishman said...
str 2007 & inbreda
Nice rants! Keep them coming!
8. Sneaky said...
"the US has no shortage of development land, unlike the UK."
They said exactly the same in Tokyo, 1989 and Hong Kong, 1998.
9. mark wadsworth said...
4 x 4's are very handy if you take your kids to a primary school halfway up a f***ing mountain and your local supermarket is one the other side a deep ford.
10. indiablue19 said...
On 4X4s, I bought one with a winch in case I need to climb a tree or cliff on short notice.
11. taffee said...
uncle tom
you could buy a house in liverpool for £4000 in 1996...and no-one was surprised...this sort of thing will return
12. waiting for the crash said...
The avg fuel economy of a truck in the US is about 20mpg. This has fallen over the past decade and most Americans buy trucks.
Quite a few US states ban diesel because of the increased particles using diesel over petrol produces, California for one. Americans see diesel as a 'dirty' fuel and decreases air quality, so legislators try to ban it, thus auto companies don't bother with it.
Ford do a hybrid 4x4 with an electric/petrol engine. But not popular.
13. titaniccaptain said...
What about 4x4s with bullbars str 2007? do you like them? brum brum :)
14. str 2007 said...
I better be careful with my rants cornishman - I think imbreda blew a fuse.
Truth is I don't have a problem with 4x4's each to their own I say. However I do feel fuel should be rationed.
For example 12000 miles at 35mpg is about 350 gallons.
If you had to pay double for every gallon you used over 350 and this ration was reduced by say 10% each year for the next 5 years it would give everyone a chance to change their behaviour accordingly with the end result being we would be using half the amount of fuel in 5 years time. PROGRESS.
What I do object to is a sudden announcement that road tax will increase to £400 P/A for cars over 250g/m3 CO2 and that Ken Livingstone can out of the blue increase his congestion charge from £8 to £25 for crossing a line in London. You'd pay less environmental tax flying to Spain.
For the record I drive a VW Golf that's just been caught by the above taxes. I do about 4000 miles a year in it and create less CO2 than the average rep driving around in his diesel. Neither to I use Aeroplanes on a regular basis.
15. str 2007 said...
waiting for the crash
Not a fan of diesel myself for said reason especially in towns - hence I drive a petrol car - at the moment at least.
titaniccaptain
No not a fan of bullbars, an ugly option. Stops pedestrians denting your bonnet though !
16. titaniccaptain said...
Bring back the horse and cart and barges on canals pulled by pigs. What has happened to this country? where are the sunday services and cricket teams with away matches organised by a retired army major with military precision. And village cake making competions where they make a victoria sponge that would make your mouth water from 1/2 a mile....where are they? DESTROYED BY 4X4 DRIVEN INFADELS..................yes its Octavia and Ben with their infuriating lisp again buying organic ready meals....yes thats right a land where the microwave PING has replaced the whistle kettle.....well ive got a whistle kettle and im proud of it.......ITS NOT THE 4X4s its the Anoying class (A class that i have discoverd they are above middle class yet below my window as I point my finger gun at them and make bang bang noises at them) that drive then with their orange tans that the sales person at a debenhams makeup stall would be jealouse of