Monday, Apr 28, 2008
London calling
The Guardian: House prices go into steeper decline - even in London
Richard Donnell, Hometrack's director of research, said: "While the availability of finance is impacting on demand in certain segments, the reality is that weak confidence is effectively resulting in a buyers' strike, with households sitting on the sidelines and waiting to see how events unfold.............As I have said public perception of the property market is going to be the killer
Posted by titaniccaptain @ 12:23 PM (985 views) Add Comment
10 Comments
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1. titaniccaptain said...
Not great content in article but great headline and that is what hits the public psyche which effects confidence etc................
2. harold said...
...and this is just the beginning, we haven't started to have really big job losses yet and the coming recession. It's clearly going to be a horrific fall.
3. mark wadsworth said...
"Buyers' strike" encapsulates things nicely.
And it's FTB's that really matter - they are the cannon fodder for the rest of the market. And their numbers are down from long run average half a million a year down to what, 200,000 this year?
4. Sneaky said...
Remember everyone, house prices only ever go up and are going up forever.
5. hpwatcher said...
...and this is just the beginning, we haven't started to have really big job losses yet and the coming recession. It's clearly going to be a horrific fall.
I agree with all that.
6. taffee said...
mistake they made last time was that they expected ftb to jump when prices fell 10%..they did not
In fact they did not..they waited and waited until houses came down and forgot flats altogether
7. quiet guy said...
Nice post, titaniccaptain
"A year ago vendors were achieving 95.7% of the asking price but that has now fallen to 93%, the lowest since January 2005, when it was 92.7%."
I knew that asking prices now should be used as a guide not a target but I didn't realise it was that bad a year ago.
8. Btl Rules said...
'The current weakness in demand today is largely confidence driven - the fact that the majority of house moves are aspirational rather than need based is only exacerbating the problem'
Nothing in that telling me prices are set to tumble!!
9. wiltshire said...
Another good headline would be -
"London's Burning"
coupled with
"And Gordon Brown Is Fiddling*!"
*the inflation figures, the unemployment figures, his expenses, the Olympic budget etc etc etc.
10. Dbc Reed said...
Its hardly surprising that buyers lack confidence and are on strike.The banks don't have any confidence in each other and have effectively gone on strike in the inter-bank lending market.Buyers are taking their lead from the mortgage providers: if the latter are pulling out of the housing-market and hoarding cash,so too the buyers.