Thursday, Jun 26, 2008
London falling, so says Savills
ThisIsMoney: The house that lost 40% in four months
Lucian Cook, research director of Savills: The contraction of mainstream mortgage markets, which we have seen since February, together with the rise in the costs of mortgages, are now biting in London. Agents' stocks are three times last year's levels and sales are well down. Over the spring and early summer there has been a realisation that the credit crunch will have a lasting impact and that we are living with a completely different set of market conditions. So, even though affordability is not the main driver, prices have fallen much more rapidly over the past three months than in the early part of the downturn
Posted by confused76 @ 07:24 AM (777 views) Add Comment
8 Comments
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1. confused76 said...
Of course "affordabilty is not the min driver" and "the top end still growing" AHH HH AHAHHAH H H AH HAHAH
Sure, sure, look at the growth in Chiswick, the house discounted 40% (the one on Faifax road) is not an isolated example
http://www.propertysnake.co.uk/site/postcode/w4/1/orig_price_desc
2. confused76 said...
http://www.findaproperty.com/agentprops.aspx?edid=00&salerent=0&agentid=04817
track this page, prices in the book of this Faron Sutaria agent are falling off the cliff. maybe he knows, he is one of our bloggers
3. growler said...
They're falling. I have a relative selling in Barnes. Also a 6 figure drop in asking price - but they were advised by their agents in the first place. Being a cynic: If you can get a few mega-expensive sales that'll hopefully replace commission not earned by 10s of "normal" price houses. Now these are collapsing too - it's the last hope of salvation evaporating.
4. Alan Lubin said...
i was in chiswick yesterday and this was screaming from all the Evening Standard advertising hoardings.. and people were commenting out loud at Turnham Green tube. it is sinking in!
5. Rental John said...
See http://www.propertysnake.co.uk/site/detail/14231586
6. i-cld-murder-a-blt said...
But surely this is a btl dream!!! NOT
Hahahaha
7. Steve99 said...
These are the areas that have doubled in price in the last 2 years alone, ie the froth on the froth market of posh/expensive London where free cash is the deciding factor, not wages and mortgages. It is however a start.
8. Jayk said...
Please check if an article has been posted already before adding a third link in less than 24 hours.