Wednesday, Jun 25, 2008
New-build city-centre flats - prices are plummeting by up to 70 per cent
Times: The 10 worst property investments ever
The outlook for house prices suffered a further setback this week when the British Bankers Association reported that mortgage lending in May fell 56 per cent on the same month last year. The news came as it emerged that the average fixed-rate mortgage has now risen above 7 per cent. House prices have already fallen by 6.3 per cent through March, April and May, according to the Halifax, and most experts are predicting further falls over the months ahead.
Posted by jack c @ 05:59 PM (483 views) Add Comment
4 Comments
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1. confused76 said...
How about this!
The house that lost 40% in four months
http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=443624&in_page_id=57&ct=5
in fact they are talking about asking price drops which is not quite the same
but does do marvels to kill sentiment :)))
2. confused76 said...
same article
"Dozens of other London properties have had 20 to 30% carved from their original asking prices after failing to attract interest.
In recent weeks analysts have become increasingly pessimistic about prospects for the market, with forecasts of falls of up to 25% over the next two to three years. Website propertysnake.co.uk, which monitors price reductions across the country, lists a six-bedroom house in Stadium Street, Chelsea, which has gone down 29% from £1.7m to £1.2m."
UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUHHHHHUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
the mighty and superstable Chelsky!!! the dream of all Anne Ashworths
3. crash bandicoot said...
Yes confused76, but professional "in it for the long term" oil billionaires with substantial equity can still make a profit in this market - by ignoring anything written in the Times and continuing their day job! They can probably paint their rooms beige too but really what does it matter.
Nice to see new build flats get a mention though. Are they still "executive" now,or are they becomming more middle management material?
4. uncle tom said...
bandicoot,
Labour governments have always been fond of building houses for other people to live in..