Monday, Jul 28, 2008
London not immune to a house price crash after all then
Firstrung: London house prices crash by 2.4 percent in the single month of June
The June data shows a monthly price change of -1.0 per cent and an annual increase of 0.1 per cent. Accounting for seasonal adjustments, the data for June marks the tenth consecutive decrease in annual price change in England and Wales. This is sustained evidence of the weakening in annual growth rates that began approximately ten months ago. The average house price in England and Wales stands at £180,781, which is a decrease from last month.This month's 2.5 per cent fall in London house prices is greater than the average for the country as a whole. London's positive annual change of 2.4 per cent is being sustained due to higher monthly increases at the start of the previous twelve months.
Posted by converted lurker @ 11:35 AM (572 views) Add Comment
6 Comments
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1. mark wadsworth said...
GLORIOUS
The article says London prices are twice UK average.
Right.
Back in 1995 (bottom of last slump) London prices from here were only 40% higher than UK average (London £85k, UK average £60k).
2. maddison said...
The Labour Government has helped this be the case with thousands of London based quangos (ie GLA), big infrastructure projects, thousands more public sector jobs. Oh and the huge influx of foreign money, non-doms etc etc. Tony was an islington man after all.
3. nooneo said...
Oh dear.
I suspect that Kurtsie Allsopp theory that London is a completely different market and therefore immune from the rigours that plague the UK market has gone tats up!
I guess all those loaded foreign investors have seen the market turn and have decided to buy elsewhere. I expect house prices in Holland Park will fall even higher than most when all Kurtsies neighbours up sticks and move, creating a glut of properties, trying to get away from the terrible stench emminating from here dead and dying career.
4. beartil2010 said...
'The borough with the highest monthly price increase is Kensington And Chelsea with a rise of 1.1 per cent'
I know someone looking to buy in Chelsea - she has already seen prices drop significantly for the sort of property she is looking for. Lots of drops to come!
So perhaps London prices have even further to fall then - that would be really, really great. I live there and would like to be able to buy a place one day!
5. techieman said...
nooneo - nope still not me!
6. Sneaker said...
The scale of the bust ... is proprtional to the scale of the preceding delusion