Monday, Aug 18, 2008
But prices don't fall in London.
Evening Standard (This is London): Asking prices fall £20,000 as house sellers cave in to the credit crunch
This looks like a rehash of the earlier articles on the 5.7% Rightmove asking price drop, but I guess the good thing is that the Standard has penetration right where it hurts. Lots of commuters will be left feeling bruised by this.
Posted by mikelivingstone @ 11:57 AM (506 views) Add Comment
4 Comments
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1. beartil2010 said...
Miles Shipside, commercial director of Rightmove, said prices could begin to stabilise in the autumn.
"Sellers who choose to come to the market during the peak holiday season generally have a greater need to sell," he said. "As a result, properties coming onto the market in July were on average over £21,000 cheaper than last month.
Oh, that's why prices are dropping - thanks for enlightening us Miles!!!!!!!!!!!!!!!!!
2. Whostolemyendowment said...
Similar article from City AM - www.cityam.com/index.php?news=19418
The last paragraph is a shocker 'He added that the number of transactions this year could be the lowest since 1959.'....but in the 1950's fewer people could aspire to 'own' houses, with the vast majority of the population in rented (mainly council owned) housing. So the figures are even more dire in the context of 2008.
3. mark wadsworth said...
Whostole, it wasn't 'the vast majority', it was 40% tops.
4. Whostolemyendowment said...
Sorry Mr M W - I was rocking in my pram back then.....so shall we settle on a 'reasonably large number'.
http://www.parliament.uk/commons/lib/research/rp99/rp99-111.pdf see page 12. 1951 was about 50% private rented, and about 30% council.....and for 1961 this had fallen to about 30% + 20% respectively - still a large proportion in rented accommodation.