Saturday, Dec 20, 2008

Sign of things to come? Part 2

Daily Mail online: Exclusive homeowners will find they paid up to £1m too much for their houses, says Knight Frank

"One in four homes will be worth less than their owners paid for them when the market reaches the bottom next year, research revealed today. The worst hit, those who bought exclusive homes in the South, will find they paid up to £1 million too much for their homes. Liam Bailey, head of residential research, warned the 'peak to trough' house price fall will be 30 per cent.... Mr Bailey said he expects the trough to be in "the second half of next year", but he warned that his forecast may be far too optimistic".
Lets hope so. Maybe Knight Frank's predictions can take over from Halifax and Nationwide.

Posted by crashpad4me @ 01:58 AM (850 views) Add Comment

14 Comments

1. titaniccaptain said...

Ho Ho Ho....................30% to trough???????? try 80% +

Saturday, December 20, 2008 02:01AM Report Comment
 

2. crashpad4me said...

There seems to be a problem with the link (www.dailymail.co.uk/news/article-1098784/Exclusive-homeowners-paid-1m-houses-says-Knight-Fr.). Or just go to Mail Online.

Saturday, December 20, 2008 02:09AM Report Comment
 

3. drewster said...

Here's the correct link: Daily Mail: Exclusive homeowners will find they paid up to £1m too much for their houses, says Knight Frank

30% peak-to-trough? Wishful thinking on their part.

Saturday, December 20, 2008 02:25AM Report Comment
 

4. drewster said...

Also in the same paper:

Daily Mail: End of the Eldorado dream: A plunging pound and property crash have left thousands of expat Britons on the breadline
All along the coast, from Alicante on the Costa Blanca to Marbella on the Costa del Sol, a very middle-class dream is crumbling.

The aim was to escape a life in Britain where crime was rampant, the weather miserable and the cost of living high.

Now, in Spain, a legion of pensioners finds itself trapped by rising prices, a property market that has completely collapsed and a pound that has fallen almost 20 per cent against the euro.

With the two currencies approaching an unprecedented one-to-one parity, it means that those surviving on state pensions paid in pounds have seen their monthly payments fall by hundreds of euros.

Private pensions are similarly affected by the falling pound, while those who support themselves from the income on their savings have been hit by swingeing interest-rate cuts.

And for many expat businesses it's even worse, as their natural clientele - other expats and British tourists - tighten their belts.

Saturday, December 20, 2008 02:31AM Report Comment
 

5. drewster said...

Actually that one's worth posting in the main blog...

Saturday, December 20, 2008 02:33AM Report Comment
 

6. titaniccaptain said...

Do it Drewster

Saturday, December 20, 2008 02:34AM Report Comment
 

7. str 2007 said...

Are you not facinated by the way they (estate agents) discuss reaching the bottom in 2009 (the same people who said 6 months ago it will be nothing like the 90's) and i the nest breath say peak to trough of 30%, even though we're only down 15% so far.

Reaching the bottom implies a gentle shallowing of falls to levelling off to me, with regard to house prices and yet they think they'll achieve this and another 15% fall all in 1 year.

I'd love to read more 1991 estate agent drivel if anyone got some.

In fact you could have sold a book full of 1991 estate agent drivel as a stocking filler this year. There's a thought, bit late perhaps. bu**er maybe next year.

Saturday, December 20, 2008 03:00AM Report Comment
 

8. growler said...

<>

:-) sounds like a "recovery" forecast

Saturday, December 20, 2008 08:39AM Report Comment
 

9. growler said...

"There's a thought, bit late perhaps. bu**er maybe next year."

:-) sounds like a "recovery" forecast

Saturday, December 20, 2008 08:40AM Report Comment
 

10. David Smith's Sub Prime. . . said...

when the market reaches the bottom next year????

Saturday, December 20, 2008 09:53AM Report Comment
 

11. plato said...

No chance!!!

Saturday, December 20, 2008 11:02AM Report Comment
 

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