Wednesday, Jan 14, 2009
Evidence of dire state of London market now
New York Times: From a dairy farm to a London row house
I quote:
"The central London market has seen prices drop 15 to 30 percent in the last 12 months, according to Lindsay Cuthill, the director of sales at Savills, a real estate agency.
“I would say that the coming weeks will show that precious few deals were done at those levels in the last quarter of 2008,” he said. “I think, as sales are completed, we will find that in reality there were price drops of 30 percent and above in the last weeks of the year.”"
Posted by ian @ 09:22 AM (371 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. will said...
A handful of sales at 30% drop is not going to convince buyers to return to the market. They will expect ALL asking prices to drop by the same amount.
2. tyrellcorporation said...
Ahhh, the wonder of deflation. I, like many others I assume, will wait until these drops eventually start to plateau. Gain comfort that we will also see the market stagnate when it reaches the bottom and only take off again years down the line. I'm certainly in no rush - unless hyperinflation stoves deflation's skull in come 2010.
3. Adz said...
I cant believe i actually read that article