Tuesday, Jan 20, 2009
Worthless house price survey of the day
Primelocation [pdf]: London prices up 0.55% MoM, 3.8% YoY
Asking prices in Prime London areas rose by 0.55% (£7,001) in December, the second successive month of rising values, and are now 3.8% higher than in December 2007, according to Primelocation.com's latest House Price Index.
Andrew Smith, Primelocation.com's Head of Insight, comments: "Over the past couple of months prime agents have reported a modest
upturn in activity, a trend which can be attributed to the impact of falling prices, lower interest rates and a rise in demand from overseas buyers attracted by the dip in the value of Sterling. This explains the recent stabilisation in asking prices and provides tentative evidence that we are beginning to approach the bottom of the market."
Posted by little professor @ 02:44 PM (1720 views) Add Comment
15 Comments
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1. Kelvin said...
I tell you the more of these reports than come out the more confusing it gets...
2. yorkshireman said...
I am reminded of one of my old mum's sayings. "What you ask for and what you get are two different things"
3. 51ck-6-51x said...
I see a little conflict here. Usually prime London will be the last to fall in a UK property crash, however we are witnessing a global problem. If you put yourself in the shoes of an uber-rich individual you realise you have a problem... what to do with you piles of cash? If you leave them in currency you risk losing out to inflation that pretty obviously lies around the corner, so you look at assets with a long term view - assets that store value, knowing that gold is a manipulated market and the problems associated with storing large amounts of the stuff you may well think that London prime real estate is actually a good bet, whilst you acknowledge that it will probably lose value, you know everything will, and you know it's real and you know the supply isn't going to increase.
Just my 2 fens.
4. spencer234 said...
"Asking prices" are the operative words here. I doubt very much this will translate into actual price increases. The job losses coming this year, have yet to filter through.
5. bystander said...
Well that's cheered me up no end. :0(
6. bystander said...
............so not only is the return on my savings being destroyed by GB, but the destruction of sterling is making them worth less and less, especially when I might now have to get into a bidding war with someone with a currency worth something. GB has really sold the country and the 'British' down the river. We all wanted cheaper, more affordable housing, but we haven't got it. Anyone holding Dollar, euro, yen has. Think about it, Japanese Uncle's predictions of an 80-90% crash have come true, if you are holding yen. Shame the Great British public get shafted again.
7. magnifico said...
"...evidence that we are beginnibg to approach the bottom of the market..." .... But you're saying that prices are going UP for pity's sake!
8. icarus said...
Condemned by his own words. Asking prices have risen marginally but......"buyers are still managing to negotiate substantial reductions on asking price". And how do achieved prices, measured in gold or dollars or euros, compare with 6, 12, 18 months ago?
9. sneaker said...
This is utter nonsense. It just means that more and more high-priced property has come onto the market. Suddenly estate agents' windows in west London are full of seven-figure price-tags of huge houses that, two years ago, it was impossible to find. The problem with house-price indices is that they don't correct for this effect and thus give misleading readings in unusual conditions, such as those at present.
10. Graham said...
sneaker => absolutely agree. As city jobs are shed, bonuses dry up and the mortgages on those hugely expensive apartments still require paying it's clear that the overpriced city pads are going to be auctioned. The average asking price rises, whilst the average sale price falls.
11. edozar said...
I think those few bankers that haven't still been sacked have got their bonuses and apart from losing monies on RBS and Lloyds Bank, the obvious place to put monies is London Prime.
12. flintster1994 said...
edozar,
"the obvious place to put monies is London Prime."
London prime. I'm sorry what i read there was oxymoron!
13. hpwatcher said...
I really wish these idiots would give it a rest.
14. beartil2010 said...
Can I add - these are statistics from adverts, averaged or meaned. It is just likely that more expensive properties are going onto the market as rich people suffer! Hence prices go up.
Easy.
15. new user 2007 said...
No index can rise (or fall) forever. There will always be seasonal factors and outliers at play.