Tuesday, Mar 17, 2009
But the other article posted today says prime property is rising in price ???
The Times Online: The recession hits prime property
"As the recession bites, distressed sales and repossessions are hitting the top end of the market" ------ As a counter to the article posted earlier about prime property rising I though we ought to see this
Posted by shining wit @ 04:13 PM (590 views) Add Comment
5 Comments
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1. crunchy said...
Poor Mr R Cowley he started working for McDonalds and slowly worked he's way up the property ladder.
If only he knew he was working for the greedy bank all along,
2. denzil said...
Interesting contradiction of the earlier blog on the same property band.
As a student of HPC who has observed close hand the property market focussed reporting of the last few years, I reached the conclusion some considerable time ago that the press is just full of shit and conjecture and simply not worth reading.
3. dohousescrashinthewoods said...
I think this is the "Halifax effect".
As the crash began to unfold, we saw the Halifax graph see-sawing up and down. One month it was above zero, the next below. Each successive peak was lower than the last and each trough deeper than the one before.
As we are now in a downward plunge, there are still occasional upticks, but it generally means that next month's drop will be steeper (witness this month's dire Halifax figures versus last month's slight uptick).
Since it's a bit of a jagged line, I presume you can get conflicting figures in the same month, depending on who measured what when - which is why the quarterly figures are useful to do some smoothing.
4. Mr G said...
Quote: In some cases, such as Cowley’s, it is the sudden downturn in the economy that is to blame. “It took 20 years to build up my business, but just four months to take it away,” he says. His company provides nonsurgical treatments to beauty salons and, though it has been successful – his clients include celebrities such as Tamzin Outhwaite and Michelle Collins – it is suffering from a sharp drop in spending on luxuries. That, coupled with the salons’ lack of money with which to buy equipment, has sent his firm’s turnover crashing from £160,000 a month to a fifth of that figure.
Cowley’s business exemplifies the bling and cr*p of the "celebrity culture" of Bliar and Crash Gordon years of "prosperity".
5. str 2007 said...
denzil
The press is worth reading so you know what the sheeple are being fed. All their collective money makes the housing market.
Interesting pointsa from the article :
His business turnover has gone down from £160k per month to about £32k per month, an 80% drop in turnover.
That is massive.
Also one of the commentors must have looked the house up, apparently bought in 2002 for 1.35 mill now they want 2.25 mill.
I have been very surprised to date as to how high end stuff has been holding up.
In some ways it should fall by a bigger % than everything else simply down to the fact there aren't many people with £1m+ budgets. It's not like other rich people will buy them up and rent them out to cove the mortgage as the numbers still won't add up.
I suspect we will see the really expensive stuff coming down alot.