Wednesday, Apr 22, 2009
UK House Prices: What Goes Up (too fast) Must Come Down
Write About Property: Gloucester Property Market Hit Hard by UK Housing Market Crash
Gloucester property prices had fallen by around 16% up till February, according to Land Registry data, an equal percentage to the average for England in Wales. Property in Gloucester, like almost everywhere else, grew massively from 2004 onwards. The growth between Feb 2004 and Feb 2005 alone was over 10%, from £153,434 to £170,231.That growth has all but been reversed. The average price of a house in Gloucester is now £166,867, and that is based on the Land Registry figures taken us up to February, the price is likely to be lower again when the Land Registry releases its figures for March.
Posted by problem pete @ 10:39 AM (399 views) Add Comment
2 Comments
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1. crunchy said...
Wave action baby! That's how the markets work, always have done always will. A free market will win, you can try, but you can't buck it.
Timing is the problem. As sure as eggs are eggs all of these overbought houses are coming down. Devon? Yeah baby!
Most people think in the investment game that a market goes down because of sellers taking over, not true
they go down because there are no more buyers left to bid up the price up anymore. Now add in a fundamental flaw with the current
shortage of cash and holders will be left with you guessed it, egg on their face. Now for breakfast!
2. doomwatch said...
Gloucester is twinned with Hicksville.