Wednesday, May 06, 2009
Property Snake Slithers South
Times: House price falls: A region-by-region breakdown
House prices have fallen by an average of 17.7 per cent over the last year, taking prices down to levels not seen for five years, according to the Halifax. The average home now costs £154,716, down from a peak of more than £200,000 in September 2007. However, the national average figures masked widespread regional variations. Here is a list of the percentage decline from the first quarter of 2008 to the first quarter of 2009 for each region in the UK......................P
Posted by jack c @ 02:50 PM (1225 views) Add Comment
10 Comments
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1. mark wadsworth said...
Excellent. I live in the 20% fall-zone.
2. crunchy said...
18.8% for me. The just redistribution of wealth.
Giveth back what they taketh away?
3. Hammered said...
Since the peak, that's approx £45,000 off the price of every single residence up and down the country.
Wealth, that the nation thought it had safely locked away in bricks and mortar, was all one big myth.
Last time they said, "We must never allow this to happen again."
WELL WE MUST NEVER ALLOW THIS BOOM AND BUST TO HAPPEN AGAIN!
4. Jayk said...
mark,
"Excellent. I live in the 20% fall-zone."
So do I. Shame I haven't seen anything on the scale of these reported falls. As far as I can tell, falls in my town and the surrounding area have been about seven or eight per cent since peak, and have remained static since November.
5. a saver said...
Yippee, -14.3% for Scotland! Yet a lot of people here don't believe that prices are falling and you even still hear people talking about buying investment property. I may have already mentioned a friend's experience in Cupar, Fife, when they put their house on the market just a couple of months back. The agents said if it doesn't sell in 2 weeks we'll give you your asking price for it.
6. str 2007 said...
Saver
missed the previous story
Did the agents have to give your riend asking price ?
Re: the falls, am in a 20% fall zone (South East) and have actually seen 2 houses on the market that were on in summer 2007 and they are about 20% less than they were.
Assuming I was to buy now, that's a £100k tax free saving in 18-20 months - nice.
Am I being greedy expecting the same again ;-)
7. mander said...
I am sorry but have not seen on rightmove in London houses cheaper than £ 300 000
What are these:
2. Greater London
Percentage change -20.9 %
Average house price Q1 2009: £237,408
Average house price Q1 2008: £300,142
8. Jayk said...
@mander,
Much to my intense frustration, I don't see any 20% falls in the SE towns I am watching either. More like 5-10% down on peak with no notable movement in either direction since November.
Yes, you can get an average (i.e. 3-bed semi) home for around 200k, but it will be a grotty former council house in a dodgy part of town. Great......
9. 51ck-6-51x said...
mander - you must view transaction prices not asking prices. Would you offer the asking in today's market (assuming you were not going to gazunder)?
10. Jayk said...
51ck-6-51x,
Are you saying that London houses marked up for around 300k are selling for something like 240k? That's rather optimistic.