Monday, Jun 15, 2009
Wikipedia reference to this site
Wikipedia: HousePriceCrash
Whilst looking for related subject matter I stumbled upon a wikipedia link to this site that I certainly wasn't aware of. It's content is a bit sparse but some of the linked references and comments make an amusing read for those with some time to spare
Posted by denzil @ 02:28 PM (964 views) Add Comment
8 Comments
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1. house said...
Hello Denzil
Are you by any chance a cornishman. If you are living in Cornwall then can you please explain why the Cornish properties has not had a 30% fall as in some parts of the country.
2. will said...
@1 house said..
I live in Devon where clearly very few houses have fallen that much - very frustrating as I sold to rent. An economist at Plymouth University said on local TV recently that he believed Devon and Cornwall typically were the last counties to fall in the UK. So I remain hopeful.
3. house said...
@2 will said
I hope the economist is right otherwise the young people do not stand chance. A typical 2/3 bedroom on a estate can cost as much as £135000 and at the peak they were around £145000.Some places in Cornwall they have not come down at all and people are still buying. Where is the money coming from. I do not see much of a drop at all as claimed by the media. These properties should be selling at around £100k to £110 max. So what is going on in Cornwall. Any comments on this.
4. crashpad4me said...
Can't help much on the why's and the wherefore's, but we did hear from a switched on friend a couple of years back that Cornish EA's were saying ignore the price in the window, make us an offer. My view FWIW is that there isn't one housing market, even county wide, there are a lot of "mini-markets". We have been watching the North Devon market very keenly for the last couple of years and without doubt there have been some pretty hefty drops here and there. I would say that you have to do your homework to get a feel for who is keen to sell and who can afford to hold out for 2007 prices (and there are some). Some unsold properties are coming up for rent, interesting to see if they go. Renovation projects might be worth a look, since the developer will want his profit asap, and you can always find something to beat the price down. That said, I'm not expecting any drops here for a while due to a recent surge in buying activity. I think that a lot of this is the completing of broken chains, i.e. 2007&8 sold to renters who've had enough of landlords and letting agents. The government's latest fiscal policies don't help, making people with money in the bank jittery. Apologies if this is turning into an essay, but if I'm right there's only so much in the way of savings that can be squeezed out of people - it'll be interesting to see what happens in three or four months.
5. denzil said...
House said:
"Hello Denzil
Are you by any chance a cornishman. "
No! I think the origin of the name Denzil could be Cornish (hence your question, I guess) but it is popular in my home county of Somerset too. We have not seen 30% falls either.
In answer to your question it may that the average Cornish property price has not fallen as much as other parts of the country due to:
--Second homes for those with money. Regardless of recession there are still plenty of people making plenty of money.
--Other parts of the country are truly shite, whereas Cornwall is not.
6. nomad said...
In the last HPC the South West was slow off the mark but eventually falls matched the rest of the country @ something like 28%.
We've been living in North Devon for 15 months and not seen cross the board price drops. What we have seen is a vast increase in the number of properties available to rent.
It looks like owners, for the time being, are able to delay selling. IMO by far the most important circumstance letting them do this is the rock bottom interest rates. It's going to be very critical when IR are forced up. Will a resurgence in the economy be underway by the time this happens? If so sellers who have been able to wait could be big winners.
7. jonb said...
It depends where you are looking.
If you are looking in estate agent windows, and on Rightmove, prices haven't fallen by 30% anywhere. They are down 6% from peak. However, properties on Rightmove are overwhelmingly properties that are not selling. Where I live, in the South East, a few properties come onto the market at around 25%-30% off peak prices, and sell very quickly, and the slightly below peak properties have in many cases been on the market for more than a year.
8. inbreda said...
IMO the crash happens first in the cities. It mostly affects e.g. new build flats, which have been prolific in places like leeds and manchester.
That's not to say that prices aren't dropping elsewhere - just that price drops elsewhere don't look so good relative to the carnage in other areas. For every area like devon where there have only been 5% falls there is probably a city centre development that has lost 50% so that the "average national loss" is closer to the falls that are reported.
I also think that people with money generally already own their house (paid off mortgage perhaps) and given the daylight robbery of savers money with below inflation IRs and QE, a lot of people with money have been investing their money by buying a holiday home. In contrast, I think that when people see continued falls in house prices, the holiday home market will be the worst hit.
So I guess I am saying that I would expect "holiday home" areas to be less affected at the start, but a lot worse affected by the end.
Hope that makes you feel better, house! I am in the same position as you - having to compete for a place to live with children of uber-wealthy tax dodgers. Locals round here don't stand a chance.