Thursday, Dec 24, 2009
London: December price fall shock!
Hounslow Chronicle: House prices down 6.2% in Hounslow borough
House prices down 6.2% in Hounslow borough / Dec 23 2009
Homeowners in Hounslow suffered a blow last week as nearly £30,000 was wiped from the average house price during a single month, according to new figures. House prices in Hounslow fell by 6.2 per cent compared to November, the biggest drop in London, statistics from the property website Rightmove show. The huge fall means the average house in the borough is now worth £434,250, down 1.7 per cent from this time last year.Across London, asking prices fell by an average of 1.2 per cent, with just eight out of 32 boroughs showing any growth. Kingston was one of the few winners, with prices up by 2.6 per cent to just over £540,000, while at the other end of the scale prices in Kensington & Chelsea fell five per cent to £1.87 million.
7 Comments
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1. paul said...
Expect the BBC to pounce on this.
Not.
2. keith thomas said...
Why are house price falls always reported as bad news - usually something coming down in price is good news. Lower prices are good for FTB and people upgrading.
3. brickormortis said...
Keith, you are absolutely right to ask that question but I suspect you already know the answer! There are, of course, two points to make here!
1) the sheeple of this country do not really understand basic mathematical principles such as if you pay less for your house you have more in your pocket and that if you are trading up, it is cheaper to do so in a falling market. This is very strange, since this is the aspiration of the many.
2) Those prople who bought at the peak as well as the BTLers are screwed if house prices come down, as are the institutions that lent them the money or, who themselves, have vested or connected interests in property. I guess the latter point here is often understated and that is that those with a vested interest in property rising are those that have invested heavily. It woudl be interesting to find out how many of the big fish in the media industry or who have the connections to spout their tripe through the media have big money invested in property. I suspect most of them, particularly the f**kers at the BBC. In fact, if these state controllers declared their interests in property, Huxley and Orwell would no doubt be found sitting quietly in their chase with a big fat grin on their faces.
And on emore thing, has anyone noticed the property porn making a comeback. Homes under the hammer was on yesterday with no dates to suggest when the programme was recorded. Some numpties spent £420k on a house to do up and realised AFTER they bought it that the numbers didn't stack up so they sold it for £480k. Unbelievable, especially when the GUIDE PRICE was only £200k in the first place! How did that happen and how did they get so lucky as to sell into a rising market? Surely not recorded in the last two years?
How the feckless are rewarded!
4. Charlie White said...
Rest assured....you won't see this story blaring anywhere across the media headlines. You probably won't see it anywhere at all, because this is positively THE last thing any of "powers-that-be" would want publicised. I only saw it by accident .... I do not live in Hounslow. It might be due to the normal Xmas period slowdown, the threat of relatively minor controls on banker bonuses -- or it might be a correction resulting from the London market having simply overheated far too insanely during the previous months. Anyone want to offer an explanation?
5. a saver said...
Experts said last night that there is a strong chance that electricity and gas prices will recover next year.
The surge in prices last year was unfortunately not sustained but oil shortages and increased demand are likely to push up prices.
Food is also expected to perform extremely well next year.
It's too silly for words.
MERRY XMAS ALL!
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