Tuesday, Aug 17, 2010
2 days old but good headline
Manchester evening news: Fears of house price meltdown
House prices have fallen for a second month as the market was hit by over-supply and subdued demand.
North west prices fell 1.8 per cent from July to August, with an average price of £165,878.
Posted by mark @ 04:08 PM (2130 views) Add Comment
15 Comments
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1. tyrellcorporation said...
subdued demand for a massively overpriced asset, how odd.
2. mark wadsworth said...
There seems to be more bear food than actual news these days, but hey, it's all good :-)
3. inbreda said...
it scares me - the change in stance of the BBC propoganda machine since the coalition got in
4. Crunchy said...
3. inbreda said....'it scares me - the change in stance of the BBC propoganda machine since the coalition got in.'
And so it should.
Let's hope the meddlers don't meddle too much and let nature take a healthy course for a change.
Long live free markets! Keeps people in check, that goes for everyone apart from the BBC of course.
5. jack c said...
I'm surprised Smugdog hasnt been on here crowing as he usually does about our need for a daily fix of doom and gloom
6. wanderinman said...
inbreda @ 3 "it scares me - the change in stance of the BBC propoganda machine since the coalition got in"
What do you mean? I can't say I've noticed a change to their own particular slant (though I've seen a slant often enough) between before and after the election.
7. mark said...
smugdog has been crowing in Vegas
8. miken said...
Nice find Mark! I think the meltdown will first hit the north of England, then spreading south.
To me it makes sense that investors first desert the places which are far away from London.
9. Crunchy said...
"I like pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals."
Winston Churchill.
10. Teeth said...
@jack c
While it is true that HPC has many similarities with an apocalyptic sect, just because it is like a sect, does not mean there won't be something like an apocalypse.
11. Starfish said...
@7
I hope so! I drove down a short street of terrace houses (maybe 100 houses total) tonight in South Yorks, prime BTL territory although this road less so, and saw 7 or 8 'for sale' signs. I can't say I've ever seen anything of the like before. Maybe this is *finally* it?
12. it_is_going_with_a_bang said...
I'm not sure what anyone would call a meltdown these days.
Mortgages are hard to get - for a proportion of the population - but then you could say that has been the case for 2 years.
I'm happy to see the earnings to loan value ratio being more widely enforced - although it should have been regulated years ago.
It all depends on government spending (cuts) and interest rates. The old pent up demand reasoning is well past the sell by date.
13. uncle tom said...
Miken,
I think London will lead the fall, partly because it has a long history of setting the trend, and partly because the unaffordability of property is at its worst there. In Manchester at least, you can still get a house for under £50k (albeit not in the nicest neighbourhoods..)
Also very significant for London are the cutbacks planned for housing benefit, which are likely to persuade many private landlords to sell up, as they will no longer be able to house the proles and get their mega rents paid by the state.
14. Teeth said...
Latest Academetrics data support the comment that London is crumbling. Could be due to housing benefit rule changes: http://www.acadametrics.co.uk/acadHousePrices.php
15. dude said...
@3: it scares me - the change in stance of the BBC propoganda machine since the coalition got in
Is it just me or has there been an increase in programmes telling you how you can get rich in other ways? 'Cash in the Attic,' (series 15) 'Heir Hunters,' (Series 3) 'Bargin Hunt,' (Series 22) as well as the old property favourites still refusing to die: 'Homes Under the Hammer'
(Series 13, Episode 45!). And that's just seeing what is on this morning.
Is this what the BBC should be doing, trying to find imaginative ways of getting money for doing nothing? Personally I hate this dominance of money grabbing genre. But then again perhaps they are pandering to demand, in which case I also very worried about the future of Britain.
Luckily I'm currently out in Portugal and can't watch any of this crap. (But I am lucky enough to get Sky News, so that's ok then).