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Pablo

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    House prices aren't just slipping in the UK

    in House prices and the economy

    Posted

    3 minutes ago, SOLZHENITSYN said:

    Makes sense. House prices have risen globally (broad generalisation) in line with other asset prices in response  to globally low interest rates and QE money. As rates rise and liquidity is withdrawn then those prices will fall. The central banks will be hoping the majority of the fall will be in real terms rather than nominal, buts let’s see...

    Absolutely, a positive to see it written down for public consumption though.

    OECD - Deloitte Morning Briefing - In search of affordable housing

    in House prices and the economy

    Posted

    I sign up for a few of the economic updates and this one popped through today.

    Note : It will eventually come up here but may take a couple of days http://blogs.deloitte.co.uk/mondaybriefing/

    Some snippets

    "In the UK, house prices have risen 37% since 2009. With incomes rising more slowly housing has become more expensive relative to incomes. For homebuyers this effect has been partially mitigated by very low mortgage rates.  

    * Financial crises generally lead to sharp declines in asset prices, making housing more affordable. It’s been different this time because central banks set out to bolster asset prices in the wake of the global crisis by slashing interest rates and undertaking quantitative easing. Cheap money has worked its magic, lifting the price of housing, equities and bonds across the world.   

    * As a result, house prices in many countries look stretched relative to long-term yardsticks.

    * A standard measure of affordability compares house prices to rents and to incomes relative to long-term averages. At £226,351 the average UK house is almost eight times median annual earnings. The OECD estimates that UK housing is 29% overvalued against incomes and 41% overvalued against rents

     Within the UK, housing in London and the South East is the priciest, with London overvalued by 34% against incomes. That makes London housing as overvalued as the Belgian market which is one of the world’s most expensive. 

     Housing has ridden a wave of cheap money in the last decade, pushing prices to new highs. Affordability varies within and between countries. But even for homebuyers in regions with stretched valuations, ultra-low financing costs have helped ease the pain. 

    * With the global interest rate cycle starting to turn up, led by the US, the balm of cheap money seems set to retreat. It is hard to see house prices repeating the stellar performance of the last ten years in the next ten. 

     

    Houseprices.io - Anyone here own the site?

    in House prices and the economy

    Posted

    On 09/06/2018 at 10:56, Democorruptcy said:

    evictee

    https://www.housepricecrash.co.uk/forum/index.php?/topic/198281-housepricesio-best-prices-paid-site-ive-seen/ 

    Thanks I have messaged evictee with a link to this page.

    Unfortunately I am just had the idea rather than the technical capability, if evictee has the desire/time/skill to add this functionality that would be great, or even collaborate with someone on here with the skillset. Lets see if anything comes out of it.

    Houseprices.io - Anyone here own the site?

    in House prices and the economy

    Posted

    The site appears to give some really good detail on recent house sales including the value at which they were previously sold.

    What would be really useful to see is some automated analysis by postcode on how recent house sales compare to their previous sold value in previous years.

    Certain areas in London appear to have regressed back to late 2013/early 2014 in many cases but it requires some effort to pick these out as many show 'green' because they haven't been sold since the late 90's/early 2000's.

    Thoughts?

     

     

    Barnard Marcus auction results (rampers look away now)

    in House prices and the economy

    Posted

    1 hour ago, ItalianV6 said:

    It will be interesting to see what this one goes for.

    129     1st Floor Flat 82B Harwood Road, Fulham, London, SW6 4Q - A guide of 470k, but recently up for 570k !

       

    https://www.zoopla.co.uk/property-history/82b-harwood-road/london/sw6-4qh/46698627

    Unsold at £510k, so the market sees that at a 10% discount over the original asking.

    The auctioneer sounds rather frustrated that he can't sell anything due to the reserves set.

    Latest LSLacadata HPI

    in House prices and the economy

    Posted

    2 hours ago, warrior88 said:

    So back in late 2014, when my brother was trying to buy a house he made an offer of 360K on the below property which eventually sold for 400K. Its back in the market for asking over 550K. Real test of London prices for me will be this example to see where it actually lands.

    http://www.rightmove.co.uk/property-for-sale/property-64883080.html


     

    Not the best property to track for drops based on the Acadata information, that is one of the few areas that seem to still be growing in London.

    Kingston Upon Thames

    in England - Greater London

    Posted · Edited by ItalianV6
    .

    Thanks worried1 & longgone

    I hadn't looked at Walton or Weybridge, so will put them on the list of potentials...the little google picture for Walton looks nice.

    What are the areas like? And what has been happening to house prices there?

    If its anything like Woking or seemingly Teddington, then it would be smarter to buy a big 2 bed around London that has already taken a hair cut then buy a house in a couple of years when price drops have hopefully spread. Not looking to buy immediately, but in the next year would be nice, depending on what the market is up to!

     

     

    Kingston Upon Thames

    in England - Greater London

    Posted · Edited by ItalianV6

    So what are people seeing in the 3/4 bed nice semi or detached property realm, something around Richmond/Teddington/Strawberry Hill.

    Is it fairly steady or starting to drop? Examples would be great if you have any handy !

    It seems that these areas are very over inflated often getting near Maida Vale/Kensington type pricing for the sq/m, that can't be right?

    Any other areas nearby with good connections into London, I want to start keeping an eye on it and watch the prices drop (hopefully !)

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