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'big Fall In House Prices' [barnet Times]

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Big fall in house prices

House prices in Barnet have taken the biggest fall in London this year, according to figures published by the Land Registry this week.

Barnet found itself alongside Westminster, Redbridge and Harrow as the only boroughs in the capital to see a two per cent fall in the cost of homes.

The average house price in the borough tumbled from £330,000 to £323,000 from the second quarter of 2004 to the same period in 2005, with detached owners suffering the biggest losses. Semi-detached houses have risen in price, while terraced house prices have remained static.

The volume of sales has also fallen by a quarter, with 1,475 homes sold between April and June 2004, and 1,120 between this April and June.

Marcus Brilliant, of Jeremy Leaf Estate Agents, High Road, East Finchley, says that these changes are due to a lack of confidence in the market. He attributes the drop in prices to the recent terrorist attacks and potential buyers going away in the summer.

Mr Brilliant maintains that while the market is slow, this should not mean that houses cannot be sold.

He advised that sellers keep the market in perspective when selling their house: if house prices drop, they are not losing money if they can go on to buy the property they want.

"At the moment, a house is being viewed 25 times on average before a sale is agreed," he said. "This time last year, it was 30 times. Vendors should be persistent and take good advice from their agents."

First-time buyers have a harder time in front of them, as more and more are relying on parental loans to muster up a deposit on a property, said Mr Brilliant.

In the long term, he predicted a positive picture for the housing market. "There are more properties on our books then ever before," he said.

"The fact that developers are still building new properties all the time means that the market is looking positive. We are not about to encounter the problems we had in the Eighties."

11:38am Thursday 11th August 2005

[my emphasis]

There we have it then, how Brilliant!

-- Nolonger a BuyingBear.

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[my emphasis]

There we have it then, how Brilliant!

-- Nolonger a BuyingBear.

Marcus Brilliant has shone in another thread

Check out this thread : Countrywide's Profits Collapse

External Factors ...... like ? ;)

In the long term, he predicted a positive picture for the housing market. "There are more properties on our books then ever before," he said.

Duh, err, why that Marcus ?

Edited by RRP

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Ahh, indeed, he is worthy of his own thread though  :P

Ok then, I nominate you to get a photo of this rising star in the new constellation of property philosophy.

This clot fascinates me, nay, has brought a little tear to my eyes.

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  • 332 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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