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Prices Of Luxury London Homes Drop For First Time In 18 Months

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House prices in some of London’s most exclusive areas have fallen for the first time in 18 months, providing evidence of a slowdown in the housing market.

The closely-watched quarterly central London survey from Savills, the upmarket property agent, shows prices in the third quarter of 2010 are set to fall 0.9pc in Knightsbridge, Chelsea, Belgravia, Mayfair and Marylebone.

This will be the first fall since the opening quarter of 2009 and has been caused by an increase in properties on the market as vendors seek to take advantage of a rise in prices, just as economic uncertainty limits buyer demand.

http://www.telegraph.co.uk/finance/economics/houseprices/8023592/Prices-of-luxury-London-homes-drop-for-first-time-in-18-months.html

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The closely-watched quarterly central London survey from Savills

Closely watched? Never heard of it. Any house price measure from an estate agent is a waste of time.

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I wonder if "London prime falling" would have a similar effect on popular sentiment as the defeat of the previously undefeated Napoleon's Garde. :) "The last of the Guard retreated headlong. A ripple of panic passed through the French lines as the astounding news spread: "La Garde recule. Sauve qui peut!" ("The Guard retreats. Save yourself if you can!")." :D

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See the bear food linked in a comment.

Choice quote:

Will it be any different this time? Most likely it will be worse.

Great find. Thanks for posting it.

Actually I think this news deserves its own thread - I mean, if it doesn't have one already.

( You could start one. Just put a catchy tittle there, like "Arab investors warned of a UK HP Crash"? Or based on the news article itself - "Panic begins to grip UK housing market as the bubble pops". Easy. And useful. :) )

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The closely-watched quarterly central London survey from Savills, the upmarket property agent, shows prices in the third quarter of 2010 are set to fall 0.9pc in Knightsbridge, Chelsea, Belgravia, Mayfair and Marylebone.

The figure reported, -0.9%, does not even bear mentioning as the margin of error in London prices would be +2.7%/-2.7%. 0.9% is basically immeasurable. To put it into perpspective, a typical £600k semi in a poorer part of London would have dropped by £5,400. Roughly the price of a designer cooker.

The EA deception has awhile to run yet before they admit what is REALLY happening.

In the meantime, the BS will continue to flow:

“Continued activity from overseas buyers, still enjoying an exchange rate advantage, and domestic buyers, notably including those in the financial sector, has prevented unsold stock levels rising as they did in the wake of the credit crisis,” she added. “The stability of prices has accompanied a recovery in the value of equities in the third quarter, and the impact of the economy on the wealth and sentiment of buyers will continue to dictate activity levels and prices over the next 18 months.”

Edited by Realistbear

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To put it into perpspective, a typical £600k semi in a poorer part of London would have dropped by £5,400. Roughly the price of a designer cooker.

Brilliant! :lol:

Edited by thecrashingisles

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  • 146 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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