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The Masked Tulip

Welsh House Prices Collapsed By £10K As Economic Crisis Hit

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Don't recall seeing a 30% drop in values - do you?

THE average home in Wales is now worth £10,000 less than it was five years ago – after the economic downturn wiped more than a third off the value of some Welsh properties.

The stark depiction of the impact of the UK’s financial collapse on the housing market is contained in a new report from Halifax, published today.

The average price of a Welsh home now stands at £133,371 – more than £10,000 less than the £143,932 it would have been worth at the end of 2005.

But the data also shows the value of Welsh homes rose by 108% over the decade between 2000 and 2010, with the average property price rising from £63,967 to £133,371.

The figures emphasise how the housing market rose at an exponential rate until the start of economic problems in 2007, which ushered in several years of tumbling values and stagnation.

Estate agent Nigel Jones, a director of South West Wales- based John Francis, said the fall in values on five years ago is a legacy of the collapse in prices witnessed across the country since 2007.

He said: “In 2007 and 2008, 30% of the value was knocked off prices and at one stage we were looking at prices being at late 2004 and early 2005 values – so this is what we would have expected.”

Mr Jones suggested the market would continue to be flat over the next 18 months, with lenders still demanding hefty 20% deposits from first-time buyers.

“We think the market will be the same this year, remaining pretty level with no rises or losses. We don’t expect prices to rise until spring 2012,” he said.

Read More http://www.walesonline.co.uk/news/wales-news/2011/01/31/house-prices-collapsed-by-10k-as-economic-crisis-hit-91466-28083647/#ixzz1CbRNYQIZ

Edited by The Masked Tulip

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They obviously bounced back extremely quickly, so you'd better buy now before they go up more :rolleyes: .

That is what most estate agents keep telling me.

I have been watching a house for 2 years on the market, notice that since Christmas it began turning up in Primelocation's no chain properties so decided to arrange a viewing. Would you believe it - as soon as I asked about it turned out that 3 other buyers were already interested in buying the house.

This happens to me all the time. I watch a house for sale for years, ask to arrange a viewing and it turns out that that very week others have put offers in.

I think there is a buyers' conspiracy out there.

:rolleyes:

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That is what most estate agents keep telling me.

I have been watching a house for 2 years on the market, notice that since Christmas it began turning up in Primelocation's no chain properties so decided to arrange a viewing. Would you believe it - as soon as I asked about it turned out that 3 other buyers were already interested in buying the house.

This happens to me all the time. I watch a house for sale for years, ask to arrange a viewing and it turns out that that very week others have put offers in.

I think there is a buyers' conspiracy out there.

:rolleyes:

Funny happened to me...one of the other buyers deals in expensive cars and is very interested... EA;s must think we are stupid!!:rolleyes:

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I had a classic one re the above last week.

Asked to arrange a viewing when a couple walked past outside the EA - the two femaile EAs immediately lost all interest in myself and began fawning over this couple who, supposedly, had just come back from a skiing holiday - their 6th holiday in the past year... and going on about how rich this couple are.

So I chime in and point out that they could be drug dealers for they all know - and that often it is those who do not show their wealth who have it whilst those who show wealth are often in huge debt... I got pretty cheesed off as I was a customer and this pair seemed more interest in gossiping about non-business related matters.

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i'm not getting the math correct here..

were are they saying went down 1/3rd?

how come reduction of 10K equivalent to 1/3rd??

Deadcat bounce of the last 18 months saw the alleged 30% fall rally back up to a value of just 10K down. Three cheers for 0.5% IRs and 200bn QE.

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  • 284 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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