BBC North Dramatic House price drops

[papag]

BBC Norths headlining with big house price drops, worried faces all round and no mention of Brexit being the cause

http://www.bbc.co.uk/news/live/uk-england-leeds-41639546?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=59e59536e4b0cf0501cacb69%26Listen: Dramatic drop in Yorkshire house prices%26&ns_fee=0#post_59e59536e4b0cf0501cacb69

 

[dougless]

More good news.

[stuckmojo]

excellent

[Pop321]

So HPI is in our imagination? I posted another thread and the question to us is do we have a HPI problem or not? 

We know about the London madness....and for locals wanting to stay local that's a problem but for the majority is this HPI a myth and there is no problem? Can we argue both ways? 

My toen definately has a problem is are those towns are areas just blips on an otherwise sensible market? Not my view but a question. 

[Lavalas]

24 minutes ago, Pop321 said:

So HPI is in our imagination? I posted another thread and the question to us is do we have a HPI problem or not? 

We know about the London madness....and for locals wanting to stay local that's a problem but for the majority is this HPI a myth and there is no problem? Can we argue both ways? 

My toen definately has a problem is are those towns are areas just blips on an otherwise sensible market? Not my view but a question. 

I do wonder if the places I look at are actually just really desirable.

Right, that's it, close the forum.

[Lavalas]

Didn't realise this story specifically mentioned Hyde Park and Woodhouse in Leeds as down 57%. I know the area well although long since stopped paying attention to prices. Both areas are sh*tholes really so that might explain it but they're also absolute student ghettos so this could be the effect of all the new build student blocks. 

[Switch625]

25 minutes ago, Pop321 said:

So HPI is in our imagination? I posted another thread and the question to us is do we have a HPI problem or not? 

We know about the London madness....and for locals wanting to stay local that's a problem but for the majority is this HPI a myth and there is no problem? Can we argue both ways? 

My toen definately has a problem is are those towns are areas just blips on an otherwise sensible market? Not my view but a question. 

If you follow this other link on the BBC http://www.bbc.co.uk/news/business-41582755 you will find more detail on a very interesting map showing all the regional risers and fallers since 2007. What you need to bear in mind is that 2007 wasn't "normal" it was the top of a very overheated market. Good to see most parts of the country have not moved or sustained losses from this peak in real terms despite all the props used to support the ponzi. So in answer to you questions, no its not in your imagination for some parts of the country relative to 2007, it is not in your imagination compared to a non bubble situation and in my opinion things are nicely poised for sustained and substantial falls. But thats just my guess, you pays your money and you takes your chance.

[crashmonitor]

-34% for my area....Peak District. Don't think any affluent area has done worse since 2007. Doesn't have the factors that have driven hpi...immigration, urban links and BTL.

[Sancho Panza]

1 hour ago, dougless said:

More good news.

The drops or the fact the BBC has given up blaming Brexit?

[Sancho Panza]

1 hour ago, papag said:

BBC Norths headlining with big house price drops, worried faces all round and no mention of Brexit being the cause

http://www.bbc.co.uk/news/live/uk-england-leeds-41639546?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=59e59536e4b0cf0501cacb69%26Listen: Dramatic drop in Yorkshire house prices%26&ns_fee=0#post_59e59536e4b0cf0501cacb69

 

It's like reading one of the auction threads

'House prices have dropped dramatically in most parts of Yorkshire, compared to 10 years ago, a BBC investigation has revealed.

In Hyde Park and Woodhouse in Leeds the average price is down 57%.

In parts of Bradford, values have crashed by up to 50% and in Ampleforth, North Yorkshire, research suggests house values have dropped by nearly 47%..

Isaac Stott says he's selling his home in Bradford for £10,000 less than he bought it for in 2007:'

[Bunfight]

Well next door to me just sold for 5k over asking and a house I went to view 6 months ago went for just under asking.   Prices still bonkers but very little else shifting.  Looking at transactions for last year in my area they're down to a third of 2016.  I'm still not seeing big drops, I wish it would hurry up and tank.

[crashmonitor]

31 minutes ago, Switch625 said:

If you follow this other link on the BBC http://www.bbc.co.uk/news/business-41582755 you will find more detail on a very interesting map showing all the regional risers and fallers since 2007. What you need to bear in mind is that 2007 wasn't "normal" it was the top of a very overheated market. Good to see most parts of the country have not moved or sustained losses from this peak in real terms despite all the props used to support the ponzi. So in answer to you questions, no its not in your imagination for some parts of the country relative to 2007, it is not in your imagination compared to a non bubble situation and in my opinion things are nicely poised for sustained and substantial falls. But thats just my guess, you pays your money and you takes your chance.

The top in the north was more like a plateau spreading over three years between 2004 and 2007. Having come off a bit since then we are probably at 2003 in real terms.

I have a friend in Nottingham who bought his house for 90k in 2002 and is asking 130k...that's spot on with rpi which has gone from 180 to 260.

This forum just gets the self flagellation from the South and urban hotspots elsewhere.

Edited October 17, 2017 by crashmonitor

[Pop321]

30 minutes ago, Lavalas said:

I do wonder if the places I look at are actually just really desirable.

Right, that's it, close the forum.

Nice retort, fair play ??

Have to be honest. When I look at a parade of shops in London then I see very little difference between these Leeds areas to Bayswater. Just maybe the odd Thai restaurant and starbuck bring the difference.  I like Bayswater but it just doesn't feel 'affluent' on the ground. People (local hotel workers?) sat outside bedsits smoking and watching the shoppers go by, DIY shops full of junk (nice but not posh), Tesco's local (security guard outside). Main difference seems to be the estate agents prices and the odd Range Rover. 

Maybe where I live is desirable and that I don't spend enough time in Bayswater and Chapletown to see the difference. 

[moonriver]

I just saw this topic covered on bbc national news.

The item came over as extremeley bearish.

They lead with saying house prices have dropped in 58% of wards, and included 95% drop in the North, 92% in Yorkshire and 90% in Wales. They said only 3 areas had shown rises -  London, the South East and East.

The estate agent from Savills basically just said it was varied over the areas.

A prospective buyer said some places don't want to sell, and need to lower their prices because they are not going to get what they are asking. 

Couldn't believe the bbc have just turned so bearish. Why do you think?

Maybe government panicking because so many can't afford to buy now, and they know to get the market shifting, sellers need to reduce?

[thewig]

if the #vileBBC are now programming the masses that house prices can go down, this sucker is finally going down.

 

 

[Sancho Panza]

8 minutes ago, moonriver said:

I just saw this topic covered on bbc national news.

The item came over as extremeley bearish.

They lead with saying house prices have dropped in 58% of wards, and included 95% drop in the North, 92% in Yorkshire and 90% in Wales. They said only 3 areas had shown rises -  London, the South East and East.

The estate agent from Savills basically just said it was varied over the areas.

A prospective buyer said some places don't want to sell, and need to lower their prices because they are not going to get what they are asking. 

Couldn't believe the bbc have just turned so bearish. Why do you think?

Maybe government panicking because so many can't afford to buy now, and they know to get the market shifting, sellers need to reduce?

Last ditch attempt to stop Brexit?CPI up,IR's heading higher,good time to reveal house prices have been falling for 10 years in the North,blame Brexit,stay in EU with all their Oxbridge pals,bankers happy as wages stay low,rents stay high,RBS makes first profit in 12 years..

Edited October 17, 2017 by Sancho Panza

[Switch625]

Thanks Crashmonitor

That picture reflects my opinion of where we are right now. Dependant upon where you live or intend to live in the country that is obviously

[Sancho Panza]

5 minutes ago, thewig said:

if the #vileBBC are now programming the masses that house prices can go down, this sucker is finally going down.

 

 

Quite.

[iamnumerate]

I would like to know the places in london where prices have dropped - I didn't know there was anywhere.

[thewig]

3 minutes ago, Sancho Panza said:

Last ditch attempt to stop Brexit?CPI up,IR's heading higher,good time to reveal house prices have been falling for 10 years in the North,blame Brexit,stay in EU with all their Oxbridge pals,bankers happy as wages stay low,rents stay high,RBS makes first profit in 12 years..

Stop Brexit? you mean IGNORE the last illusion of democracy? lets see how that one pans out

[thewig]

Just now, iamnumerate said:

I would like to know the places in london where prices have dropped - I didn't know there was anywhere.

there aren't, buy now before you miss out 

[Up the spout]

1 hour ago, Switch625 said:

If you follow this other link on the BBC http://www.bbc.co.uk/news/business-41582755 you will find more detail on a very interesting map showing all the regional risers and fallers since 2007. What you need to bear in mind is that 2007 wasn't "normal" it was the top of a very overheated market. Good to see most parts of the country have not moved or sustained losses from this peak in real terms despite all the props used to support the ponzi. So in answer to you questions, no its not in your imagination for some parts of the country relative to 2007, it is not in your imagination compared to a non bubble situation and in my opinion things are nicely poised for sustained and substantial falls. But thats just my guess, you pays your money and you takes your chance.

Interesting, thanks. Where I lived (sold up in 2006) it says "The average house price has gone down by 19% in real terms since 2007. It is currently £157,000". I would like to think my timing was genius but, alas, I didn't try to time the divorce! 

[ccc]

The problem with 'real' prices is people don't pay their mortgage with the price of tomatoes [I've been saying that for ten years now]

So acting like its good news and prices have 'really' dropped - when it just means other things have gone up in price -  reducing the amount folk have left each month to pay a mortgage - doesn't really tell the full story,

[durhamborn]

51 minutes ago, crashmonitor said:

The top in the north was more like a plateau spreading over three years between 2004 and 2007. Having come off a bit since then we are probably at 2003 in real terms.

I have a friend in Nottingham who bought his house for 90k in 2002 and is asking 130k...that's spot on with rpi which has gone from 180 to 260.

This forum just gets the self flagellation from the South and urban hotspots elsewhere.

Exactly right crashmonitor.Terraces around me can be had for 1993 prices if you are prepared to spend £10k doing a £25k one up.My house doubled (standard semi) like you say from 2001 to 2004 and would probably go for the same price now as in 2004,so down over a third in real terms since then.In inflation terms,with the few quid iv spend on new windows,new heating etc its probably increased zero in price from 99 when i bought it.

Not much BTL around here other than locals who buy the odd one and very little immigration.

My postcode is showing down 41% since 2007 inflation adjusted.Id say thats right.

Edited October 17, 2017 by durhamborn

[19 year mortgage 8itch]

53 minutes ago, crashmonitor said:

The top in the north was more like a plateau spreading over three years between 2004 and 2007. Having come off a bit since then we are probably at 2003 in real terms.

I have a friend in Nottingham who bought his house for 90k in 2002 and is asking 130k...that's spot on with rpi which has gone from 180 to 260.

This forum just gets the self flagellation from the South and urban hotspots elsewhere.

 

2 minutes ago, durhamborn said:

Exactly right crashmonitor.Terraces around me can be had for 1993 prices if you are prepared to spend £10k doing a £25k one up.My house doubled (standard semi) like you say from 2001 to 2004 and would probably go for the same price now as in 2004,so down over a third in real terms since then.In inflation terms,with the few quid iv spend on new windows,new heating etc its probably increased zero in price from 99 when i bought it.

Not much BTL around here other than locals who buy the odd one and very little immigration.

So why has home ownership fallen in that period?

iphones? Avocado smash on toast? Lifestyle ‘choice’?