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Sancho Panza

Price falls set to increase across UK’s biggest cities – Hometrack

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All stuff we know already.The word just seems to be spreading.Variously reported.Few links below.

Can't seem to see it posed yet.

Property Industry Eye 27/3/18

'The annual rate of house price growth in London has reached a seven-year low and could be in negative territory by the middle of this year, research claims.

The February Hometrack UK Cities House Price Index shows two fifths of the capital’s postcodes registering year-on-year price falls.

The housing data firm said London registered annual price growth of 1% in February, down from 4.3% a year ago, but at this rate it could be negative by the middle of 2018.

The London boroughs with the greatest decline were the City of London, where prices were down 7.9%, and Camden and Southwark, where values dropped 1.9% and 1.8% respectively.

In contrast, regional cities such as Edinburgh, Liverpool and Manchester are registering house price growth in excess of 7% per annum. The Scottish capital is up by the most at 8% annually to £227,300.

Meanwhile, average prices fell in Cambridge and Aberdeen during February. Average values were down 1.5% annually in Cambridge to £429,200 and Aberdeen saw prices drop 7.7% to £160,600.

Overall UK house price inflation based on the UK’s largest cities was 5.2% at £251,200, up from 4% in February 2017.

Richard Donnell, insight director at Hometrack, said: “The weakness in London’s housing market has been building since 2015 on the back of numerous tax changes aimed at overseas and UK investors and growing affordability pressures facing home owners.

“Sales volumes are first to be hit when demand weakens and housing turnover across London is down 17% since 2014. Sales prices are next to follow, but with few forced sellers the level of price falls remains low.'

 

http://www.thisismoney.co.uk/money/mortgageshome/article-5545909/London-property-price-inflation-hits-seven-year-low.html

How fast are house prices rising near you? Property values fall in 42% of London postcodes, but cities in the Midlands and North see a mini-boom'

 

FT

https://www.ft.com/content/5998afd8-3106-11e8-b5bf-23cb17fd1498

House prices falling in two-fifths of London postcodes

 

https://www.mortgagestrategy.co.uk/london-house-prices-falls-spread-cities-hometrack/

London house prices falls ‘spread’ to other cities: Hometrack

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So take Aberdeen out as it’s wealth is solely dependent on the oil industry.  The other four - London, Southampton, Oxford and Cambridge - were the first to see huge increases in price.  Manchester, Birmingham et al took a while to catch up.  If those four are falling then hopefully Manchester, Birmingham et al won’t be far behind.

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7 minutes ago, Sugarlips said:

They fail to help the reader understand why Edinburgh prices are still bonkers vs Aberdeen slowly correcting maybe they should read our Aberdeen thread :)

Can I have a link to your Aberdeen thread please?  I couldn’t see it on the Scotland page.

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43 minutes ago, Mancunian284 said:

Can I have a link to your Aberdeen thread please?  I couldn’t see it on the Scotland page.

 

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51 minutes ago, Mancunian284 said:

So take Aberdeen out as it’s wealth is solely dependent on the oil industry.  The other four - London, Southampton, Oxford and Cambridge - were the first to see huge increases in price.  Manchester, Birmingham et al took a while to catch up.  If those four are falling then hopefully Manchester, Birmingham et al won’t be far behind.

Three year behind, three year behind to fall as well?

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12 minutes ago, warrior88 said:

Three year behind, three year behind to fall as well?

Prices in Manchester went mental starting in 2015.  Growth started to slow at the end of last year.  I’m hoping that the ripple will spread here later this year.  I don’t think the top end has been as affected by foreign money as it has in London - not noticed any Oligarchs roaming around in Hale.  The pressures on prices will be the same - lack of interest from LLs in buying new property, leveraged LLs selling up, rise in interest rates, people up to their limits on credit in comparison with local salaries, the changes to the financial system and tightening up of credit.   Viewings were mental this time last year - if you could get one before the property sold (250 - 300k houses) and properties were selling within days of going on the market.  Now there are no where near as many buyers and those houses that were so desirable this time last year are sitting there for a couple of months.  Something has changed over the last 12 months.

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4 hours ago, Mancunian284 said:

Can I have a link to your Aberdeen thread please?  I couldn’t see it on the Scotland page.

We moved it to the main HPC forum a while back as we felt it was as important a barometer as the London thread :)

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Cities or towns or villages?.........more flexibility and sometimes more beneficial to live outside a city nowadays....are more people moving to the cities or moving away from cities?;)

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21 minutes ago, nothernsoul said:

A lot of corporate building in manchester at the moment, which suggests there must be a lot of investment coming in, although appearances can be deceptive. 

You mean a lot of speculative investment funded by debt?

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7 hours ago, tyres said:

 

Thank you.  I worked in the Oil & Gas industry during 2014/15.  We made a lot of redundancies (including me) in March/April 2015.  My skill set isn’t sector specific though so I moved to a new sector easily (I’m based in Manchester too so there is a wider choice of sectors).  I remember talking to some Aberdeen based colleagues who were saying that they were going to have to relocate if they didn’t find work in the next couple of months as there was nothing going for them in Aberdeen.

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4 minutes ago, Mancunian284 said:

Thank you.  I worked in the Oil & Gas industry during 2014/15.  We made a lot of redundancies (including me) in March/April 2015.  My skill set isn’t sector specific though so I moved to a new sector easily (I’m based in Manchester too so there is a wider choice of sectors).  I remember talking to some Aberdeen based colleagues who were saying that they were going to have to relocate if they didn’t find work in the next couple of months as there was nothing going for them in Aberdeen.

I'm also in the O&G sector and I had move from Norway to London for work in 2014 (still in the O&G sector). I've found that the number of jobs I'm being sounded out for in Aberdeen has risen from zero in January to five a week now. The general consensus in engineering (my discipline) is that the industry is picking up again. Your old colleagues might just get lucky.

The bad news is rates are low.

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2 hours ago, nothernsoul said:

A lot of corporate building in manchester at the moment, which suggests there must be a lot of investment coming in, although appearances can be deceptive. 

Lot's of flats being built at Battersea power station too, doesn't mean it's a good idea. These projects are planned in the good times and will probably be completed in the bad times.

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  • 399 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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