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Big V I Paper Admits: House Prices In City 'fell Last Year'

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11:00 - 28 April 2006

House prices in Bath fell by an average of three per cent in the last year, according to figures out today. The drop in the 12 months to March flies in the face of a 1.7 per cent average rise across the whole of the south west - and a 6.2 per cent national increase.

This VI is loathe to admit anything that points to prices falling and you will see that they only mention Western Areas that have gone up (ignoring sharp falls in Swindon and Bristol). To come out with an admission that prices actually fell is a giant step for this paper as they have enormous revenues from EAs who advertise in their property section.

2006 is 10 years on from the tail end of the Great Crash. :o

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Are House prices crashing or is the ridiculous pricing of 2004 and 2005 been found out and in non-prime earning areas/retirement areas people have realised they went too far - given the miniscule volumes of sold properties (excluding the newbuild flats) are there really going to be people up sh1t creek unless we lose employment.

I have to say, the rabid rantings and the dancing round the fires today is quite entertaining, but even the biggest bull could have told you some prices in some areas were overpaying back then - so there will be a correction - I would even go so far as to suggest that there are falling volumes and that there are always forced sellers - the evidence at the moment seems to be that most people are sitting tight and it's only forced sales that are out there - the bigger question ought to be what's driving these forced sales ?

Is it mortgage cost, is it job security, is it marginal rate rises or simply overstretched in the first place gambling on selling for more, because it sure as hell is not big interest rate rises.

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  • 312 Brexit, House prices and Summer 2020

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