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Sunday, Major Vi Reports London House Prices Plummett

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http://www.in2perspective.com/nr/2006/07/h...ces-drop-1-.jsp

Haart: London house prices drop 1%

By Laurie Osborne, Editor

Published 9th Jul 2006, (a Sunday) at 09:30AM
London house prices fell by 1% to £247,703 from £250,137 in May, according to Haart estate agents.

The market begins to turn bear? All bad things must come to an end including HPI. :( *

* :D

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Saying a fall of 1% is a plummett in prices is going a bit far - a lot of these month on month movements are only meaningful if they are repeated and may just be statistical blips!

What is always interesting in London though is the differential movements between the city bonus/east european mafia type markets (e.g. Kensington & Chelsea, Westminster, Wandsworth and Canary Wharf) and what is happening in the suburbs (where real Londoners live!). The 'boom' during the early part of the year was primarily confined to the former - most of east London for example hardly saw any rises at all. I would be interested in seeing borough by borough figures - the housing markets in Chelsea and Dagenham are very different.

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This is quite significant coming from the head of Haart

Paul Smith, chief executive of haart estate agents, "Alongside the fall in prices this month, activity levels are also slightly down. It is likely that these reduced levels of activity are partially due to a preoccupation with the World Cup which has resulted in people putting aside important decision-making until the tournament is over.

Wouldn't it be nice to see this as part of a headline, "Good news for homebuyers as prices fall"

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This is quite significant coming from the head of Haart

Wouldn't it be nice to see this as part of a headline, "Good news for homebuyers as prices fall"

Yup, when prices rise by 1% the VIs use "Soar" "Up up and Away" "Rocket" etc. so I thought "plummett" described a 1% drop nicely. Annualized its in crash territory at 12%.

It is significant though as you say. For VI to admit prices are falling is a big step. Maybe they are needing to make some money and a stagnant market is not good for business whereas a crash will stimulate a lot of trade.

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Yup, when prices rise by 1% the VIs use "Soar" "Up up and Away" "Rocket" etc. so I thought "plummett" described a 1% drop nicely. Annualized its in crash territory at 12%.

It is significant though a

s you say. For VI to admit prices are falling is a big step. Maybe they are needing to make some money and a stagnant market is not good for business whereas a crash will stimulate a lot of trade.

I think 10% up in central london alone in last year constitutes up, up and away....:) World Cup has slowed things in the last month I think, why spend a Saturday looking at houses with that on.

Edited by mercsl

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  • 302 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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