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Mirror: "houses Prices Tumble"

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http://www.mirror.co.uk/mirrormoney/yourmo...-name_page.html

22 August 2006

HOUSES PRICES TUMBLE

Edited By Steve Hawkes
HOUSE
prices fell by £114 a day
last month as the property market "ran out of steam".
The 1.6 per cent drop to an average £214,040 is the largest recorded by Rightmove for nearly two years.
The website warned that vendors may have to "reduce their expectations" as prices have now peaked for 2006.

A good start to a bear week? T & Knicker press shouting from the rooftops--I like the mention of the daily loss. :o

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http://www.mirror.co.uk/mirrormoney/yourmo...-name_page.html

22 August 2006

HOUSES PRICES TUMBLE

Edited By Steve Hawkes
HOUSE
prices fell by £114 a day
last month as the property market "ran out of steam".
The 1.6 per cent drop to an average £214,040 is the largest recorded by Rightmove for nearly two years.
The website warned that vendors may have to "reduce their expectations" as prices have now peaked for 2006.

A good start to a bear week? T & Knicker press shouting from the rooftops--I like the mention of the daily loss. :o

I really think that the last few weeks have seen a turning point.

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http://www.mirror.co.uk/mirrormoney/yourmo...-name_page.html

22 August 2006

HOUSES PRICES TUMBLE

Edited By Steve Hawkes
HOUSE
prices fell by £114 a day
last month as the property market "ran out of steam".
The 1.6 per cent drop to an average £214,040 is the largest recorded by Rightmove for nearly two years.
The website warned that vendors may have to "reduce their expectations" as prices have now peaked for 2006.

A good start to a bear week? T & Knicker press shouting from the rooftops--I like the mention of the daily loss. :o

If we 'annualize' that we come to the conclusion that the average house price will be zero in just 5 years :P

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http://www.mirror.co.uk/mirrormoney/yourmo...-name_page.html

22 August 2006

HOUSES PRICES TUMBLE

Edited By Steve Hawkes
HOUSE
prices fell by £114 a day
last month as the property market "ran out of steam".
The 1.6 per cent drop to an average £214,040 is the largest recorded by Rightmove for nearly two years.
The website warned that vendors may have to "reduce their expectations" as prices have now peaked for 2006.

A good start to a bear week? T & Knicker press shouting from the rooftops--I like the mention of the daily loss. :o

Its reassuring to know that house price hysteria cuts both ways - talked up and talked down. Any idea if this appeared in print?

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Its reassuring to know that house price hysteria cuts both ways - talked up and talked down. Any idea if this appeared in print?

Time to get my money out of my 90days notice savings account and premium bonds, ready to snap up a property in a few months time. Is it best to buy before or after Christmas??? LOL...

#scoobydoo#

:ph34r:

Edited by #scoobydoo#

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Its reassuring to know that house price hysteria cuts both ways - talked up and talked down. Any idea if this appeared in print?

Now thats the question!

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Its reassuring to know that house price hysteria cuts both ways - talked up and talked down. Any idea if this appeared in print?

Here is the front page of the MIrror--I think it is today's:

http://www.mirror.co.uk/news/front/

Usual stuff, Beckham grabbing Vicki's rear end as he smiles into the camera. :)

Look to the right to the 3 recommended links: all loans!

Edited by Realistbear

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I've always said that the Mirror is one of the best papers and I think it's globally recognised as so. :P

Lets hope this year continues in this vein with such quality scare stories (sorry headlines).

Cripes - with additional IR raises on the horizon no-one will be able to afford to buy a house.

Crash Bang what a picture - what a sh1tty demograph.

Stick it in the National Papers.

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Is this really true? Is there some kind of adjustment needed for these figures or do we take them at face value?

And if it is true, why would rightmove of all people report it? Maybe they are engineering a crash and are readying them selves for the flood of new ‘to market’ properties, like one final hurray!

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HOUSE prices fell by £114 a day last month as the property market "ran out of steam".

I'd like to see the 'renting is dead money' argument explained against that one, if it's true :lol:

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Its reassuring to know that house price hysteria cuts both ways - talked up and talked down. Any idea if this appeared in print?

Yes it appeared in their 'Your Money' section today :D

Another interesting small headline in the Mirror today was the following...

BUY TO LET PROFITS BOOM

Britain's booming buy -to - let market has become the biggest contributer to economic growth over the past 15 years it was revealed yesterday.

Income from letting homes doubled to £45 billion between 1992 & 2004. Traditional industries of coal mining & Clothing fell by 85% & 47% according to the Office Of National Statistics

Whats the betting that most of this 'Growth' took place in the last few years :rolleyes:

Looks like UK PLC is relying on the BTL bubble for future Economic growth then :ph34r:

Edited by LBoots

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I'd like to see the 'renting is dead money' argument explained against that one, if it's true :lol:

I LOVE your signature, I can see that being quoted in the future..

The £144 figure adds up to around £53,500 pa on average..

Edited by Badger

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If we 'annualize' that we come to the conclusion that the average house price will be zero in just 5 years :P

lol

I don't want to rain on anyone's parade but Rightmove's figures are based on asking prices - this doesn't tell anything about selling prices.

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lol

I don't want to rain on anyone's parade but Rightmove's figures are based on asking prices - this doesn't tell anything about selling prices.

Ok, thanks for that nugget of info. So if asking prices are going down, you think that means selling prices are going up. You are probably right, there is such a boom in the market right now that buyers are viewing a property and offering more than the asking price, because they don't want to shortchange the seller. Hmmm, possibly time for your medication.

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Ok, thanks for that nugget of info. So if asking prices are going down, you think that means selling prices are going up. You are probably right, there is such a boom in the market right now that buyers are viewing a property and offering more than the asking price, because they don't want to shortchange the seller. Hmmm, possibly time for your medication.

My point is that asking prices are just that - asking prices. If asking prices are dropping, it does indicate that sellers are being more realistic and this indicates a slowing market. But it does not necessarily mean that selling prices are dropping - it may be just that the gap between asking and selling is falling. We have seen some pretty ridiculous asking prices in the past few years, which bore no relation to the eventual selling price.

I hope insulting me makes you feel better. What a pathetic response to a perfectly relevant and valid comment.

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Guest Cletus VanDamme

I'm not seeing these falls in central London. Prices for 1 bed flats in The Barbican are steadily creeping towards the half a million mark. You could get one for 275K in 2003. Same for the suburbs: Nationwide recently revalued my house at 265K for remortgaging purposes (bought for 230K in 2004). RB, i like your posts, but your figures don't reflect what I'm seeing on the ground where I live.

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"Renting is dead money". There, I've given the sum total of that argument.

i have literally just had this conversation in the office...

'renting is dead money.'

'but compared to an interest only mortgage, you are effectively renting from the bank without any of the advantages of renting, plus you are sensitive to interest rate increases which might see your interest repayments rocket. rents will remain relatively stable.'

'ahh yes. but WHEN the equity in your house INCREASES you can sell it, pay off the principle and move into a different house...'

'but what if the value of your property falls though?'

'property always goes up!'

'right. that's that settled then...'

:ph34r:

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I'm not seeing these falls in central London. Prices for 1 bed flats in The Barbican are steadily creeping towards the half a million mark. You could get one for 275K in 2003. Same for the suburbs: Nationwide recently revalued my house at 265K for remortgaging purposes (bought for 230K in 2004). RB, i like your posts, but your figures don't reflect what I'm seeing on the ground where I live.

I am not sure--according to the Mirror prices are falling most in the SE/London and at an average rate of 144 pounds a day which is substantial--especially as the correction is in its infancy for that area. Perhaps London will repeat its performance in the Great Crash and lead the nation down? IMO, it will take a stock market correction followed by a sustained bear market that will lead to tens of thousands of City layoffs. Charles Schwab are already laying off thousands in the US as the DOW has been in a bear phase since May. The cycle can't be broken and we have to admit its been a wild ride at the top of the debt mountain for a long stretch. :(

When the axe begins to fall on City jobs it going to be painful as so many bought into property in recent years. Below could be the beginning of a trend :o :

http://news.hereisthecity.com/news/business_news/5880.cntns

Axed Dealer Shoots Himself In Office
23/08/2006
The Times reports that a dealer at Credit Suisse in Zurich shot himself on the bank premises last week, apparently after being told he was to be made redundant.

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It is even better if you live in the South East or East Anglia, South East is down a massive 3.6% in one month, £9000 down, how long would it take to save £9000. :)

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  • 301 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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