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sealaw2000

I Hate To Say It...

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I live in the West Essex/NE London area and am depressed to note that over the last year prices have really rocketed. 3 examples are (these are all asking prices by the way, but still worrying): (i) a house in a development sold against asking price of £380k last year, similar (but does not seem as nice) just sold against asking price of £429 k; (ii) flat in a block sold against an asking price of £325k last year, now similar on for £345; and (iii) house at end of a terrace sold against asking price of £425k last year, now a mid terrace in the same row (which looks in worse condition!) is on at £475k!!

After a good few years of prices that appear to have stagnated, suddenly its all going crazy with a 10% uptic on most asking prices. I can't believe it, what with interest rates on the rise etc. :( Most depressing.

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Thats what all the surveys say too, but you wont find people admitting that on this site.

That's true - just look at this Guardian report on "the recession" in 2002. A real doomsayers treat, and undoubtedly would have been pounced on by HPC ers as evidence that the crash was upon us and "don't buy until at least 2005/6" .

Well, we're now in the back end of 2006 and the same doom and gloom is being reported. Why do HPC ers think a crash is anymore credible now than it was pre the Iraq War / 9.11 / dot com shares crash.

Prices throughout the South Eeast have been quite high but stable since 2002. They are not likely to fall off a cliff now.

heard it all before, doom merchants!

http://www.guardian.co.uk/recession/story/0,,845157,00.html

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Depends which part of Essex--some areas are holding on while others seem to be starting to slip:

Essex

ALL

Brentwood

£284,433 Quarter: -9.7% YoY: 1.2% 395

Rochford

£212,800 -8.2% -2.2% 406

Castle Point

£199,686 -1.2% 5.3% 426

Southend-On-Sea

£180,563 -1.0% 3% 1003

Thurrock

£169,186 -0.2% -1.9% 727

Detached

Epping Forest

£489,646 -5.9% 0.7% 163

Brentwood

£460,030 -16.3% -3.8% 96

Southend-On-Sea

£294,570 -0.4% 1.1% 121

Rochford

£294,215 -13.0% -3.1% 111

Thurrock

£285,058 -2.3% -8.5% 64

Colchester

£279,226 -2.6% -8.7% 258

Castle Point

£249,054 -4.6% 0.7% 153

Flats

Brentwood

£167,697 -0.7% 2% 83

Castle Point

£144,425 -1.0% 10.4% 46

Chelmsford

£138,183 -7.2% -4.0% 169

Southend-On-Sea

£136,413 -0.1% 9.3% 392

Basildon

£119,739 -0.2% 3.3% 132

Harlow

£118,111 -9.4% 1.8% 89

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period April to June 2006.

If you are not in any of the above parts of Essex you might do okay for awhile as the correction seems to be patchy with some areas having some catching up--or catching down to do.

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Depends which part of Essex--some areas are holding on while others seem to be starting to slip:

Essex

ALL

Brentwood

£284,433 Quarter: -9.7% YoY: 1.2% 395

Rochford

£212,800 -8.2% -2.2% 406

Castle Point

£199,686 -1.2% 5.3% 426

Southend-On-Sea

£180,563 -1.0% 3% 1003

Thurrock

£169,186 -0.2% -1.9% 727

Detached

Epping Forest

£489,646 -5.9% 0.7% 163

Brentwood

£460,030 -16.3% -3.8% 96

Southend-On-Sea

£294,570 -0.4% 1.1% 121

Rochford

£294,215 -13.0% -3.1% 111

Thurrock

£285,058 -2.3% -8.5% 64

Colchester

£279,226 -2.6% -8.7% 258

Castle Point

£249,054 -4.6% 0.7% 153

Flats

Brentwood

£167,697 -0.7% 2% 83

Castle Point

£144,425 -1.0% 10.4% 46

Chelmsford

£138,183 -7.2% -4.0% 169

Southend-On-Sea

£136,413 -0.1% 9.3% 392

Basildon

£119,739 -0.2% 3.3% 132

Harlow

£118,111 -9.4% 1.8% 89

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period April to June 2006.

If you are not in any of the above parts of Essex you might do okay for awhile as the correction seems to be patchy with some areas having some catching up--or catching down to do.

Do you know these prices are based on a very small number of properties?

Which means they are subject to wild wings depending on what type of properties are sold in the quarter.

Edited by zag2me

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I live in the West Essex/NE London area and am depressed to note that over the last year prices have really rocketed. 3 examples are (these are all asking prices by the way, but still worrying): (i) a house in a development sold against asking price of £380k last year, similar (but does not seem as nice) just sold against asking price of £429 k; (ii) flat in a block sold against an asking price of £325k last year, now similar on for £345; and (iii) house at end of a terrace sold against asking price of £425k last year, now a mid terrace in the same row (which looks in worse condition!) is on at £475k!!

After a good few years of prices that appear to have stagnated, suddenly its all going crazy with a 10% uptic on most asking prices. I can't believe it, what with interest rates on the rise etc. :( Most depressing.

Its not logical to think that this can go on, there is going be a country wide recession starting in the next couple of years and the housing market will not survive while everything else falls apart.

This debt ridden country is on its last legs!!

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Do you know these prices are based on a very small number of properties?

Which means they are subject to wild wings depending on what type of properties are sold in the quarter.

Realist Bear does know that - at least it has been pointed out to him many times.

He is famous for trawling around for any small sample where prices have fallen slightly - never mind that when he looks at a larger sample over a wider area, prices are rising. Then he claims that a crash is underway.

He's been doing it for years now.

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Do you know these prices are based on a very small number of properties?

Which means they are subject to wild wings depending on what type of properties are sold in the quarter.

I think RB realises that these are a very small sample - I believe he was just proving a point.

Still, this sample size is slighly more than that posted by Sealaw :P

And Cuckoo, you do make me laugh (eventhough one should never mock the afflicted, I will make an exception in this case...). The SE is booming all over? IN YOUR TWISTED REALITY MATE! I've received 3 flyers this week from EA's saying that they have sold a similar property to where I live (note it was singlular, but I think this was due to the poor level of English of the average EA, innit) - and that buyers are waiting for a house like "mine".

It gets better. Yesterday afternoon my Mum (who lives in the same town) was having a cuppa round a friend's house and some poor spotty youngster with an oversized tie knot rang the door bell. Apparently houses are "flying off the shelves in the area" and would my Mum's friend consider putting her property on the market in the near future? A buyer would soon be found apparently. My Mum pipes up (bless her!), "Cold calling? Sounds a little desperate to me. Surely if the market is so busy you should be trying to keep up with the business you already have?"

Nervous giggle by pizza face who exited quickly, stage left.... ;)

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I live in the West Essex/NE London area and am depressed to note that over the last year prices have really rocketed. 3 examples are (these are all asking prices by the way, but still worrying): (i) a house in a development sold against asking price of £380k last year, similar (but does not seem as nice) just sold against asking price of £429 k; (ii) flat in a block sold against an asking price of £325k last year, now similar on for £345; and (iii) house at end of a terrace sold against asking price of £425k last year, now a mid terrace in the same row (which looks in worse condition!) is on at £475k!!

After a good few years of prices that appear to have stagnated, suddenly its all going crazy with a 10% uptic on most asking prices. I can't believe it, what with interest rates on the rise etc. :( Most depressing.

The average wage in NE London is 22K. 475K for a mid terrace house in this area is incredible. Thats a cool half a million pounds!

Dot.Com all over again.

I want to make sure I don't miss the next bubble. Anyone got any idea where all this fiat money is going to slosh to next?

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Guest Shedfish

The average wage in NE London is 22K. 475K for a mid terrace house in this area is incredible. Thats a cool half a million pounds!

Dot.Com all over again.

I want to make sure I don't miss the next bubble. Anyone got any idea where all this fiat money is going to slosh to next?

plots of land on other planets. too late for the moon, still plenty of brown 'field' sites on jupiter. :) not too far from you?

according to the omniscient Reeds Rains

- spectacular gas storms

- detatched

- investment potential

- four moons

- spectacular views across rivers of mercury

- handy for shops

- outside

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I live in the West Essex/NE London area and am depressed to note that over the last year prices have really rocketed. 3 examples are (these are all asking prices by the way, but still worrying): (i) a house in a development sold against asking price of £380k last year, similar (but does not seem as nice) just sold against asking price of £429 k; (ii) flat in a block sold against an asking price of £325k last year, now similar on for £345; and (iii) house at end of a terrace sold against asking price of £425k last year, now a mid terrace in the same row (which looks in worse condition!) is on at £475k!!

After a good few years of prices that appear to have stagnated, suddenly its all going crazy with a 10% uptic on most asking prices. I can't believe it, what with interest rates on the rise etc. :( Most depressing.

You don't hate it one bit, you love it. You naughty little troll.

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Guest Bart of Darkness

plots of land on other planets. too late for the moon, still plenty of brown 'field' sites on jupiter. :) not too far from you?

according to the omniscient Reeds Rains

- spectacular gas storms

- detatched

- investment potential

- four moons

- spectacular views across rivers of mercury

- handy for shops

- outside

Yeah, but commuting is a real swine.

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Guest grumpy-old-man

plots of land on other planets. too late for the moon, still plenty of brown 'field' sites on jupiter. :) not too far from you?

according to the omniscient Reeds Rains

- spectacular gas storms

- detatched

- investment potential

- four moons

- spectacular views across rivers of mercury

- handy for shops

- outside

you make me laugh Shedfish :lol:

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The average wage in NE London is 22K. 475K for a mid terrace house in this area is incredible. Thats a cool half a million pounds!

Dot.Com all over again.

I want to make sure I don't miss the next bubble. Anyone got any idea where all this fiat money is going to slosh to next?

The average wage in NE London is 22K?? Sorry but I doubt that..it must be higher then that..... :unsure:

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Well things aren't rocketing in Bingley. I've actually started seeing some properties that don't have totally ridiculous prices in the last few days. I saw a positively great four-bed end terrace today for £135K. Okay, that's well in excess of my budget but it has two bedrooms more than I realisticly need anyway, so if two-bed places are proportionately priced to that it won't be more than a year or two before there's something worth having that's within my reach.

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That's true - just look at this Guardian report on "the recession" in 2002. A real doomsayers treat, and undoubtedly would have been pounced on by HPC ers as evidence that the crash was upon us and "don't buy until at least 2005/6" .

Well, we're now in the back end of 2006 and the same doom and gloom is being reported. Why do HPC ers think a crash is anymore credible now than it was pre the Iraq War / 9.11 / dot com shares crash.

Prices throughout the South Eeast have been quite high but stable since 2002. They are not likely to fall off a cliff now.

heard it all before, doom merchants!

http://www.guardian.co.uk/recession/story/0,,845157,00.html

Its a pitty cuckoo can't get a hearing in front of the Bank of England Committee.If he can persuade them that the Market is bouyant i think they would have no hesitation in raising rates.

Edited by crashmonitor

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The average wage in NE London is 22K. 475K for a mid terrace house in this area is incredible. Thats a cool half a million pounds!

Its more than half a million pounds when you add on Mortgage Interest over 25 years! More like 700-800K (assuming you

don't have 100s of Ks to put down as a deposit)

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I live in the West Essex/NE London area and am depressed to note that over the last year prices have really rocketed. 3 examples are (these are all asking prices by the way, but still worrying): (i) a house in a development sold against asking price of £380k last year, similar (but does not seem as nice) just sold against asking price of £429 k; (ii) flat in a block sold against an asking price of £325k last year, now similar on for £345; and (iii) house at end of a terrace sold against asking price of £425k last year, now a mid terrace in the same row (which looks in worse condition!) is on at £475k!!

After a good few years of prices that appear to have stagnated, suddenly its all going crazy with a 10% uptic on most asking prices. I can't believe it, what with interest rates on the rise etc. :( Most depressing.

well maybe there putting up the asking prices, but that doesn't mean they'll get that money. interest rates on the way up, winter on the way, those houses will sit there for a long long time ....

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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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