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I would not say the drop is significant- newham isnt a particularly well of area- and 0.7 isnt a big drop

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[place fingers in ears]

la, la, la, I can't HEEEEEEAR you. Prices in London only go up, especially next to the 2012 Olympic site, la, la, la

[/place fingers in ears]

Edited by redalert

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I would not say the drop is significant- newham isnt a particularly well of area- and 0.7 isnt a big drop

Its true, and if you measure it by the minute its -0.0000162%. Even less! <_<

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Rightmove figure.... asking price figures <_<

Who here pays attention to rightmove figures for property prices?

I don't know why reporters latch on to these "increases" or "decreases" when the source is so unreliable

Next month it'll probably show an increase. nothing to see here

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Rightmove figure.... asking price figures <_<

Who here pays attention to rightmove figures for property prices?

I don't know why reporters latch on to these "increases" or "decreases" when the source is so unreliable

Next month it'll probably show an increase. nothing to see here

Go to the land registry and look at the sales volume then.

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I would not say the drop is significant- newham isnt a particularly well of area- and 0.7 isnt a big drop

Prices are only falling in new builds in Nottingham.........er

Prices are only falling in Nottingham............er

Prices are only falling in the Midlands...........er

Price in London will never fall because London is an international financial centre............er

Prices are only falling in Newham (and only a little bit (and it's a very poor area))................er

Oversupply is oversupply. From the Medway Towns through Thamesmead, Greenwich, Docklands right up to Elephant & Castle thousands of flats are being built. Excess capacity flooding the market, and another two years supply in the pipeline.

The price of flats is going to fall through the floor, even in London.

And the price of flats will drive down the price of terraced houses, which will drive down semis, which will drive down the whole market, even in London.

Just like last time.

Q1 2007.

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Go to the land registry and look at the sales volume then.

Sales volumes are down everywhere as prices rise... how does that relate to the OP?

OP posted an article about rightmove showing price drops in Newham using, I said rightmove is unreliable for increases or decreases (and average house prices) as it uses EA asking prices which can vary in negative relation to their IQs.

I always will say Articles quoting rightmove stats are crap

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Sales volumes are down everywhere as prices rise... how does that relate to the OP?

OP posted an article about rightmove showing price drops in Newham using, I said rightmove is unreliable for increases or decreases (and average house prices) as it uses EA asking prices which can vary in negative relation to their IQs.

I always will say Articles quoting rightmove stats are crap

Wrong again.

Prices have only risen in Newham by only 0.8% in the first four months of the year (see below).

Sorry, London bulls. Newham is going down. If you have a BTL. Well, you are already too late.

Month Monthly Change (%) Annual Change (%) Sales

Volume

Jan-07 -0.1 5.3 279

Feb-07 0.1 3.8 279

Mar-07 0.7 3.7 -

Apr-07 0.1 4.5 -

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A small fall in a small area of London. All other areas of London are showing steady increases.

People should not expect constant, steady rises in London. In many cases, just as in any market, rises will be interspersed with falls, but the general trend should point upward. Similarly, in a falling market, falls will be interspersed with a few rises, however, this should not be read as turn in the market, merely a 'blip'.

Im pretty sure normal service will be resumed next month, in Newham.

Edited by sunama

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Oversupply is oversupply. From the Medway Towns through Thamesmead, Greenwich, Docklands right up to Elephant & Castle thousands of flats are being built. Excess capacity flooding the market, and another two years supply in the pipeline.

Some areas you quote people don't want to live their, be it flat or house.

MOM figures (even though they are rightmove asking prices) are difficult to interperate as you need at least a few months figures for it to be reliable

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Wrong again.

Prices have only risen in Newham by only 0.8% in the first four months of the year (see below).

Sorry, London bulls. Newham is going down. If you have a BTL. Well, you are already too late.

Month Monthly Change (%) Annual Change (%) Sales

Volume

Jan-07 -0.1 5.3 279

Feb-07 0.1 3.8 279

Mar-07 0.7 3.7 -

Apr-07 0.1 4.5 -

We seem to be looking at different things. I was talking about the article and the rightmove figures it quotes, you're off talking about the land registry figures, volumes and stats.

Yes I much prefer looking at the land registry figures, they are more reliable. I'm not sure where you got your figures from, but on the main reports, for Newham it shows - (Not amazing HPI but not showing a crash)

April MOM 0.1 YOY 4.5

March MOM 0.8 YOY 3.3

Feb MOM 0.1 YOY 3.0

Jan MOM -0.5 YOY 4.3

Dec MOM 1.2 YOY 5.6

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I would not say the drop is significant- newham isnt a particularly well of area- and 0.7 isnt a big drop

Well easy for you to say that. I LIVE in Newham. Excellent news. the 380K flat I live just dropped by 2.7K lol dumbass landlord....

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Well easy for you to say that. I LIVE in Newham.

Commiserations. Do you also own a weapon for self defence? lol

Could be worse, could be hackney

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Prices are only falling in new builds in Nottingham.........er

Prices are only falling in Nottingham............er

Prices are only falling in the Midlands...........er

Price in London will never fall because London is an international financial centre............er

Prices are only falling in Newham (and only a little bit (and it's a very poor area))................er

Oversupply is oversupply. From the Medway Towns through Thamesmead, Greenwich, Docklands right up to Elephant & Castle thousands of flats are being built. Excess capacity flooding the market, and another two years supply in the pipeline.

The price of flats is going to fall through the floor, even in London.

And the price of flats will drive down the price of terraced houses, which will drive down semis, which will drive down the whole market, even in London.

Just like last time.

Q1 2007.

Don't forget higher interest rates drive people to move back with their folks or rent a room.

flooding the rental market and breaking BTL, just like last time.

:)

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Don't forget higher interest rates drive people to move back with their folks or rent a room.

flooding the rental market and breaking BTL, just like last time.

:)

The more posts I read on this forum, the more and more I think people are just huddling around each other, patting each other on the back, saying yes yes yes, there's going to be a crash.

I do believe prices will, in fact surely must, come down. But I just feel so much on here is biased. a 1% drop over a month is reported on here as a 'plummet', a 1% rise is reported as being 50% down on last years' growth.

And to take this specific case, all of a sudden Newham and Chelsea are totally comparable.

Arghh..

Edited by Marcos Scriven

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And to take this specific case, all of a sudden Newham and Chelsea are totally comparable.

In terms of housing stock, or typical wealth / income, etc, which do you think is most typical of London? Which do you think is most typical of the UK?

House price growth in England is now restricted to rich and adjacent-to-rich areas of London and the South East only. Everywhere else is stagnant of falling.

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The more posts I read on this forum, the more and more I think people are just huddling around each other, patting each other on the back, saying yes yes yes, there's going to be a crash.

I do believe prices will, in fact surely must, come down. But I just feel so much on here is biased. a 1% drop over a month is reported on here as a 'plummet', a 1% rise is reported as being 50% down on last years' growth.

And to take this specific case, all of a sudden Newham and Chelsea are totally comparable.

Arghh..

I never said Newham and Chelsea are comparable. I never said London is crashing.

I said Newham will be YOY negative by December, or near as. I think the trend figures bear this out. 279 flats are being sold a month. More than that are being built each month.

I may be wrong, in which case I will happily admit it. But there will be a crash close to Canary Wharf and at the site of the Olympic games. How it affects the wider London market? We'll see.

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But there will be a crash close to Canary Wharf and at the site of the Olympic games. How it affects the wider London market? We'll see.

Oooooh.

Not sure about Canary Wharf dude.

Canary Wharf is now like the 2nd financial part of London (Bank/Monument, being the first). A LOT of business is conducted in Canary Wharf. Large corporations are based in Canary Wharf, which means they have 1000s of employees who earn decent money who want to live close to where they work, ie. Canary Wharf. There are also loads of shops in the Wharf towers now.

Whichever way you look at it, the sustained heavy investment in the Canary Wharf area over the past 20yrs is now paying dividends and I feel that it is unreversible now. Whether you like it or not, the area of Canary Wharf is a major financial centre of the UK, if not the world. Prices in these areas dont drop by significant margins, even during a downturn.

After the Olympics is over, it is very possible that there could be a correction in prices of homes near the Stratford area, but not in Stratford itself (due to its proximity to Canary Wharf). Places like Hackney for example, I believe will struggle, post 2012.

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Oooooh.

Not sure about Canary Wharf dude.

Canary Wharf is now like the 2nd financial part of London (Bank/Monument, being the first). A LOT of business is conducted in Canary Wharf. Large corporations are based in Canary Wharf, which means they have 1000s of employees who earn decent money who want to live close to where they work, ie. Canary Wharf. There are also loads of shops in the Wharf towers now.

Whichever way you look at it, the sustained heavy investment in the Canary Wharf area over the past 20yrs is now paying dividends and I feel that it is unreversible now. Whether you like it or not, the area of Canary Wharf is a major financial centre of the UK, if not the world. Prices in these areas dont drop by significant margins, even during a downturn.

After the Olympics is over, it is very possible that there could be a correction in prices of homes near the Stratford area, but not in Stratford itself (due to its proximity to Canary Wharf). Places like Hackney for example, I believe will struggle, post 2012.

Ah, another crash-proof, invincible area to add to the list. Dream on :lol:

The financial sector has the most volatile earnings and riskiest jobs in the country. That is reflected in house prices in areas favoured by bankers when a downturn comes (just as it has been reflected in prices when the sector is booming).

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yep thats what all the foxtons agents tell me canary wharf CRASH PROOF thats why 8000-9000 new 300K-500K new flats are being built here.

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A small fall in a small area of London. All other areas of London are showing steady increases.

People should not expect constant, steady rises in London. In many cases, just as in any market, rises will be interspersed with falls, but the general trend should point upward. Similarly, in a falling market, falls will be interspersed with a few rises, however, this should not be read as turn in the market, merely a 'blip'.

Im pretty sure normal service will be resumed next month, in Newham.

have there ever been any documented price slumps during last few years' HP boom, in any area in London??

what was the sales' volume for the Newnham data? was it just one hose sold - one old demented lady who sold her house for peanuts to shrewd BTLer?

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yep thats what all the foxtons agents tell me canary wharf CRASH PROOF thats why 8000-9000 new 300K-500K new flats are being built here.

I have the dubious pleasure of working in Canary Wharf, and feel that the area is VERY vulnerable to falls. Stacks of empty newbuild already, and plenty more on the way. Fact remains that the flats there present very poor value compared to older properties out west and elsewhere, and most punters - irrespective of their income - value quality over saving 30-45 minutes commuting.

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I found this quite amuzing on Rightmove in sheffield.

http://www.rightmove.co.uk/viewdetails-806...14&tr_t=buy

OFFERS OVER £68,000

A 3 bed semi detached property.

Comparables in the area at £90,000

What kind of d*ckwad is going to advertise a property claiming that other in the area are selling for 30% more, if the area price is 90K then why not advertise this one for 30% more, unless of course they are a) telling porkies, b ) desperate to sell as the market is now crashing , answers on a postcard.

Edited by Jimmy2Times

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