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http://www.thisislondon.co.uk/money/articl...20Standard&ct=5

House price gloom

By Mira Bar-hillel And Jane Padgham, Evening Standard

27 January 2005

House prices fell across London for the seventh consecutive month, figures show today.

The survey by price monitor Hometrack shows that the average London price is now £262,000 - a reduction of 1.24per cent on this time last year.

FWIW last months figure was £264,000

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I have to disagree.

this is hardly a mega crash statistic!!

We are going to need stronger numbers before the average man stops regarding this as a seasonal blip. It seems to me that we are flat-lining at the moment.

:angry: :angry: :angry:

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>>"The Hometrack survey shows buyers are negotiating an average discount of 8.2 per cent off the asking price."

So that would mean 91.8% of asking price achieved. That's a hefty discount!

>>"Camden emerges as the biggest loser, with prices nearly five per cent down on January 2004.

..

The biggest winner, year on year, was Hackney, where prices are now 3.43 per cent higher than a year ago. "

So where would you rather live, Highgate or Hackney? So much for the "nicer areas" theory!

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>>"The Hometrack survey shows buyers are negotiating an average discount of 8.2 per cent off the asking price."

So that would mean 91.8% of asking price achieved. That's a hefty discount!

>>"Camden emerges as the biggest loser, with prices nearly five per cent down on January 2004.

..

The biggest winner, year on year, was Hackney, where prices are now 3.43 per cent higher than a year ago.  "

So where would you rather live, Highgate or Hackney? So much for the "nicer areas" theory!

Camden?! A nicer area! I don't think so. :ph34r:

Anecdotal but I have an offer strongly being considered which is 9.1% below asking price.

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The biggest winner, year on year, was Hackney, where prices are now 3.43 per cent higher than a year ago. "

So where would you rather live, Highgate or Hackney? So much for the "nicer areas" theory!

Van, this is an example of the "crap areas rise most, %-wise, in a boom and are hit hardest in a bust".

See this graphic:

klj.jpg

post-189-1106823148_thumb.jpg

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I have to disagree.

this is hardly a mega crash statistic!!

We are going to need stronger numbers before the average man stops regarding this as a seasonal blip.  It seems to me that we are flat-lining at the moment.

:angry:  :angry:  :angry:

Annual HPI being less than 12 months ago (i.e. over [at least] four seasons) is unlikely to be a seasonal blip. If you look at the hometrack site you will not that some areas are on average 5% down on last year. (And hometrack is asking prices anyway I believe).. Actual prices achieved are on average significantly less (and show through later in reduced asking prices). Plus it is the compounding that does the trick

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http://www.thisislondon.co.uk/money/articl...20Standard&ct=5

House price gloom

By Mira Bar-hillel And Jane Padgham, Evening Standard

27 January 2005

House prices fell across London for the seventh consecutive month, figures show today.

 

The survey by price monitor Hometrack shows that the average London price is now £262,000 - a reduction of 1.24per cent on this time last year.

FWIW last months figure was £264,000

So someone who decided not to buy the average London home last year has saved about £15,800 (mortgage interest) plus £2,000 depreciation. That gives him nearly 18 grand. Even if he rented an equivalent house he'd still be quids in. If he stayed with Mum and Dad, even more savings! Great, my son has just saved himself about 17 grand by not buying last year. :D

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ok ok ok.

But, whilst I/we understand that this news is significant, it is not a big enough headline grabber to catch peoples attentions and change their view of blips and seasonal adjustments.

I don't divide the steps of a crash into pure denial, anger etc. As various people have pointed out, the bulls start by saying up and then grudgingly change the tune imperceptably over time...

1. prices will never go down, the only way is up up up...

2. prices will not go up as fast but will, nontheless, continue rising

3. prices may stay the same for a bit and then start rising

4. prices will stay the same for a long time and never drop

5. prices will go down very marginally and then start climbing rapidly

6. prices go up and down each year according to the seasons (who buys at Christmas anyway attitude...) but the overall trend is always upwards

7. seasonal trend changes may be stretched because of exchange rate issues and interest rates but the overall trend is up

8. ok, this is more than a seasonal fluctuation but the fundamentals are right for a recovery which may take some time but will happen

9. its going to take a long while to happen.

10. its all buggered up, there will be some losers but many winners

11. its all buggered up, there will be many losers and not many winners (from the past)

12. no. we are all buggered

To the average person, the latest news would put them at storm force 7.

Most of us are expecting a factor 10 or 11 on my windscale.

(Bruno undyingly says 12).

For the average person, the headlines would have to be a lot stronger and more simplistically put to swing them that far (IMHO)

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Great graphic, ZZG.

The Camden/Hackney thing is what always happens in a raging bull market. The junk is always the very last to be bid up and stop rising when all the good stuff has already been bought up and priced out of reach.

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Camden?! A nicer area! I don't think so.  :ph34r:

Anecdotal but I have an offer strongly being considered which is 9.1% below asking price.

Aw. I have a bit of a soft spot for smackheads and goths. Last time I went to the World's End pub there (big one, right in the middle of it), there was a woman chasing smack off some foil at the next table. And she wasn't even trying to be subtle.

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  • 439 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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