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" House Prices Start To Fall In London "

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http://uk.biz.yahoo.com/09082007/35/house-...all-london.html

Comment & Analysis
Thursday August 9, 05:00 PM
House Prices Start To Fall In London
[ August 9, 2007 ]
By Cliff D'Arcy
Property pundits claim that the UK is currently experiencing a two-tier property market. They admit that that most of the country is experiencing a slowdown, with price falls in some parts of England. But they also say that house-price rises are still strong in London and parts of the South East.
This follows big gains in recent years, driven by the vast wealth generated by the City and the very deep pockets of foreign buyers. So, on the surface, everything is hunky dory for London homeowners.
However, if we scratch below the surface,
we find that property prices have been falling in certain parts of the capital
. Using quarterly data from the Land Registry recording house sales between April and June, here are the cracks that I found. (Note (Stockholm: NOTE.ST - news) that there can be a considerable time delay before some housing sales are recorded on the Land Registry, so the following figures reflect sales early in the year, rather than in the middle of 2007.)
In the past quarter, house prices have fallen or remained static in the following London boroughs:
All Properties
Borough
Price fall
No. of sales
Camden
-3.6%
756
City of London (LSE: CIN.L - news)
-2.8%
56
Kensington and Chelsea
no change
855

Borough

Price fall

No. of sales

Lewisham

-23.6%

18

Hounslow

-16.5%

29

Hackney

-10.9%

3

Barking and Dagenham

-8.5%

4

Sutton

-7.7%

64

Harrow

-5.9%

76

Richmond upon Thames

-4.2%

73

Hillingdon

-3.2%

136

Brent

-2.1%

40

Haringey

-2.0%

17

Semi-Detached Properties

Again, some of the figures below have been skewed by virtue of only a few sales being recorded. Nevertheless, prices of semi-detached homes have fallen in these seven boroughs:

Borough

Price fall

No. of sales

City of Westminster

-39.90%

5

Tower Hamlets

-32.20%

11

Lambeth

-8.90%

68

Kensington and Chelsea

-5.60%

10

Barking and Dagenham

-3.00%

63

Newham

-2.10%

22

Wandsworth

-0.10%

92

Ignoring the bizarre swings in the City of Westminster and Tower Hamlets, there seem to be clear signs of recent weakness in the property markets of Lambeth, Kensington and Chelsea, and Barking and Dagenham.

Terraced Properties

Terraced homes are the bread-and-butter business of estate agents, so let's see how they've fared in Q2 2007:

Borough

Price fall

No. of sales

Camden

-25.4%

66

City of Westminster

-6.6%

103

Richmond upon Thames

-2.9%

308

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Have I got this right? Only 460 properties sold in the London area over the past quarter.

Or around 153 a month. Doesn't sound a lot for a "boom" city the size of London, considering the number of estate agents and large chains of estate agents. Many branches much be selling sod all!

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Its looking like London may be leading the way in this crash? For the regions only half showed negative in the most recent LR repoprt but no drops the size London are seeing. It makes sense though given the smart money bails first and you can bet the City types will be the first rats off the ship as the crash gathers steam.

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Oh dear..

Before we get all excited - let's pre-empt the bull-shat posts that will roll in! Although their estate agent offices will have shut so we'll have to wait till they've got home to log on:

"Stop spinning RB you are mad you are. These point to a rise because some have not gone 'down' as you say"

"Still, they were going up in 2006 loads so these drops are really small so there"

"I'll just go out and buy them all now their (sic, bull style) cheeper"

"Renting is for loosers (sic)"

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Guest d23
Have I got this right? Only 460 properties sold in the London area over the past quarter.

Or around 153 a month. Doesn't sound a lot for a "boom" city the size of London, considering the number of estate agents and large chains of estate agents. Many branches much be selling sod all!

no; there was 35,171 transactions during q2 07according to the quarterly LR data

extrapolating anything from such tiny samples, some as small as 3 properties, as Mr D'arcy (the journo reponsible for this piece) has done is pretty pointless. I certainly hope so otherwise semis in Hackney and Islington have gone up 33% in one quarter based on similar sample sizes.

pretty piss poor bit of jounalism imo

29929BlackTuesday: nice line in strawman premptive nonsense; well done.

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Guest d23
Its looking like London may be leading the way in this crash? For the regions only half showed negative in the most recent LR repoprt but no drops the size London are seeing. It makes sense though given the smart money bails first and you can bet the City types will be the first rats off the ship as the crash gathers steam.

Greater London

Average Cost: £354,529

Change in last quarter: 3.9%

Change in last year: 11.6%

Sales: 35171

Look at those huge drops; wahey, I must be days away from being able to pick up a nice semi for a song. :rolleyes:

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