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Daily Hate: House Prices Surge Ahead As The Average London Home Costs More Than £300,000

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It's all rather confusing isnt it? But dont worry, house prices will continue to rise because of the olympics and the credit crunch will not effect anything.

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http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770

House prices surge ahead as the average London home costs more than £300,000

Last updated at 09:25am on 4th October 2007

Average house prices in London have risen above £300,000 for the first time.

The market appears to have shrugged off last month's Northern Rock debacle and is set to rise for the rest of the year, according to two of the most respected surveys of prices published today.

The figures are good news for Labour in London - a key election battleground - if Gordon Brown decides to call a snap poll.

There had been fears that last month's credit crunch would feed straight through to consumer spending and house prices.

But so far the High Street and property market have proved more resilient than many commentators expected.

The figures from the Nationwide Building Society and Halifax show that prices in the capital rose rapidly during the summer.

The Nationwide said they climbed 3.4 per cent between June and last month, the same pace as in the spring quarter, while the Halifax said they were up by 2.3 per cent.

Nationwide said the annual rate would be 16.5 per cent while the Halifax's figures put it at 18.3 per cent.

Read more...

* Bank to hold interest rates but mortgage rates could still increase

The figures are at odds with some other surveys which suggest a small downturn in August, although this could have been linked to the introduction of Home Information Packs.

The average price of a home in London went up from £260,644 to £302,486, according to the Nationwide.

For first-time buyers it rose to more than £260,000, beyond the Conservative Party's proposed new stamp duty threshold of £250,000.

It was the ninth consecutive quarter that price increases in London outstripped the rest of the country, further widening the gap between the capital and all the regions.

The Nationwide said the extraordinary strength of the London economy, fuelled by the City, meant that prices would continue to outstrip the rest of the country.

Growth this year as a whole is forecast to be around 14 per cent. However, the building society said the "froth" would be blown off the market by smaller bonus payouts and possible job losses in the City at the end of the year.

Nationwide chief economist Fionnuala Earley said: "Insufficient supply of homes is unlikely to go away quickly and with employment required for the Olympic development there will continue to be some supporting factors in the London market."

Across Britain house prices fell by 0.6 per cent during September.

The fall was the biggest drop since last December and helped pull annual house price inflation down to 10.7 per cent, its lowest level since May, according to Halifax.

But the group played down the decline in prices, saying a mixed pattern of monthly price rises and price falls is a typical feature of a more subdued market.

It added that there is no concrete evidence that the global credit crunch is having an impact on the housing market, although it said it is still early days.

The average cost of a home across the UK continued to hover just below the £200,000 mark at £198,500.

Martin Ellis, Halifax chief economist, said: "September's price fall is consistent with the normal behaviour of the market during a slow down.

"When the market does slowdown it is usual to see a mixed picture of marginal falls and marginal rises, it's similar to 2005."

But he is not expecting there to be a widespread drop in house prices.

He said: "The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices."

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so the NR fiasco did nothing to HPI

the credit crunch hasnt stopped HPI

IR to hold

what chance of affordable housing?

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so the NR fiasco did nothing to HPI

the credit crunch hasnt stopped HPI...

It would appear that even falling prices won't stop HPI.

Idiots.

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House Prices Surge Ahead As London blah blah blah
Across Britain house prices fell by 0.6 per cent during September.

Also in the daily random headline

'Osama Bin Laden Found'

American forces continue to look for Osama as...

'Olympics to be cheap'

Londoners were furious last week to hear about more Council Tax rises to pay for the etc etc

'McCanns couldn't be happier'

The McCanns were dismayed to hear of the latest development in the search blah blah blah

'Diana Alive'

The inquest into Diana's death finds in a shock revelation that she is completely not alive and has been this way for some time...

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I refuse the read the Guardian, as quite rightly titled in this post, the Guardian is the hater of just about anything in private ownership.

Guardianstan is a very apt title.

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It's all rather confusing isnt it? But dont worry, house prices will continue to rise because of the olympics and the credit crunch will not effect anything.

------------

http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770

House prices surge ahead as the average London home costs more than £300,000

Last updated at 09:25am on 4th October 2007

Average house prices in London have risen above £300,000 for the first time.

The market appears to have shrugged off last month's Northern Rock debacle and is set to rise for the rest of the year, according to two of the most respected surveys of prices published today.

Across Britain house prices fell by 0.6 per cent during September.

But if London is still "surging" surely all it means is that it is masking a heck of a lot of falls across the rest of the country.

It would be interesting to see the average price increase (drop!) if you take the London statistics out of the equation.

:huh:

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I refuse the read the Guardian, as quite rightly titled in this post, the Guardian is the hater of just about anything in private ownership.

Guardianstan is a very apt title.

Lol, the article is from the Daily Mail, or the daily fascist/hate/fear, whatever takes your fancy.

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Nationwide said the annual rate would be 16.5 per cent while the Halifax's figures put it at 18.3 per cent.

And this is not a housing bubble!? How these guys can carry on spouting this rubbish is beyond me. They make it sound as if 18% annual rises are normal and sustainable. At this rate house prices will double every 4.3 years. It is truely idiotic - and these people are getting paid to produce and publish this rubbish! Beyond belief.

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Lol, the article is from the Daily Mail, or the daily fascist/hate/fear, whatever takes your fancy.

Dont worry, laurejon pops up occasionally whining about immigrants, women's brains, muslims etc...he is similarly confused between fact and fiction there as well.

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Guest DissipatedYouthIsValuable

Am I the only one getting THIS headline from that link?

House prices suffer biggest drop in six months as Bank holds rates at 5.75pc

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Am I the only one getting THIS headline from that link?

House prices suffer biggest drop in six months as Bank holds rates at 5.75pc

Ah ha. They've updated it.

Last updated at 13:25pm on 4th October 2007

Perhaps the author is amongst us? :ph34r:

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so the NR fiasco did nothing to HPI

the credit crunch hasnt stopped HPI

IR to hold

what chance of affordable housing?

Gordon will fight the HPC in the air, he will fight it on the beaches, he will fight it on the fields, he will never give up even if it means allowing 50% of the population of Europe in and a few million "others" beside. HPI is the new god, BTL the new miracle way to wealth and happiness. Its a new paradigm, its the "Miracle Economy."

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Guest DissipatedYouthIsValuable
Ah ha. They've updated it.

Perhaps the author is amongst us? :ph34r:

I which case could they tell Paul Dacre that he's a ****?

And that I hope no-one continues to subsidise his shitsheet.

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THIS IS THE HOUSE PRICES SURGE STORY I MEAN ARTICLE LINK

http://www.thisislondon.co.uk/standard/art...head/article.do

"House prices surge ahead

Jonathan Prynn, Evening Standard

04.10.07 Related Articles

Average house prices in London have risen above £300,000 for the first time.

The market appears to have shrugged off last month's Northern Rock debacle and is set to rise for the rest of the year, according to two of the most respected surveys of prices published today. . . "

You can read some of his blog here: http://prynn.thisislondon.co.uk/

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....the propaganda was issued by 2 VI's and quoted by the ES and DMail....doesn't say much for them to give a balanced analysis .....apart from possible VIs with BTLs within the editing area...the slowdown is happening and like a virus it will knock the stuffing out of the economy ones it gets a grip.... :ph34r::ph34r::ph34r:

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This prompted me to check on NetHousePrices what prices were doing in my old postcode in Hammersmith.

Whilst browsing I found that the very nice FTB couple we sold our 2 bed flat to in mid 2005 for 360K had sold it again in April this year for 525K.

And to think we were thinking of STRing in London at one stage! What a mistake that would have been.

We had tried to sell all the way through 2004 and only had 2 offers, the one we accepted fell through a month or so later.

Edited by Ignorant Steve

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This prompted me to check on NetHousePrices what prices were doing in my old postcode in Hammersmith.

Whilst browsing I found that the very nice FTB couple we sold our 2 bed flat to in mid 2005 for 360K had sold it again in April this year for 525K.

And to think we were thinking of STRing in London at one stage! What a mistake that would have been.

We had tried to sell all the way through 2004 and only had 2 offers, the one we accepted fell through a month or so later.

I find it absoutley staggering that anyone would be stupid enough to pay £360k for a flat in Hammersmith let alone £525,000. We have definetly lost the plot in the UK. Just out of curiosity I wondered what that sort of money would buy in say Florida and found this for about 300k less

http://www.escape2usa.co.uk/propfulldetail...&Currency=S Thats about 300K sq ft with 6 bedrooms and 5 bathrooms and this in a state where price are falling !

All this makes me utterly convinced that we are in really big trouble - especially London - no wonder the Mail /Standard have gone on a big spin campaign today. And to think they believe London prices are going to surge from here ..... insanity.

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I find it absoutley staggering that anyone would be stupid enough to pay £360k for a flat in Hammersmith let alone £525,000. We have definetly lost the plot in the UK. Just out of curiosity I wondered what that sort of money would buy in say Florida and found this for about 300k less

http://www.escape2usa.co.uk/propfulldetail...&Currency=S Thats about 300K sq ft with 6 bedrooms and 5 bathrooms and this in a state where price are falling !

All this makes me utterly convinced that we are in really big trouble - especially London - no wonder the Mail /Standard have gone on a big spin campaign today. And to think they believe London prices are going to surge from here ..... insanity.

We lived in arguably the best part of Hammersmith, many of our neighbours were household names. 5 mins from the Thames. , v close to tube.

I don't think that Florida is a good comparison but I agree that it's difficult to see how prices can surge from a 40% increase. Although prices had been stagnant / slightly falling 2002 - 2004. Perhaps if they do surge then maybe it's the first sign of a bubble forming!

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