Tuesday, Aug 08, 2006

FTB? Line on the left, one cross each!

Dorset Echo: House prices rise another six per cent

PROPERTY prices in Dorset jumped by six per cent between April and June - and continuing price inflation seems to be squeezing out first-time buyers.

The price of an average house in the county hit 238,911 - up from 224,853 in the same period last year.

Posted by pax vobiscum @ 05:34 PM (595 views)
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9 Comments

1. paul said...

This is on the back of the figures published by the Land Registry that prices jumped 7% between April - June 2006 compared to April - June 2005.

Hmmm. A bit reaching isn't it?

And BTW, first time buyers left the market a long time ago. Your only salvation is buy to let. And they're hardly keen.

The only figures worth looking at are long term average house prices. They've been stagnating for at least a year now.

Wednesday, August 9, 2006 12:25AM Report Comment
 

2. paul said...

Oh and ...

"In fact, we haven't got one first-time buyer registered with us at the moment.

"Of course, this might mean the market is slowing because without first-time buyers we don't have anyone pushing up the ladder from below."

PS. a market with no-one pushing up from below is pure froth. Let it settle and there's nothing there.

Wednesday, August 9, 2006 12:27AM Report Comment
 

3. sirgoogle said...

I know the Dorset Market very well. It is the product of the expanding aged population.

Lots of newly retired folk from outside looking for that perfect retirement home by the sea. All of them downsizing from other parts of the country (esp London) so they have lots of cash to offer over the asking prices.

The locals on the other hand are not very well paid (as there is barely any manufacturing industry) and exisit mostly in the retail, health and financial sectors. All bright locals leave at the age of 18 - never to return, leaving the rest to live in 1 - 2 bedroom flats (if they are lucky). I am not surprised there are any First Time Buyers on the EAs books as the average salary for a working person in Dorset is pitiful.

Wednesday, August 9, 2006 07:12AM Report Comment
 

4. Son Of Taeper said...

Much as I love Dorset and the people of Dorset this would appear to be a case of someone seeing what they want to see.
****"PROPERTY prices in Dorset jumped by six per cent between April and June."****
Yikes, 6% in 3 months?
****"238,911 - up from 224,853 in the same period last year."****
Mmm, that's not 6% in 3 months, it's 6% in 12 months. Maybe the journalist thought the good people of Dorset wouldn't spot the spin.

Wednesday, August 9, 2006 08:42AM Report Comment
 

5. Surfgatinho said...

I think Paul and sirgoogle are spot on here. I'wouldn't be suprised if there has been significant price rises anywhere in the South West. I read the other day that the South West had the highest level of hapiness for middle class residents. Every baby booming retiree in the country is heading down here with their stack of cash. And beleive me they are loaded. My mother for example was a single parent, worked in middle management, retired before 50, owns her 5 bedroom house outhright and eats out every other night. Her partner just bought a place down here (Cornwall) outright - he was previously a university lecturer and retired around the same age.
Makes you sick, they all think they worked hard for their money!

Wednesday, August 9, 2006 12:08PM Report Comment
 

6. inbreda said...

Good spot Son of Taeper.

I love this kind of news article, because they are no longer just finding the most positive statistic to advertise, they are now in the realm of having to completely misrepresent statistics to make things look good.

The figure is approximately the same as the 7.7% bandied about yesterday, and probably has more to do with falls in prices for the same quarter last year rather than increases in prices since then.

Wednesday, August 9, 2006 01:59PM Report Comment
 

7. George Monsoon said...

I honestly believe that even with a massive crash, this kind of drivel will still be spewed out by the VI's. How else will they stay afloat? unless of course some fly on the wall documentary uncoveres the truth of this spin to the general "innit" public, raising awareness of deception by the banks and EA's. (we can but hope!)

That said, it looks like the crash is well and truly with us. At least in my area (I live in the Ribble Valley by the way. North West England) where all the EA's are reporting a lot of "revised prices" in their windows. anything from 2 to 10 % reductions. I bet with negoitiation, you could push for a 15 or 20% reduction for a quick sale. A good friend of mine is trying to sell her 3 bedroom detached property with no luck. The original price was 240 K but she has lopped chunks off the asking price over the last 9 months. Her house is imaculate and in a lovely area. I think it is currently on the market for 195k. She has had only two viewings in all that time.

Stick that in your pipe and smoke it, Gordon.

Wednesday, August 9, 2006 02:19PM Report Comment
 

8. Retiredbanker said...

sirgoogle-

Absolutely right.

A friend of mine ( also a retired bank manager ) and his wife, are in the process of selling a rather grotty
end of terrace in North London for something approaching 450k.
They are moving to Sherborne in Dorset, and intend to rent a place for a while before buying, as they expect
house prices to fall.

Having recently received some 300k from their share of the estates of both of their widowed mothers,
they will certainly be able to outbid most of the locals when they find the house that they want to buy.

The amount of money falling into the laps of many of my former work colleagues is quite amazing. Some
have inherited several houses from parents, uncles,aunts,and cousins.

Shame that I am not in line for any such undeserved largesse, and just as well I am not the jealous type,
( well perhaps a little bit envious!!! ).

Wednesday, August 9, 2006 03:05PM Report Comment
 

9. sirgoogle said...

Retired B.

It is such a shame that the Govyt will be the main beneficiary of your friend's inheritance. So many Estates are now liable for Death Duties- The Govt must be making a killing. No wonder they can't afford a HPC.

Wednesday, August 9, 2006 09:49PM Report Comment
 

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