Friday, Oct 20, 2006

Chelsea up 66% year on year? Er no, more like 2%

Firstrung: London house prices on a different planet? Look again...

Kensington and Chelsea prices are actually up by only 2% year on year according to this survey, now taking the average price to 630,794. So you don't need the widely publicised million pounds to live in these areas after all, still what's a glitch of 400K, or 64%. The report still manages to disappoint with tired cliches in the form of "Olympic affect" quotations, apparently the growth in prices in Tower Hamlets owes nothing to the proximity of the area to City workers and the boom the banking industry has experienced over the past year

Posted by converted lurker @ 12:37 PM (485 views)
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1. Me said...

The boom in prices in Kensington and Chelsea is being driven by wealthy CASH buyers, so surely many of the properties here will therefore not be included in their figures?

Friday, October 20, 2006 01:53PM Report Comment

2. Sam said...

what you mean someone is fudging the numbers to make things look different from what they probably are... mmm fudge. sweeeet, sweeet fudge...

sorry had a homer moment.

Friday, October 20, 2006 02:37PM Report Comment

3. Nohpc said...

I am glad the truth came out from this one because it looked as if chelsea was skewing the house price growth figures for the whole of the UK but at 2% growth it clearly isn't. Chelsea will never crash in value because the yuppies will always want to live there.

Friday, October 20, 2006 10:21PM Report Comment

4. sirgoogle said...

2%. That is below even the fictional CPI inflation. They can't even lie effectively.

Therefore even in the fictional world of Govt stats and VI spin houses evene there are going down in real terms.

Most of the buyers were cash buyers - these are idiots who either have just too much money or who are going to be holding onto their property for a long long time.

Saturday, October 21, 2006 09:37AM Report Comment

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