Sunday, July 1, 2007

And Hometrack says price down in London

Could the London property market be cooling?

Miles Shipside, Rightmove’s commercial director. “Seventeen out of 32 boroughs saw falls. We expect to see this drop continue over the next few months.” “Buyers are no longer willing to pay silly money, so a neighbouring council estate, a railway line or a noisy road is making a difference again. Buyers are not losing confidence yet, just becoming fussier.” Fussier? Mean they are not all gullible idiots? And apparently there are also fewer BTL buyers...

Posted by confused76 @ 12:55 AM (337 views)
Please complete the required fields.



7 thoughts on “And Hometrack says price down in London

  • “Hometrack says price down in London”… sorry I meant Rightmove

    Reply
    Please complete the required fields.



  • So these are the same people who said prices rose by 1%+.
    I’m so sure there calculation is based on percentages. Like a price rise in Northern Ireland from 30,000 to 40,000 is a 33.33% increase
    And a fall in London from 500,000 to 400,000 is 20%.
    They are most probably reporting that as 13.33% increase and not the real value decrease on 90,000.

    Now putting in context if the price increased by 1%. You can do the maths of the failling prices.

    In addition in London grows, rest of the UK grows. If rest of UK already falling and london starts to fall. Hmmmmmm.

    Reply
    Please complete the required fields.



  • Proof that prices cannot rise indefinitely, even in London.
    It amazes me how prices are so high anyway. A lot of south London is just big tall battered buildings with no sign of life outside them. It’s like 1990’s Bosnia.

    Reply
    Please complete the required fields.



  • London started the boom, London will end it. I was just reading the other day how the average property price in London 10 years ago was £97,000. Seems incredible and although I don’t think they will go back to those levels there absolutely HAS to be a major correction comming. The other day I was looking at ads in the area I used to live in NW london. 1 bed flats asking prices were £400,000. As much as I hate BTLers I’m starting to think that it’s not so much them but STUPID FTBers who are willing to pay these prices that are driving up the market! Just *abstain* for a few months and the whole thing will come down like a house (no pun intended) of cards!

    Reply
    Please complete the required fields.



  • David20040_0 says:

    Doesn’t the MPC meet this week? Typical.

    Reply
    Please complete the required fields.



  • House prices are not rising, even in London! The average merely appears higher because banks have tightened lending to the bottom end of the market, while continuing to bankroll the lower risk (because they have large equity) middle and top ends of the property market. Comparing averages with such different constituents give the illusion of growth. However, if the top end is compared with the top end, and the middle is compared with the middle, the true picture emerges – property prices have already fallen by more than 5% in the UK!

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>