Tuesday, November 27, 2007

London falling… remember that song by the Clash?

Record stock levels of prime London and prime country property

"The volume of prime London property for sale rises to record levels in October, up 54.6% on last year and up 12.9% on last month. Average prime London property prices fall for the third consecutive month, down 0.8%, wiping over £22,000 off the average sale price of a prime London home since August 2007. Annual price growth for prime London rental property halves from 11.8% in August 2007 to 5.8% in October 2007, with monthly rental price growth this month limited to just 0.2%." London falling... ahahh hahh... ahhahh hahahhah

Posted by confused76 @ 09:53 AM (1778 views)
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18 thoughts on “London falling… remember that song by the Clash?

  • Come on C76 – just for me as it is the season of goodwill. Try Ho! Ho! Ho!

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  • But it’s the south east! Immigrants, workers for the olympics, ermm, lack of housing supply, huge rental demand, city bonuses …… land-locked island …. umm …

    And so we see the the excess demand myth evaporate (not that it had any substance anyway).

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  • You Better Watch Out, You Better Not Cry  You better not pout, I’m telling you why House Price Crash is coming to town..

    I posted this in Xmas 2005. or 2004? In view of the fulfillment of the long-overdue HPC (albeit it was just a matter of time), I cannot help being emotional.

    Tis the season to be jolly for all the House Price Crashers!

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  • I wanted to STR a few months ago but ended up buying a house as my wife wasn’t too keen on renting when we had our second baby. I must say that I am still to see a decent house in the price range we paid on the market in Surbiton. There really is a lack of supply in the £450k to £550k price range as no one wants to put their head over the parapet and pay £500 for a HIP to boot! I note from threads regarding Wandsworth it is much the same story ie £1m+ and 1/2 bed flats are felling the heat! or the cool which ever way you want to put it.

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  • What a magnificent press release this is. Just great to see total acceptance that prices are falling and will continue to fall. I can’t wait to see this type of language in the Nationwide/Halifax releases.

    As far as their projections go (gentle decreases for the next 6-12 months in central London) – anyone know what sort of track record primelocation have for forecasting? For example, what was their projection six months ago?

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  • I’d type something sensible but I’m laughing so much i have just wet myself.

    They’ve just lost £22,000 in a month!

    Not to worry – I’m sure they’re in it for the long term.

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  • The problem is, that the “prime” central London market has always been more volatile than the “mainstream” London / SE market. There were also significnt falls in 2004/5, when most of the rest of the capital stayed more or less static. The declines in the prime market are certainly of interest, but need to be put into context for being not entirely representative of the rest of London

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  • All you ohh and ahh people really don’t get the real picture do you… only a mad person would be excited so much they would pee themselves for a full blown collapse in the housing market and recession, the effects of this will be felt in every single part of everybody’s life’s, unemployment, crime etc etc will increase way beyond what everyone moans about now… if you are lucky enough to keep you home you probably won’t be able to afford to pay the council tax and put food on the table, drive to work? in your dreams with petrol £2 a litre and rising every year…

    Wake up and smell the coffee guys and stop acting like this is good thing….

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  • Oh, oh, oh

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  • crash bandicoot says:

    Here are some reminders from days gone by;

    “House prices are set by market forces, it’s supply and demand” let’s hope so!

    “The market is underpinned by strong fundamentals” See above

    “Where London leads the rest of the country follows” You said it not me.

    “House prices only ever go up” Errr.

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  • Maddison – you’re right, renting is no good because there’s no secure tenancy unless you’re on the dole and lucky enought to get a council flat. What a country!
    You’re also right about the choice of decent houses being poor in SW London, although there seem to be loads of empty riverside flates in Wandsworth.

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  • Move to South Leicestershire, we’ve got loads of lovely houses in country locations desperate for buyers.

    Our local market has stopped dead over the last 2 months and new property is still coming to market.

    The 600k – 900k market is the slowest price bracket, it would seem that nobody is willing to buy in such an unsure market if they have to raise a large mortgage.

    Properties over £2m still seem to be selling (not that there are that many of them) I suppose that is because buyers have cash.

    Any local news from anyone else?

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  • dohousescrashinthewoods says:

    12.9% in a month?! Blimey!

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  • tyrellcorporation says:

    I think it was London’s ‘Calling’, wasn’t it?

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  • “London calling from the faraway towns, now war is declared and battle come down.

    “London calling to the underworld, come out of the cupboard, you boys and girls.”
    I think Londons Falling sounds better.

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  • prices in cheshire are crashing… some areas are all signs.. it is hard to see the houses now..

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  • I sold central London flat September 2007 and thought it too early but now looks as if I done good! Yippee…

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