Monday, December 17, 2007

Update with key points and link to the Rightmove report

UK house prices crash in December by on average £7,500

"Sellers need to price aggressively and banks need to get their own houses in order to improve liquidity as quickly as possible. We are in a different world compared to previous housing downturns. It is a world of international banking interdependencies, and a world in which the robustness of the UK housing market has never been tested". - Miles Shipside Rightmove.

Posted by converted lurker @ 11:30 AM (986 views)
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3 thoughts on “Update with key points and link to the Rightmove report

  • little professor says:

    “Worst hit was the affluent borough of Kensington and Chelsea, where house prices fell at around £20,000 a week. Since the average price is now £1,572,814, it’s not as though borough residents will drop below the breadline, but there’ll still be a few people choking on their croissants and smoked salmon when they read the figures this morning. Even up-and-coming areas like Hackney saw big falls – though admittedly it’s still 41% up for the year as a whole.”

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  • Location, Location, Location. I am looking forward to seeing where the prices fall the hardest. K&C has always been very volatile due to the prices and low volumes of transactions so is really a special case. These recent asking price falls are mainly due to a bit of reality bites. There are some properties near me that have been overpriced since the summer. A couple of these coming down to realistic levels will certainly show up in the stats. RM index is a bit of a waste of time really as it is run by EA’s and they certainly wont blame the EA and over optimistic Sellers for the abberations. HIPS are the next best candidate.

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  • converted lurker says:

    yeah yeah yeah…but who likes the image of the crash test dummy? ;¬)

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