Tuesday, February 12, 2008

Almost 6% Drop in London House Prices from Q3 to Q4 2007

UK House Prices

The BBC today (12 Feb.) updated their "UK House Prices" data based on figures provided by the Land Registry of England and Wales. The figures show a 5.7% drop in the average house price in Greater London from Q3 to Q4 2007, based on over 32,000 sales. The City of London leading the way with a drop of 17.5% (yes 17.5%). Merton (down 13.1%). City of Westminster (down 11.1%). Lambeth (down 10.7%). Camden (9.7%). Hamersmith and Fulham (down 7.5%). Richmond upon Thames (down 7.1%). Enough said!!!!!

Posted by pam @ 06:10 PM (992 views)
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9 thoughts on “Almost 6% Drop in London House Prices from Q3 to Q4 2007

  • dohousescrashinthewoods says:

    BLIMEY!! Sod getting het up over Darling’s non-dom ditherings and the notional inflational statistics – we know the government are a sham.

    This has to be the most important post on here today! Just plugged in Guildford and it’s fallen 10% – in the last quarter. Sure it’s not seasonally adjusted etc., but this is serious stuff – to be punching out 10% falls before HPC has even cleared the starting gate is huge.

    To add insult to injury, the Guildford figure is based on 656 sales – that’s nothing. EAs must be at breaking point – sounds to me like the nearest thing to a customer they are seeing is the tumbleweed rolling past their open doors.

    Have I missed something? Why is this thread not swamped with comments? Why are we not firming up arrangements for the Land Registry party with jelly, ice cream and Kirsty’s-hat-shaped cake?!

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  • tyrellcorporation says:

    This is pretty big eh? Some friends of mine bought a 4 bed semi in Merton about 6 months ago… OUCH!

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  • Sold My Soul To The Never Never Never says:

    Have you tried clicking onto the sales of flats in towns? In my area flats are -11.3% for the quarter and the annual figure is -7.1% and in the Knowsley area of Liverpool flats are down -19.8% for the quarter and -20.1% for the year. An evening of entertainment worth having if you are not a BTLetter!

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  • Wow. I would be papping my pants. Thanks for the post.

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  • …but its rubbish really – look at Camden 3 detached houses down 67% on the quarter. So it depends on WHICH 3 houses are being sold against which houses were sold last qtr. The more interesting thing would be the number sold. Not bullish (the % falls) granted but the real story is the volumes.

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  • European-bear says:

    Techieman you are correct. But the overall figure for London is down 5.7% in a quarter on sales of 32835. And terraces are down 8.7% and flats are down 2.1%. Flats and terraces represent over three quarters of London sales and are at the cheaper end of the market. This is starting to look genuine. The 3 detached houses in Camdem are irrelevant if the went up or down 67% on a quater. Flats and terraces London wide IS relavent!

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  • I think I agree techieman. The real story is not necessarily here (although this is a part of it), but the volumes. Volumes I think we’ll find have plummeted.

    I should think that Estate Agents’ survival instincts should be kicking in real soon now, further depressing the market.

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  • I would wait about 2 years moniter the market and purchase if the prices have stabilised

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  • prices need to drop on average by a min of 30% – it is so illiquid – idiots convince themselves that their house is worth 1.5 mn when it is realy less than 1 mn – its just pure greed — before some idiot russian or middle eastern bling,,bling tosser wld cough up extra cash — now even these idiots now realise markets go down, not just up! let the homeowners get real — less greed is good — please a crash is so overdue!

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