Thursday, August 28, 2008

Apparently ”estate agents are optimistic”……hahaha

House prices 'fall 10.5% in year'

''...UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide. The 10.5% annual decline came after house prices dropped by 1.9% in August, the building society said. ...''

Posted by hpwatcher @ 07:04 AM (1195 views)
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7 thoughts on “Apparently ”estate agents are optimistic”……hahaha

  • The BBC and the rest of the VI’s really do try to put a positive spin on what are plummeting prices.

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  • More good news but am I alone in being surprised that with all the multiple problems going on in the housing market prices are still only 1.9 per cent lower than last month ? Surely any sane buyer is screwing a lot more than that off the price which should be showing up ? I would expect to see a 4-5 per cent monthly drop at some point maybe in the winter or am I just been greedy ?

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  • Look at the rate of sterling, somehow I think these prices have dropped a lot more than 10.5% annually when taking this into consideration.

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  • The crucial factor for estate agents is the number of transactions in the market, rather than whether prices are actually falling or rising. Despite substantial price rises in the last few years, the number of transactions has been relatively poor, not least of all because of 4% stamp duty on a typical two bed flat in central London over 500k – adding a 20k+ tax to the cost of moving to the average buyer who just wanted to move a few doors down to a flat with a bigger kitchen, for example. Whether stamp duty “holidays” are likely to help prices or not I’m very doubtful – they will find a market level whatever. It would help liquidity – and might actually even cause prices to fall further. http://www.chard.co.uk

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  • “Ms Earley said the “gloomier feel” of the economy in general, as well as rising food and fuel prices and a lack of confidence with jobs made people more prudent with their borrowing. She said that prices were likely to keep falling this year as there remained a lot of uncertainty in the market. She added that the situation would not turn around very rapidly unless there was a significant change in consumer sentiment.”

    Fionnuala Late, more like.

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  • “The door was open for interest rate cuts by the Bank of England, she added, but this in itself would not turn things around.”

    Quite something for Ms Earley to admit this, given we’ve been told for the last 6 months that a few rate cuts are all the market needs.

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  • new user 2007 says:

    Ms Earley said that prices, that were still higher than five years ago, were likely to keep falling this year as there remained a lot of uncertainty in the market.

    So next year she will say they are higher than they were 6 years ago. I doubt they will drop to 2000 levels BUT, if they did, would she then say prices are higher than they were in 1989. Nonsense comparisons:)

    Ijjhall:

    ASKING prices are indeed being negotiated down in most parts of the country, but the indices look at REAL prices. The people confusing the two and thinking they are getting a bargain…

    Negotiating an Asking price down from 300k to 250k In December, on a house that was worth 200k in January, is still a large rise…

    …Luckily, the idiots who can’t figure that out are not getting mortgages and so can’t price the prudent out of the market anymore.

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