Thursday, September 18, 2008

News about house prices

House prices crash in the prime market - Knight Frank

Prices in the prime country house market fell by 4.0% during the third quarter of 2008, according to the Knight Frank Prime Country House Index.... The index has now fallen by almost 8% over the past 12 months. The most expensive properties have seen the smallest falls.

Posted by housebear @ 10:56 AM (758 views)
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8 thoughts on “News about house prices

  • Top rung of the ladder will be the last to fall.

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  • “On a more positive note, we have seen a sudden upturn in activity during the first half of September and have arranged a lot more sales than over the summer.”

    I think now that hpi is down to -10% some people are jumping in, so there may be an easing of the monthly drops in a few months time.

    I’m not saying I believe this to be the end of the crash but some idiots are thinking that 10% off is as good as it’s going to get.

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  • Ah! I post directly related to house prices. Thank you.

    need-a-crash said:
    “I think now that hpi is down to -10% some people are jumping in”

    Is there any statistical proof to back up that claim. Transaction volumes have fallen off a cliff, plenty of data supports that. EA’s I know have commented that the market is quieter now than in the Spring and the spring was horrendous.

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  • I’d have thought that a higher proportion of Knight Frank punters will be cash buyers than for most other EA’s so less need for mortgages. It’s also hard to determine how many of these transactions are for people downsizing rather than moving up the ladder. Just as people scramble to borrow as much as possible in a rising market, people (the cash rich elderly in particular) will try to take cash out by downsizing in a falling market.
    I sold 18 months ago and currently rent. The agents were here to value the place I rent yesterday. They said that nothing is moving, there are just no buyers. They said one vendor called them to see why they weren’t recommending dropping the price by 50K. Their response – it would make no difference, we have nobody looking to buy. Says it all.

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  • landofconfusion says:

    > They said one vendor called them to see why they weren’t recommending dropping the price by 50K. Their response – it would make no difference, we have nobody looking to buy.
    > Says it all.

    I’m quite able and willing to buy – but only at the right price. At the moment, prices here in the SE are just silly. Example: one BTL’er near us has had his former rent whore on the market for at least 4 months with no signs of interest. He wants £30k more than the maximum ours was valued at and that’s despite the fact that we live in a much better location.

    Until sellers wake up and realise that this market is only going one way (and that’s not up), I and many others will just continue to rent.

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  • I live in leafy south Leicestershire and we have lots of Country Houses for sale in this area.

    I have just gone through the land registry figures for the whole of Leicestershire and since 1st June there have been 825 house salesin the whole county.

    Of those 7 were over £500k and only one over £1m, and most of those were sold in June.

    Property over £500k is not being reduced and the there are still new properties coming to market in my area at really silly prices, yesterday one at £1.25m and another at £1.7m (both within 5 miles of Kibworth if you would like a laugh)

    The top end of the market is still very much in denial and it is going to be some time before the penny drops, but not if the owners are bankers!

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  • Long time reader and 1st time poster would just like to thank all on this site.In the dark days of reading my fathers express in despair at hp inflation and vi spin i used to turn to this site like turning to my mother when i used to fall of my bike,like my mother i allways found comfort and trusted you,my oh my has it paid off,once again thanks all.ps do you have an annual party/get together as i would love to meet many of you .we could all wear tee shirts with our bloggers names on ,what do you reckon

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  • Welcome Happier Kitch. It can be very tough not falling for the whole ‘home ownership is the ONLY way’ routine. Many is the time it feels like you’re the only one who has got it wrong whilst all around you appear to be getting on with their lives. Obviously it’s easy to say in hindsight but the situation the economies of the west now find themselves in just had to happen. All we couldn’t predict accurately was when and how bad. Well, we know when cos it’s happening. How bad? Jesus! Only time will tell. Try and enjoy the ride……..

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