Monday, April 26, 2010

UK site not updated yet

U.K. April House Prices Climb at Slowest Pace in Three Months

"U.K. house prices rose in April at the slowest pace in three months as the supply of homes for sale picked up, Hometrack Ltd. said. The average cost of a home in England and Wales increased 0.2 percent from March to 158,400 pounds ($243,000), the London- based property researcher said in an e-mailed statement today. Prices rose 1.8 percent from a year earlier". says Hometrack

Posted by alan @ 08:27 AM (1961 views)
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13 thoughts on “UK site not updated yet

  • Sorry, but not in my backyard.

    It’s positively blooming out there.

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  • That’s really funny cos I live in a very desirable place. A lovely little fishing town with picturesque views. Lovely bars and restaurants and as the estate agent said one of the nicest and most sought after places to retire to. And guess what NOTHING IS MOVING!!! MUAAHHAAAAA.
    So smuggie in a word I don’t believe you!

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  • You may well be correct Mystie, however Fleetwood may not be everyone’s cup of tea, duck.

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  • waitingfor hpc says:

    well houses in my very affluent area are not up, houses are not selling and pubs and shops are all closing down!!
    Not so good for smuggie .. I think he is about to be served his just deserts!
    The UK is in for a pounding, not just house prices but everything….. very scary indeed!

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  • c'mon correction says:

    Yep, we’re coming up to another tipping point post-election, whatever party gets in. Public sector growth will have to go into reverse and the public sector multiplier effect along with it, worsening the situation even more. There really is only economic hardship on the UK horizon, it’s so sad we’re in this state.

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  • Can somebody please explain why the properties in West Cornwall is selling or renting like hot cakes. I am rather confused by it all. I am talking about houses in the region of £350k plus. Any comments on this. Is Cornwall immune from recession?

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  • A lot of blooming, eh Smuggie?

    Could it be becuase you’re surrounded by fertilizer?

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  • Mousehole and the likes have always been attractive to City money.

    And with bonuses abound, this sort of property is flying out of the EA’s windows.

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  • smugdog @ 3 No dearie, Fleetwood may not be, but South Devon is and that’s the place I’m talking about! If you don’t believe me check out the stats for yourself. Nice try, but accept it you are wrong and we are all right case closed, duck!

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  • smugdog @ 3 Sorry not where I am in South Devon. The sun is shining and prices are sticking and all’s well with the world here in sunny Devon. Maybe all that city money hasn’t found us yet?

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  • Hi, Smugdog. Thank you for your comments. You don’t by any chance live in Cornwall as you appear to know about Mousehole not an area I would expected you to comment on. By the way what is your profession, I know you try to wind other bloggers up. I remember you mentioning it once when I asked the question previously but I have forgotten what you said. I seem to have a vague idea that you said that you were in commodities but I could be completely wrong. I know you said you wee not an estate agent.

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  • @ Houze

    I had a little net loft up Duck Street in ol Muzzy, near the British Legion a few years back, wish I had kept hold of it now.

    Too few places to park and too much new money ( and attitudes) coming in however.

    I wish not to talk “me” as it upsets the natives and Mrs Mystie too much. Those care homes on the coast are
    extremely nice though, bless.

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  • West Cornwall is a property bubble. All the talk in Mousehole when you visit estate agents is of a 12 month season and how property can be rented out anything up to 40 weeks a year. Don’t believe this, there are only 12 weeks a year when the “ants” take over. The rest of the year, except for when the occasional pensioner turns up to snap up a bargain week out of season, makes this place a very pleasant ghost town.

    A smiling Londoner turns up and falls in love with the place. He has a few bob spare and buys his dream home for the family for 1/4 million and then has plans to rent it out. The problem is that this rental does not cover the mortgage adequately. Even then the only time when he and his family can use it will be the only time when he can rent it. Where does he go from there? Well it’s down to six month contracts usually to a pensioner(s) who pays what would be a very average low monthly rental on a six month rolling basis. If you were planning to become a buy to let landlord would you do this so far away from home? Would you buy at top dollar prices and rent out for jack S**t?

    Our Londoner is not smiling so much into his second year of ownership. He is having problems back in London with loss of income during the recession and job insecurity. Luckily interest rates are at an all time low and his lessee enables him to keep his head above water although he has to stay in a guest house when he visits his dream/nightmare village.

    Meanwhile our friends at the estate agents are keeping up the same old lies about a cottage that will pay for itself and give you an opportunity to use it on weekends and on odd holidays. Some professionals turn up and buy cottages for cash but they are a minority. Everyone in Mousehole watches the trail of “ants” and marvel at how they can pay such mouth watering prices for their old homes. They now live in the easy to manage modern houses above the village.

    Sadly in 2011 all goes wrong for the luckless property owner from London. Interest rates creep up and his job goes leaving him no slack to feed the mortgage account for the dream cottage he never sees. He is left with the choice of selling his London property or the cottage. It’s a no brainer so he put the cottage on the market. Ever wondered why when you view cottages there is someone hanging around and agreeing a time for you to view? That would the long term tenant being nice and helping out by letting people view the place before the lease ends. Anyway our Londoner now has to sell into a falling market and due to the banks and the recession no one is buying. Pop goes the property bubble.

    Are you curious why the staff at estate agents never gives an opinion on the market at Mousehole? The best you can get is “I have worked here for X number of years and I still can’t quite make sense of it” No doubt they have experience of people who get carried away and come back six months later demanding to know why the real situation had never been presented to them. You will never find out the reality of the market from these people. They are there to sell the dream. They know there will be yet another sucker along next week.

    Mousehole property is well overpriced and the only all year rentals are to people on six month leases at bargain basement rents. Finance will dry up this year and interest rates will rise. Many people who have been treading water will start to drown. This will cause a flood of fire sales for a significant chunk of the 2/3 of properties now empty during the winter months. Expect falls in price of a third or more. The precursor to this is the Penzance property market. There is no firewall between Mousehole and the rest of the town. Anticipating rental income is no guarantee of a completely secure way of purchasing in West Penwith. Caveat Emptor!

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