Thursday, October 28, 2010

“some predict the most desirable parts of London are turning into Manhattan-on-Thames”

Nationwide house prices fall while millionaire mansions double

Nationwide Building Society figures which show house prices fell by an average of 0.7 per cent this month, indicate the emergence of a two-tier housing market. Ordinary mortals’ house prices are falling as mortgage lending slumps to its lowest level in a decade but the number of mansions fetching over a million pounds more than doubled during the last year, according to Halifax. Britain’s biggest mortgage lender analysed Land Registry data and reports that nearly 3,000 properties were sold for more than £1m – an increase of 118 per cent on the year before.

Posted by jack c @ 12:24 PM (1492 views)
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9 thoughts on ““some predict the most desirable parts of London are turning into Manhattan-on-Thames”

  • “Britain’s biggest mortgage lender analysed Land Registry data and reports that nearly 3,000 properties were sold for more than £1m – an increase of 118 per cent on the year before.

    Perhaps the reason for all the sales of property over £1m is that the owners need to sell, or maybe they know what is coming.

    What it does not demonstrate is inflation in house prices, as is inferred.

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  • sibley's b'stard child says:

    Hmm, increase in the number of millionaire homes, massive overall decrease in the number of homes bought, and a stubbornly high average house-price.

    There’s probably an equation in there somewhere.

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  • “There’s probably an equation in there somewhere” – this one might fit the bill

    MV=PT

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  • Anyone not curious as to why Nationwide are suddenly analyzing Land Registry data?

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  • With the surge in house prices in the last decade and erosion of inflation: a £1M home need no longer be a mansion. Perhaps the threshold should be adjusted?

    My expectation is that high end houses will end up falling disproportionately more than low end.

    If high end houses are rising and low end houses are falling then, to me, it indicates a market in transition.

    Should that not be the case then perhaps it just reflects the obscene reality of an “elite” of absurdly overpaid bankers and quasi governmental aparatchniks.

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  • @dill – yes, would you care to elaborate

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  • @6 jc

    Let’s dub them Londonwide, as opposed to Nationwide!

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  • @7 agreed, or maybe NationSlide if the prices continue South.

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  • Am I missing something? He’s comparing the PRICE of lower-tier houses with the NUMBER of higher-tier houses traded.

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