Monday, March 21, 2011

Bear Nibbles

House prices drop by £45,000 since start of credit crisis

"The average value of a home in Britain is £201,000, down 18 per cent from £247,500 in October 2007, according to property website Zoopla. Much of the drop has been seen during the last eight months, with prices dropping 11 per cent since last summer. The North East has been hardest hit, down 14.12 per cent since last July with average local house prices at £142,242. London has proved to be the most resilient, down 7.59 per cent to £378,295. Zoopla suggested that the recent fall in values may have created a buying opportunity."

Posted by mark wadsworth @ 05:05 PM (2041 views)
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9 thoughts on “Bear Nibbles

  • House prices haven’t dropped that much in the areas where I have been looking.

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  • Firsttimebuyer says:

    Same here, but nothing is selling (out of the 7 saved houses on rigthmove, 5 of them have been on for 12 months plus!)

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  • In Mid Sussex asking prices are 20% up on pre-crash and selling about 10% up. There are however signs the market has slowed down considerably and higher priced property is getting recycled two or three times on/off market or swapping EAs

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  • on average, asking prices have increased by over 20% (above peak asking prices) in our locality. Its crazy. Beggars belief.

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  • We're All In This Together says:

    I smell a sophisticated, selective rat. Zoopla has come up with some, let’s be charitable and call them remarkable, figures to try and boost flagging demand. It’s a clever bit of double think – OK, house prices ARE falling, in fact, they’ve already fallen so far they’ve actually finished falling, and, look, they are about to start rising again, better get in there quick, folks, or you’ll miss the boat!

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  • They’re still going up in Maidstone.

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  • markj69 str05 says:

    SW Cambs. Very mixed picture. Most reasonable 4 beds holding inflated prices, and some selling. 2 beds and 3 bed over-priced and static or being removed from market unsold. A new development has just started to advertise 2 bed detatched for £295K; 3bed det’ £450K; 5bed det’ £600k.

    Any FTB’s fancy a nice 2bed at over 10x avg’ salary? Some are already SSTC, for what that’s worth.

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  • I’m in SW Derbyshire

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  • I looked at the Land Registry data last night for the area I was looking to buy in: SE15.

    Average House Prices peaked February 2008 at £375,000 then fell to £314,000 (March 2009), a drop of 16%.

    They then recovered to £372,000 (September 2010), for all intents and purposes they have recovered to peak price.

    Since September they have fallen a mere 2% (£364,000).

    Yes Land Registry Data is a couple of months behind the curve, but looking at the graph this appears to be a soft landing for house prices.

    We could experience a drip drip scenario for the next 5 years.

    In previous housing corrections you see prices drop around 30% from peak.

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