Tuesday, May 22, 2012

Bear picnic

London property prices: The first cracks?

House prices in London have fallen for the first time in 30 months, figures reveal today. The drop comes after Britain slid into a double dip recession and wipes hundreds of pounds off the average home — now worth just under £370,000. It coincides with a series of warnings that British families face more pain ahead and that things could get far worse if the European single currency breaks up.

Posted by mark wadsworth @ 04:46 PM (4928 views)
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10 thoughts on “Bear picnic

  • sibley's b'stard child says:

    The ESS’ choice of words betrays its true agenda despite its occasional ‘poor priced out Londoners’ pseudo wailing.

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  • Now ‘worth’ just under £370,000

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  • MBVNIF ???

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  • sibley's b'stard child says:

    Much better value now it’s free…

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  • – thanks for the explanation.

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  • crash bandicoot says:

    Cripes, even the Evening Standard thinks that London prices are overpriced. Luckily there are still some investicators left to add dumb comments at the end.

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  • crash bandicoot says:

    MBVNIF – Make Babies Via Newly-funded In-vitro Fertilisation?

    Most Banks Verify New Inflation Figures?

    My Brother’s Villa Needs Interior Furnishings?

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  • Bear Faced Cheek says:

    Of course, a lot of this is about sentiment and coming out of work and seeing that headline on full sized posters at the tube station made this bear let out a little yelp.

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  • britishblue says:

    For any European, London property is now 25% more expensive than a year ago, just based on exchange rates. So it is no longer ‘good value’, The low value pound.speculation has come an gone. It may still be a safe haven if you are Greek, Portuguese, Spanish or Italian and worried that you may exit the Euro. But this is only a matter of time. All the smart money has left Greece and it is likely that it will be a year at the most before it leaves the other countries threatened by Euro exit. This will end the speculative foreign boom in London, which has mainly been responsible for the rise. If the pound rises higher, we may start to see foreign selling and the money moving elsewhere. This could lead to a decline in London prices, which feeds into as declining house price index, which then creates negative sentiment and we could be on a roll downwards again.

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  • mark wadsworth says:

    Cornish, apologies, I thought that we’d made that joke about the Evening Standard so often that everybody knew it by now. It’s still good fun though.

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