Monday, August 20, 2012

Hidden costs of staging Olympics

Olympics 'prompt record fall' in August property asking prices

Property website Rightmove says sellers cut asking price by twice the usual rate in August as London 2012 distracted would-be buyers.

Posted by mken @ 09:35 AM (1893 views)
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8 thoughts on “Hidden costs of staging Olympics

  • I knew there was something I’d forgotten to do. The beach volleyball mus have distracted me from that house purchase.

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  • One test for whether this fall was due to the Olympics – did asking prices rise again when the Olympics finished?

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  • We hear many excuses as to why people can’t sell their homes, apart from the most obvious one. Estate agents and vendors really do expect a miracle. I am finding it all rather amusing now.

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  • It’s reassuring to see that people were distracted by the Olympics. The fall can’t possibly be attributed to the Banking industry or Politicians.

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  • I mentioned this on another post but I saw on rightmove last night (using Property Bee) that a house round the corner from mine (Wirral not London) which is ~£45k overpriced to comparables on rightmove (probably more like £70k to reality/economic fundamentals) raised its price twice in the last year despite being up for sale with no takers since 2010!

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  • mark wadsworth says:

    Tee hee, this will be the press release which City AM published by mistake last week.

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  • Let me see…, man from Jamaica runs fast, must ask less for my house. This makes perfect sense.

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  • @7: “makes perfect sense” — clearly this is caused by Relativity, going faster makes house prices fall (Lorentz transformation or some such).

    @2: “when the Olympics finished” — the Olympics are over? Last I saw of them the Queen was jumping out of a helicopter. Looks like she survived then.

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