Saturday, October 27, 2012

In a recession, house prices rise…..so how does that work?

House prices at 2-year high: Biggest jump since 2010 takes typical price to £162,561

London drove the market with the biggest increase Annual increases concentrated around the South, while the North, the Midlands and Wales saw falls The Olympics and Queen's Jubilee celebrations have been blamed for disrupting house sales recently House prices have recorded their biggest annual growth in almost two years, the Land Registry has revealed. The 1.1 per cent rise in September for England and Wales was the biggest year-on-year rise since November 2010. It took typical prices to £162,561. The annual increases were concentrated around the South – with the South West, the South East, London and the East seeing rises.

Posted by hpwatcher @ 10:46 AM (4411 views)
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8 thoughts on “In a recession, house prices rise…..so how does that work?

  • mark wadsworth says:

    All sweet and dandy, apart from monthly falls in August and September and the fact that prices are falling in most of the UK, which they briefly mention further down the article.

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  • The headline paints a different picture to the content of the article and as someone in the comments section points out 2 weeks or so ago they had a headline saying prices were falling !

    Same old story as the Express with the house prices up house prices down routine.

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  • I smell fear among the vested interests of Londinium – which of course comprise a great many journalists and news readers with large ‘property’ portfolios.

    As the Goose said, when the eggs were no longer golden, “I need some proper gander.”

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  • This could be the longest crash in history, more of a damp fart than a big fall out…

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  • The high street and its boarded up shops are still there today.

    Are these stats UK stats?

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  • Is this for sale prices or actual transaction prices?

    Presently, even rentals are going on average 5% lower than asking price so, if the market has been flooded with over-priced properties due to foreclosures then, this is in the margin of error.

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  • Is there any study on how decrepit rented property has become, what with landlords having all the rent money swallowed by interest payments, with no cash left over for maintenance or even enough yield to pay for them to spend a few hours a month doing accounts, inspections, etc?

    When some of these properties hit the market, particularly student hovels unmaintained, some of them, for multiple decades, this will be a huge shock! Many need tens of thousands if not more investment to bring up to standard.

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  • Good point libertas, add to this the thousands of apartment schemes complete 08-09 where the pre-sales fell through leaving the developer/bank holdign the can. All rents being applied to debt reduction means they are being left to go to seed.

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