House prices..

Haircut said:
As you can see the propertion over £1m has dropped off considerably since Feb and the proportion less than £250K has increased.
Click to expand...

I suspect it's due to prices falling. Say many houses at £260k have now lower their price tag to below £250k, this results in surge in the number of properties below £250k. Similiarly, the number of properties above £1m have dropped in value hence there are less houses above £1m in the market.
 
One of the areas I monitor with property bee is 2 bed maisonettes in Farnham Common, and they have come down in price from around £170,000 / £180,00 to around £129,000 - £135,000. All of them are no upper chain! BTL exodus I would imagine.
 
eidolon said:
70k flats? In Bristol? Where?
Click to expand...

Not many about, real bottom end of the market. But a few pop up in kingswood, bedminster and on the southern outskirts.

http://www.rightmove.co.uk/viewdetails-21564962.
http://www.rightmove.co.uk/viewdetails-20584907.rsp?pa_n=1&tr_t=buyrsp?pa_n=1&tr_t=buy
http://www.rightmove.co.uk/viewdetails-20584910.rsp?pa_n=1&tr_t=buy
http://www.rightmove.co.uk/viewdetails-19016447.rsp?pa_n=2&tr_t=buy

Not the nicest places and most people would turn there nose up at them but that doesn't bother me.
A lot at auction with guide price of 65k as well, but I would expect most of them to go for 10's more.

3 months ago you wouldn't of found anything under 80k at all.
 
Last edited:
I'm not exactly turning my nose up - just highlighting a characteristic of a cheap place. There's a reason why these places are cheap.
 
clv101 said:
I'm not exactly turning my nose up - just highlighting a characteristic of a cheap place. There's a reason why these places are cheap.
Click to expand...

And there's enough on them with double glazing, gch and in ok areas.

The reason there cheap is because Flats are the first type of houses to be hit and thus see a bigger fall than houses as they are harder to sale on.
 
AcidHell2 said:
And there's enough on them with double glazing, gch and in ok areas.

The reason there cheap is because Flats are the first type of houses to be hit and thus see a bigger fall than houses as they are harder to sale on.
Click to expand...

there are so many flats available now, that the demand is vanishing!
 
I don't think those places you listed are good prices! Seriously, I wouldn't buy them if the market price was £40k let alone £75k, (obviously if I could by it today at £40k and flip it for £50k next week I would - but that's not the point).
 
Market sliding faster than in the 1990s recession
House prices are falling at a faster rate than during the recession of the early 1990s, according to data released by Halifax today.

Britain's biggest mortgage lender said prices fell by 2.4% in May, wiping almost £5,000 off the value of the average house.

The decline follows a 1.3% drop in April and a shock 2.5% drop in March - the biggest monthly decline since 1992 - and means prices have fallen by around 6.5% in the past three months.

The figures provide further proof that, after the boom years, Britain's housing market has now plummeted as potential new buyers stay away.

"The pace of decline is now far worse than the early 1990s. Other housing guides are similarly grim," said Michael Saunders of Citigroup, adding that the decline over the past quarter was the worst since the Halifax index began, in 1983.

...

"It's now very clear that house prices are in vertical decline, with our worst expectations being confirmed every month," said Liberal Democrat Treasury spokesman, Vince Cable.

Continues...
http://www.guardian.co.uk/business/2008/jun/05/housingmarket.houseprices
Click to expand...

This is the critical point for me, the rate of collapse. Just as the current house price boom was the largest we've ever seen, so to will be the crash. The 10% fall in 2008 is now looking far too conservative.
 
bennyboy2606 said:
Won't falling house prices = More demand which in turn = more inflation, so basically it will cancel its self out ?
Click to expand...

CPI inflation excludes council tax, interest payments on mortgages etc so there's not really that strong a link.

I suppose one could argue that falling house prices mean that new buyers have more money to spend on other things than they would have otherwise - assuming they don't just spend the same amount on a nicer house, of course. However, it also limits the potential of existing homeowners to use their house as a wallet, remortgaging so that they can buy their flash motors, luxury holidays abroad and 50" telly.
 
Third Opinion said:
Heres one for Stinky.

http://news.bbc.co.uk/1/hi/business/7440686.stm
Click to expand...

yea that will happen in places with to many agents. where i work ill be fine as there is only 3 agents in the town :D

i was talking to a surveyor yesterday, he thinks that its not going to get much worse than it is at the moment. he's been to see only a few less places a month than he normally would.

plus went to a racing evening last night wiht a FA. he had the busies may since he started the business 8 years ago, he cant understand it with all thats in the media.
 
I think it very much depends on the banks, to how far this will go. People can afford it, people are willing to buy, but banks aren't willing to give mortgages to first time buyers without a large deposit.
 
AcidHell2 said:
I think it very much depends on the banks, to how far this will go. People can afford it, people are willing to buy, but banks aren't willing to give mortgages to first time buyers without a large deposit.
Click to expand...

the guy i was speaking to said he is dealing with properties £200,000 + a hell of a lot more now, with FTB fizzling out.

the rich can afford to get rich, where as the poor will get poorer unfortunately :(
 
You must log in or register to reply here.
Back
Top Bottom