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House prices continue to rise

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Thursday 4 December 2008 7.34pm
Oh! Thanks Gordon!
I might talk to him.


Incidentally. I'm signed up to upyourstreet.com and there seem to be quite a few properties still being sold round here no matter what the papers say. It's worth registering to have a look,
Friday 5 December 2008 1.54pm
http://tinyurl.com/6joa2q been on the market about a month, I guess. A truly spectacular price.
Wednesday 17 December 2008 2.45pm
JonR wrote:
one bed flat on Chaucer drive 2nd floor, in 2003 - 120K - back in 2006/2007 probably somewhere in region of 180-200K (new kitchen, and new shower).
what do you suppose the current market value would be - would it be worth trying to move up to a 2 bed flat now, while prices are lower?

presumably sale price now would cover the 90K mortgage left.

We have just moved out of our very large (700 sq ft) garden flat in Solarium Court (not far from you) in the spring it was valued at 230k. probably nearer 200 now. Hope this helps. IMO now is a great time to climb the greasy pole, with two big provisos 1. Get the property for a least 15% below what you regard as a fair price (not what the agent thinks) and 2. Pay as big a deposit as you dare.
Tuesday 30 December 2008 11.29am
Land Registry figures for November came out today.

Biggest house price falls in London for the month:

Richmond upon Thames - 3.8%
Brent - 3.3%
Ealing - 3.2%
Southwark - 3.1%

Smalles falls:

Greenwich + 0.3%
Haringey + 0.1%
Havering - 0.7%
Bexley - 0.8%
Friday 2 January 2009 10.14am
To keep that in context, this "huge, worst-ever crash" in house prices; this thing that the news keeps telling us is the most terrible event in the history of mankind, actually means that houses are at similar prices to those of circa two years ago.

...if you press it, they will come.
Friday 2 January 2009 2.32pm
Ivanhoe wrote:
To keep that in context, this "huge, worst-ever crash" in house prices; this thing that the news keeps telling us is the most terrible event in the history of mankind, actually means that houses are at similar prices to those of circa two years ago.

Nationally, average prices are now the same as in 2004, down around 20% from the peak according to the leading indices.

This would be fine if they hadn't gone up such an insane amount between 2004 and 2007! As it is, it's a nominal fall of around 20% of their value. Chunky, if you bought a flat for 250k 18 months ago.
Friday 2 January 2009 2.41pm
Agreed. A 20% loss on something you bought 18 months ago is hard to stomach, if you thought the thing you were buying was either in an unvolatile market and/or you were sure that prices could only rise and rise.

But, as you point out, the housing market has been in a particularly volatile state over the last decade (or more). There was plenty of discussion all through the last decade as to how the prices were unsustainably high in comparison to earnings, and a small bit of thought about historical price bubbles might well have warned that prices could go down as well as up, etc. But human nature/greed/call it what you will, served to make anyone who could fabricate a semi-plausible income stream go out and keep the bubble going by buying into it.

...if you press it, they will come.
Friday 2 January 2009 8.33pm
Yes, I think that's the key thing. It's not that they're down 20% that's scary (unless you bought with no deposit at the peak), it's that they're down 20% but still far higher than they ought to be, that's the scary thought.
Tuesday 6 January 2009 12.37pm
Hear, hear.

...if you press it, they will come.
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