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Best performing property markets in UK????
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Well, theres been lots of doom and gloom posted in recent times, but it's nice to see a lot of markets doing rather well indeed.
There is of course no such thing as a national housing market, only thousands of local markets, each with very different performance.
I was happy to see the latest data from my own market, Aberdeen, was released last night. (probably what inspired such a vicious thread early this morning from a certain hpc doom-monger)
Aberdeen's Q2 09 average price is now £196,088, up 8% on the previous quarter.
It is now down 6.8% YoY, and remarkably also now down a mere 6.9% from peak, and only 5.4% from Q3 2007.
Given that rental costs are around 6% to 8% per year in Aberdeen, it would have been near on impossible to save money by renting versus buying for this crash so far.
So, MSE peoples, how is your local area doing???????? How do you compare to peak and YoY??????
Hopefully we'll have a nice positive thread for once!!!!:T
(but I won't hold my breath:D}
There is of course no such thing as a national housing market, only thousands of local markets, each with very different performance.
I was happy to see the latest data from my own market, Aberdeen, was released last night. (probably what inspired such a vicious thread early this morning from a certain hpc doom-monger)
Aberdeen's Q2 09 average price is now £196,088, up 8% on the previous quarter.
It is now down 6.8% YoY, and remarkably also now down a mere 6.9% from peak, and only 5.4% from Q3 2007.
Given that rental costs are around 6% to 8% per year in Aberdeen, it would have been near on impossible to save money by renting versus buying for this crash so far.
So, MSE peoples, how is your local area doing???????? How do you compare to peak and YoY??????
Hopefully we'll have a nice positive thread for once!!!!:T
(but I won't hold my breath:D}
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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its all !!!!!! :cool:;)Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
HAMISH_MCTAVISH wrote: »Well, theres been lots of doom and gloom posted in recent times, but it's nice to see a lot of markets doing rather well indeed.
There is of course no such thing as a national housing market, only thousands of local markets, each with very different performance.
I was happy to see the latest data from my own market, Aberdeen, was released last night. (probably what inspired such a vicious thread early this morning from a certain hpc doom-monger)
Aberdeen's Q2 09 average price is now £196,088, up 8% on the previous quarter.
It is now down 6.8% YoY, and remarkably also now down a mere 6.9% from peak, and only 5.4% from Q3 2007.
Given that rental costs are around 6% to 8% per year in Aberdeen, it would have been near on impossible to save money by renting versus buying for this crash so far.
So, MSE peoples, how is your local area doing???????? How do you compare to peak and YoY??????
Hopefully we'll have a nice positive thread for once!!!!:T
(but I won't hold my breath:D}
Funnily enough I just posted this on a different thread. Have just looked up prices on my street in nethouseprices:
The stunning part is the way transactions have dried up to pretty much zero:.
My street has 200+ properties. Sales figures are:
2006 - 31 sales
2007 - 36 sales
2008 - 11 sales, last one being October
2009 - 1 sale (!)
The sole sale in 2009 was a house that sold for £170K. The same property sold for £200K in June 2008 so a 15% fall in <1 year.
I live in Essex commuterland, postcode CM**0 -
Doesn't it somewhat depend, on your vested interest, what constitutes "positive", or "best performing" ?
Only investors need markets to "perform".
The majority of the population just want somewhere to live without being a slave to the mortgage grindstone.0 -
Funnily enough I just posted this on a different thread. Have just looked up prices on my street in nethouseprices:
The stunning part is the way transactions have dried up to pretty much zero:.
My street has 200+ properties. Sales figures are:
2006 - 31 sales
2007 - 36 sales
2008 - 11 sales, last one being October
2009 - 1 sale (!)
The sole sale in 2009 was a house that sold for £170K. The same property sold for £200K in June 2008 so a 15% fall in <1 year.
I live in Essex commuterland, postcode CM**
gotta link for that mate?
i'd like to check my posstcode, also in essex
c2c commuterland !!Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
2009 0 sales so far
2008 1 sale (January)
2007 2 sales (1 in Feb & 1 in July)
but there is only 14 houses in my Close !Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
Aberdeen as we all know is a prosperous city. So to an extent is sheltered from the worst of the recession. As Kennsingston and Chelsea, and Windsor are.
What are the actual volumes of house sales like though ?
There's no chance of house prices rising in my locality. As in the the coming years we are desiginated to have another 10,000 houses built. On top of uncompleted developements that have currently ground to a standstill.
Trouble is these plans were laid when local unemployment was around 2%. Now much higher. So there isn't the jobs for the people that move into the area into these proposed developements.0 -
I am not Hamish by the way, i was accused of having a 2nd personality on another thread.
Aberdeen is still bonkers, rental is extortionate, house prices have just not budged at all. Good for those in property, a bu*ger for those wanting to get into property.
As long as they keep paying bog standard electricians/mech engineers trades £60-70k pa, house prices are just not going to budge much up here im afraid.0 -
this thread gives a new dimension to the phrase "Bull Sh**""For those who understand, no explanation is necessary. Those who don't understand, dont matter."0
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Thrugelmir wrote: »Aberdeen as we all know is a prosperous city. So to an extent is sheltered from the worst of the recession. As Kennsingston and Chelsea, and Windsor are.
What are the actual volumes of house sales like though ?
There's no chance of house prices rising in my locality. As in the the coming years we are desiginated to have another 10,000 houses built. On top of uncompleted developements that have currently ground to a standstill.
Trouble is these plans were laid when local unemployment was around 2%. Now much higher. So there isn't the jobs for the people that move into the area into these proposed developements.
About 350 sales per month,which is decent volume for a small place like Aberdeen, but slower than peak.
Total property on the books of all agents is around 1150, which is not that far off 2007 levels in the high 900's. Properties are sitting for longer than they were, but prices are up a solid 8% to 10% from the trough earlier this year.
Newbuilds have taken the brunt of the losses, prices for old granite properties are often higher today than they were at "peak".“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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