Evening Standard: House prices down £100,000

zcacmxi

On the billboards and front page of Evening Standard today:

http://www.thisislondon.co.uk/standard/article-23592736-details/House+prices+drop+100%2C000+in+two+weeks/article.do

Really2

:rotfl:

You should be a jornalist you missed the in two weeks bit off the end.

But their you go everything is expensive down south looks like we may have a bit of a leveler on our hands.

PasturesNew

If they've put it on the billboards it can't be missed. Everybody in London will see that, as opposed to just those that buy the paper.

Really2

PasturesNew wrote: »

If they've put it on the billboards it can't be missed. Everybody in London will see that, as opposed to just those that buy the paper.

We dont have billboards just stenciled sheep. that form words in fields.

I love jurnos. "worried about your job down south? Good because your average house as lost 2/3 of its value in two weeks also":D

ad44downey

And there's alot more falls to come. We're not even at he end of the beginning...

Really2

ad44downey wrote: »

And there's alot more falls to come. We're not even at he end of the beginning...

That does not make sense.
It could be the start of the end.;)

baileysbattlebus

The average price for a house in Westminster must be over £1m

The newspapers job is to sell newspapers not necessarily good reporting

The most expensive house is £35m
the cheapest is £160k for a studio with a 10ft by 10ft main room and 5ft 9 by 5ft 4 kitchen

The article doesn't give any facts other than to say prices are reduced by £100k - what prices, the £35m house or the £160k studio or somewhere in between?

zcacmxi

The article states that the £100,000 is an average reduction.

However, the picture for the 2 bed property in Kensington & Chelsea has a Barnard Marcus board. If you have Property-Bee and look at the current properties they have listed: http://www.rightmove.co.uk/action/publicsite.PropertySearchForBranches?ag_u=1895&tr_t=buy&eventsubmit_dosearch=1

They show that even properties that started off at £390K are now £275K. That's a 30% reduction. See: http://www.rightmove.co.uk/viewdetails-10510287.rsp?pa_n=1&tr_t=buy&mam_disp=true

In this market, the vendor needs to be considering offers to get a sale, so if it finally sells it may be down 40% from peak!

chewmylegoff

baileysbattlebus wrote: »

The average price for a house in Westminster must be over £1m

The newspapers job is to sell newspapers not necessarily good reporting

The most expensive house is £35m
the cheapest is £160k for a studio with a 10ft by 10ft main room and 5ft 9 by 5ft 4 kitchen

The article doesn't give any facts other than to say prices are reduced by £100k - what prices, the £35m house or the £160k studio or somewhere in between?

yeah, you need to know the average asking price from which they have dropped by an average of £100k, otherwise it's meaningless.

Really2

zcacmxi wrote: »

They show that even properties that started off at £390K are now £275K. That's a 30% reduction. See: http://www.rightmove.co.uk/viewdetails-10510287.rsp?pa_n=1&tr_t=buy&mam_disp=true

In this market, the vendor needs to be considering offers to get a sale, so if it finally sells it may be down 40% from peak!

Can some one explain that peak is from sold price not an inflated asking price.

chewmylegoff

Really2 wrote: »

Can some one explain that peak is from sold price not an inflated asking price.

can't see that hole going for £390k even at the top of the next peak.