London property market plunges

macaque_2

StevieJ wrote: »

Are you telling us the housing market is falling, I think you are a bit late

Stop grumbling. Low property prices are good for the economy and good for young people starting out in life.

mitchaa

chucky wrote: »

just like people would generalise (badly) about Scotland and even Aberdeen - you're doing a bit of that about London. yes some areas will be hit hard, others won't be hit as hard.

i doubt 50% but if you look at price drops you'll definitely have big amounts being taken off due to the high prices for properties that were over-priced or even over-valued initially.

Agree with you there, London is a massive area so it is wrong to generalise such a large area as whole, but London was always at the top of the table for unaffordability so it makes sense to assume that they therefore have the furthest to fall.

Higher salaries in London do not offer the same level of lifestyle to other areas of the UK.

I suspect to match the lifestyle i have at the moment i would have to earn a salary ITRO of 3-4x the amount i am earning just now.

Something wrong there.

Wookster

mitchaa wrote: »

Agree with you there, London is a massive area so it is wrong to generalise such a large area as whole, but London was always at the top of the table for unaffordability so it makes sense to assume that they therefore have the furthest to fall.

Exactly, and prices have been artificially bouyed by an enormous financial services industry which is going to significantly shrink permanently.

StevieJ

mitchaa wrote: »

Agree with you there, London is a massive area so it is wrong to generalise such a large area as whole, but London was always at the top of the table for unaffordability so it makes sense to assume that they therefore have the furthest to fall.

Higher salaries in London do not offer the same level of lifestyle to other areas of the UK.

I suspect to match the lifestyle i have at the moment i would have to earn a salary ITRO of 3-4x the amount i am earning just now.

Something wrong there.

You are correct, they don't realise how lovely and cheap the rest of the UK is shhhhhhhh.

chewmylegoff

chucky wrote: »

the article says "London house prices fell by an average 10.9 per cent in the past year. New figures released today show the worst-hit area saw average sales drop by £50,000." By reading that I assumed that the average price was around £500k and 10.9% was the average £50k drop.

I then read this in the same article "the average London price now stands at £279,000" so which shall we take the £500k or this average or is the journalist being creative and doing the usual Daily Mail thing.

it doesn't say the average fall in london is £50k.

it says the average fall in london is 10.9%, and in the worst hit area the average fall is £50k. statistics are returned for each borough as well as for london as a whole, and that is what the article is alluding to.

it is, however, useless and sloppy journalism because you have no idea what the fall of £50k compares to. if the fall is in kensington & chelsea for instance, a 50k fall would only be 7% of average house price in that borough.

chucky

chewmylegoff wrote: »

it doesn't say the average fall in london is £50k.

it says the average fall in london is 10.9%, and in the worst hit area the average fall is £50k. statistics are returned for each borough as well as for london as a whole, and that is what the article is alluding to.

it is, however, useless and sloppy journalism because you have no idea what the fall of £50k compares to. if the fall is in kensington & chelsea for instance, a 50k fall would only be 7% of average house price in that borough.

exactly what i was trying to get across, more in the fact that many of the threads that are started have this type of sloppy journalism - you've done it better than me :beer:

stevetodd

StevieJ wrote: »

Are you telling us the housing market is falling, I think you are a bit late

No he can't mean that because house prices always go up (I read it on the back of a matchbox so it must be true)

StevieJ

stevetodd wrote: »

No he can't mean that because house prices always go up (I read it on the back of a matchbox so it must be true)

It is getting a bit old and tired that one now

stevetodd

StevieJ wrote: »

It is getting a bit old and tired that one now

That's exactly why I said it

Robert_Sterling_3

Has there been a steep fall in the prices of high rise buildings.