House Prices 2005 vs 2009

IveSeenTheLight

reggie_lampert wrote: »

Hello, I hope this is the right place for this post!

I'd like to know how house prices in 2005 compare to 2009 - particularly for the London/South East.

As I mentioned in another post on here the houses in the area where I'd like to move don't appear to have dropped their prices at all. From what some (more honest) estate agents say it's the owners who are refusing to acknowledge that their homes aren't worth what they were in 2007/8. A lot of these houses have been on the market for yonks - some well over a year.

A couple of the houses I'm interested in last sold in 2005 so I'd like to know how much they should be worth now (if the house was the same i.e. no major works).

So does anyone have an idea of say if a house was worth X in Feb 2005 what it would be worth now in Feb 2009?

Any advice will be gratefully accepted!

reggie;)

Take a look at this spreadsheet.
http://www.hbosplc.com/economy/includes/19_01_08PostTownsData3.xls
It shows quite locally, the average levels for the last 20 years (well between 1988 and 2007)

IveSeenTheLight

brit1234 wrote: »

About Christmas, the higher the deposit the better mortgage rate. Also I'll be able to get more for my money then. Aiming for a small 2 bed terrace as a ftb.

Are you buying at Christmas on the assumption that you will see 50% fall from peak price?
What will you do if this does not materialise?

mitchaa

Would someone like to provide some evidence of areas that are back to 2003 levels please.

No point in just stating it if you cant prove it with some factual evidence, otherwise it's just rambling nonsense:rolleyes:

House prices are down 18% in 18mths.....50/60/70%:rotfl:

chucky

mitchaa wrote: »

Would someone like to provide some evidence of areas that are back to 2003 levels please.

No point in just stating it if you cant prove it with some factual evidence, otherwise it's just rambling nonsense:rolleyes:

House prices are down 18% in 18mths.....50/60/70%:rotfl:

yes you will be able to find the odd big price drops but that isn't because they have dropped in value it's because they were valued badly by the estate agent trying to get the property on their books or the property overlooks a motorway or even the seller is very desperate (seen a few a few but not really widespread - not that around)

for example the area and surrounding areas that Brit lives in they are down on average around 13%/14%, i'll even allow him up to 18% in 18 months.

he is expecting them to be down 50 % by Christmas. even then that will need price drops of over 3.5% for each of the next 11 months figures :rotfl:

ukcarper

Looking on nethouseprices at a road near me(surrey 1970 built 3 bed terraced) I would say prices are at sometime in 2004 early rather that later.

vivatifosi

chucky wrote: »

yes you will be able to find the odd big price drops but that isn't because they have dropped in value it's because they were valued badly by the estate agent trying to get the property on their books or the property overlooks a motorway or even the seller is very desperate (seen a few a few but not really widespread - not that around)

I agree chucky. Where I live prices are genuinely down about 15-20% depending on the type of property. I can think of several examples where the drop is far greater. For example:

Property one: sold 2006 for £340k, bought 2009 for c£150-£160k. What the price doesn't show is that the house was bought for redevelopment, wrecked, part of the land sold, and that the house was unmortgageable and required a total interior rebuild.

Property two: sold 2007 for £220k, currently on the market at £140k and likely to go for less - but its a repo, in poor condition and in a bad area (this is not going to auction - its on through the local agents).

Unfortunately these are the kind of stories behind the numbers that stats themselves don't pick up on.

IveSeenTheLight

mitchaa wrote: »

Would someone like to provide some evidence of areas that are back to 2003 levels please.

No point in just stating it if you cant prove it with some factual evidence, otherwise it's just rambling nonsense:rolleyes:

House prices are down 18% in 18mths.....50/60/70%:rotfl:

They are referring to UK averages.
I quickly took the data from the following spreadsheet and filtered out all the zero values
http://www.hbosplc.com/economy/includes/19_01_08PostTownsData3.xls

The 2003 UK average turned out to be £158,892, therefore on average it would appear that prices were below 2003 levels.

Now of course to be an average, there must be some areas that are earlier than that period and we must consider that higher and lower priced areas can skew that average.

I've just ran a search on LR (England and Wales) and it would appear house prices on average are back to approxiamately 2005 / Early 2006 average levels

IveSeenTheLight

A point that needs to be re-iterated is that need to look at local figures and not at UK averages.

the graph above is only for England and Wales.
I have shown elsewhere that Scotland is currently stil circa Oct 2007 prices and has stagnated since.
If these figures were added to the graph above it would trend it lower as the average house price in Scotland is still lower than the UK average.
So while Scotland as a region is still at late 2007 prices, it would ensure that the UK average is into 2005.

I do not know how Northern Ireland figures affect the UK average.

But dont stop at regional figures, you really have to look at Local Area and even property type to make an informed decision.

If you go with the UK average, you could be making a huge mistake

Dan:_4

IveSeenTheLight wrote: »

A point that needs to be re-iterated is that need to look at local figures and not at UK averages.

the graph above is only for England and Wales.
I have shown elsewhere that Scotland is currently stil circa Oct 2007 prices and has stagnated since.
If these figures were added to the graph above it would trend it lower as the average house price in Scotland is still lower than the UK average.
So while Scotland as a region is still at late 2007 prices, it would ensure that the UK average is into 2005.

I do not know how Northern Ireland figures affect the UK average.

But dont stop at regional figures, you really have to look at Local Area and even property type to make an informed decision.

If you go with the UK average, you could be making a huge mistake

Thank you.

I think this point gets forgotten about too often around here and is probarly one of the most important factors.

It is highly annoying when you read comments along the lines of "ask for another 2.5% off the price beacause of the Halifax figures this month"

Robert_Sterling_3

You can check house prices rises at
a) The Land Registry Price Index.
b) The Halifax Price Index
c) The Nationwide Price Index.