House prices at April 2004 levels? where I cannot find them

will-he-payitoff

According to the Guardian house prices have dropped to the same level as April 2004, don't know where these figures are from. I am house hunting at the moment and the only properties that seem to have dropped are flats and ex council houses. Is this the same all over the country?

cookie_monster

Not many price reductions around the Birmingham area, the only falls are with flats.

thegibdog

You're right, a lot of asking prices are still at 2007 levels. But there's a big difference between asking prices and sold prices, especially when potential sellers refuse to accept that their property could have decreased in value.

will-he-payitoff

thegibdog wrote: »

You're right, a lot of asking prices are still at 2007 levels. But there's a big difference between asking prices and sold prices, especially when potential sellers refuse to accept that their property could have decreased in value.

They have only devalued if they bought at the peak, some of the houses I have looked at the sellers have been in them for 10 years.

Dan:_4

People need to understand that every county, town, street and house is unique in price. National averages are completely pointless.

RomansProperties

I am watching the prices of about 20 houses in Leeds on rightmove and they are not dropping in prices.
I think the people are just holding on.
A mate of mine who is an estate agent says the only properties selling are repos and people who need to move in a hurry

thegibdog

will-he-payitoff wrote: »

They have only devalued if they bought at the peak, some of the houses I have looked at the sellers have been in them for 10 years.

But if they were told it was worth x amount a couple of years ago many sellers appear to refuse to consider it may be worth less now.

Dan:_4

RomansProperties wrote: »

I am watching the prices of about 20 houses in Leeds on rightmove and they are not dropping in prices.
I think the people are just holding on.
A mate of mine who is an estate agent says the only properties selling are repos and people who need to move in a hurry

Who would want to sell now unless they have to?

Cannon_Fodder

The Guardian may only be repeating what some think-tank has said.

Do you have a link to the article so we can look at it?

It is likely to vary by area/region, and within area/region, in addition to by type of property.

Not so sure that it matters hugely what date you go back to, as each area/region has boomed at a different rate. i.e. Northern Ireland's boom was late on, and they have more quickly lost most of it, compared to rest of UK.

Somewhere has to be first/last.



http://www.guardian.co.uk/business/2006/jul/17/housingmarket.houseprices
"House prices to soar 50% within six years" Monday 17 July 2006

The think-tank that came up with this prediction didn't cover themselves in glory either.

Cannon_Fodder

Dan: wrote: »

People need to understand that every county, town, street and house is unique in price. National averages are completely pointless.

No completely pointless.

Large country-wide mortgage lenders do not set policy street by street.

If they think house prices will fall by 10% (for example) during 2009, then their lending policy will reflect that, irrespective of which street or cute village you live in and might believe to be immune to pricing corrections.

Dan:_4

Cannon_Fodder wrote: »

No completely pointless.

Large country-wide mortgage lenders do not set policy street by street.

If they think house prices will fall by 10% (for example) during 2009, then their lending policy will reflect that, irrespective of which street or cute village you live in and might believe to be immune to pricing corrections.

But if you don't agree with their valuation, then you can have an independent valuation done which they will normally accept.