The value of residential land falls 50% in one year

geoffky

All the indicators for bigger falls are there. so where will the falls stop..


http://resources.knightfrank.com/GetNewsResource.ashx?Id=0d921d74-9004-418a-a034-db44cb429642&type=1

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geoffky wrote: »

All the indicators for bigger falls are there. so where will the falls stop..


http://resources.knightfrank.com/GetNewsResource.ashx?Id=0d921d74-9004-418a-a034-db44cb429642&type=1

Not sure, but the dead cat bounce is now seemingly running out of steam, and there are serious storm clouds on the horizon, you never know, the 70% club thread may have to make a return.;)

geoffky

The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..

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geoffky wrote: »

The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..

Yeh, I live on the Staffs/Cheshire border, the only way prices are going is down, and even then it's 260+ days on average for a sale, flats are 667 days !!, which basically takes you back to the boom time, will these places ever sell again ?, seems unlikely without 10 years of HPI being wiped out.

Really2

I think the main issue on this story is even though correct the buyers are out of the market.

No housing builder is going to buy any more land until a recovery is well under way and their own landbanks are depleted.

Like the article mentioned the only purchases are speculative.

I think this points out one thing. Hardly any houses will be built until the economy is in recovery.

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Just noticed your post count Really, jesus you're nearly as sad as me, in fact you joined a little later, so possibly sadder.:D

chucky

geoffky wrote: »

The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..

ad9898 wrote: »

Yeh, I live on the Staffs/Cheshire border, the only way prices are going is down, and even then it's 260+ days on average for a sale, flats are 667 days !!, which basically takes you back to the boom time, will these places ever sell again ?, seems unlikely without 10 years of HPI being wiped out.

according to Rightmove - sales are going through after about 77 days.
i guess you both don't live in desirable areas
http://miranda.hemscott.com/static/cms/5/2/8/2/binary/9028662145/3190758.pdf

Really2

ad9898 wrote: »

Just noticed your post count Really, jesus you're nearly as sad as me, in fact you joined a little later, so possibly sadder.:D

I am trying to be as sad as Graham

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chucky wrote: »

i guess you both don't live in desirable areas

Wouldn't want to live anywhere else, the border of the Peak District is 10 mins walk away, Manchester, 45 mins, little crime that I know about, semi rural, etc.... I guess everyone has a different idea of desirable. For instance I think London is a dump, yet I think 10 million people live within the M25, and they can't all be wrong.

chucky

ad9898 wrote: »

Wouldn't want to live anywhere else, the border of the Peak District is 10 mins walk away, Manchester, 45 mins, little crime that I know about, semi rural, etc.... I guess everyone has a different idea of desirable. For instance I think London is a dump, yet I think 10 million people live within the M25, and they can't all be wrong.

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