House prices rising in just 7% of postcodes.

HammerSmashedFace

Interesting article that adds a little weight to what I and many others have been saying, that the ramping and pedaling that we are heading for another boom are, well, not true. If the headline is correct, it means in 93% of postcodes prices are at best stagnating, or falling.

You can find out for yourself by following the instructions if you are one of the areas that is rising.

The supposed boom in the property market is not all it seems. Reports may be indicating the prices are rising rapidly but the average is being skewed says property information specialist Hometrack.

According to its research, prices are actually only rising in 7% of postcodes and the low volume of transactions is allowing wealthy buyers to distort the market.

http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=499311&in_page_id=57

dansylvester

In Barnsley, where Im living, prices are falling at around 0.5% per month, with prices 8% down on a year ago (as per land registry Jan 2009-Dec2009), and down around 16% since January 2008.

The average sale price for different types of houses also seems to be well down on what I would expect, with the average terrace house now actually selling for £56k in December 2009, wheres as on right move most terraces are on for between £65k and 85k depending on location/condition etc. The 'average' sold price has gone from £117k at peak to £96k today... so certainly round these parts prices are still crashing. The average wage last I knew was around £19k pa so prices are around 5x the average wage.

PasturesNew

I half heard something on the telly earlier today (you know when you're not listening) and it seemed to be saying prices rose here by 4% last month ... well, I wasn't listening and wasn't interested... but my dad pointed it out in a way that clearly meant "QUICK!! BUY!! YOU'LL MISS OUT"

baileysbattlebus

In the Wokingham area where I am, prices are up 3% from a year ago but down compared to Jan 2008

They fell about 14% in 2008 - so still down from peak - all categories are seeing rises at the moment.

Average price at peak - £295k
Average price for last release £262k
The low was £243k

Sales volumes look to be just over half of what they were at peak - but over double what they were at the low. Though this lags a couple of months - so it isn't the latest figure.

doire_2

Prices have fallen for the 29th month in Northern Ireland. Confirmed yesterday. :eek:

They are now 40% down! :eek:

Yert on yesterdays BBC NI news we had an EA tryring his best to paint a picture that everything was great. Luckily the reporter wasn't afraid to get stuck into him. :T
Sadly some people will believe the EA though.

Really2

The figures are only three months so a bit more like noise than YOY.

Having said that the one place is showing 7% in three months hats about 31% in a year.:eek:

SO these figures do not portray the facts so much as a full year in reality, but another interesting spin on the story.

Also is it wise to take Nov,Dec, Jan as a snapshot of the housing market?

Davesnave

Cue loads of people coming on here to say. "My area's well-up on that list!"

Well, obviously, mine is, but I'd not read too much into that.;)

chucky

"My area's well-up on that list!"

ps - i haven't even clicked on the link. i don't care

silvercar

Well my area is near the bottom of the "up" list.

Make of that what you will.

carolt

My area is juuuust a technical rise.

Let's just say I'm not rushing to the broker yet in a state of panic.


Interestingly, the highest rises appear to be in KT postcodes - I wonder if that's influenced by the fact they have some of the best if not the best state schools in the country. We have friends in Wimbledon who are thinking of moving to Kingston to position their kids to get into the excellent grammars there.

Maybe lots of wealthy parents hard hit by the recession who fancy saving long term on school fees? :question:

lemonjelly

Really2 wrote: »

Also is it wise to take Nov,Dec, Jan as a snapshot of the housing market?

I think this is the most valid point on this thread to be honest. Regardless of what side of the fence you sit on, the above remains true.