House prices up? But asking prices are falling!

bluedrop

I've been closely following the market since about 6 months. We are looking to move to a bigger house. In my area (Beckenham, SE london), properties listed at the 800k mark have come down to around 750k now. My property was valued at 650k+ , its now in the region of 600k. We registered with a few EA's locally back in May. A lot of EAs calling us these days to check if we are still looking or to inform us abt reductions.

How come its all boom everywhere in the news? Anyone else here closely monitoring property prices in greater London? Is this hapening only in Bromley??

TrickyTree83

At a guess, you're in an area that was severely overpriced to begin with.

We're rising out here in the sticks (Midlands). Or at least where I live at least.

p1212

bluedrop wrote: »

I've been closely following the market since about 6 months. We are looking to move to a bigger house. In my area (Beckenham, SE london), properties listed at the 800k mark have come down to around 750k now. My property was valued at 650k+ , its now in the region of 600k. We registered with a few EA's locally back in May. A lot of EAs calling us these days to check if we are still looking or to inform us abt reductions.

How come its all boom everywhere in the news? Anyone else here closely monitoring property prices in greater London? Is this hapening only in Bromley??

This exaclty happens in London where I live.
A few houses sold for some £££, but transaction numbers did fall a lot, supply is increasing, hence the reductions.

Jack_Johnson_the_acorn

p1212 wrote: »

This exaclty happens in London where I live.
A few houses sold for some £££, but transaction numbers did fall a lot, supply is increasing, hence the reductions.

Supply isn't increasing. Both Supply and demand are low at present. Do you like making things up?

p1212

Jack_Johnson_the_acorn wrote: »

Supply isn't increasing. Both Supply and demand are low at present. Do you like making things up?

Bottom page "number of properties found advertised for sale":
http://www.home.co.uk/guides/asking_prices_report.htm?location=london&all=1

It is shooting up since January, we are back at 2011 levels.

And there is a "bit" more problem in some places in inner london (bottom of the page):
http://www.home.co.uk/guides/asking_prices_report.htm?location=sw8&all=1

2008 is nothing compared to the mountain of supply we have there...

It seems leveraged BTLers do not buy anymore due to tax changes + stamp duty + recent turnaround in government policies.

China clamps down on corruption, oil price down so middle east has no money either.

People in genuine need are priced out.

So there are no buyers.

Game over.

(unless they invent some policies to "help buyers"=help keeping up the prices again)

Jack_Johnson_the_acorn

p1212 wrote: »

Bottom page "number of properties found advertised for sale":
http://www.home.co.uk/guides/asking_prices_report.htm?location=london&all=1

It is shooting up since January, we are back at 2011 levels.

And there is a "bit" more problem in some places in inner london (bottom of the page):
http://www.home.co.uk/guides/asking_prices_report.htm?location=sw8&all=1

2008 is nothing compared to the mountain of supply we have there...

It seems leveraged BTLers do not buy anymore due to tax changes + stamp duty + recent turnaround in government policies.

China clamps down on corruption, oil price down so middle east has no money either.

People in genuine need are priced out.

So there are no buyers.

Game over.

(unless they invent some policies to "help buyers"=help keeping up the prices again)

Going to say this 1 time and 1 time only.

LONDON ≠THE UK.

Why don't you move out of London? Even with a 50% price drop(:D) you still won't be able to afford a home, especially when the banks might (just a guess) restrict mortgages & increase interest rates......

p1212

Jack_Johnson_the_acorn wrote: »

Going to say this 1 time and 1 time only.

LONDON ≠THE UK.

Why don't you move out of London? Even with a 50% price drop(:D) you still won't be able to afford a home, especially when the banks might (just a guess) restrict mortgages & increase interest rates......

That's what I wrote:
"This exactly happens in London where I live.

Also the guy who opened the topic is talking about London.

With 50% price falls I can buy on cash.

ukcarper

p1212 wrote: »

That's what I wrote:
"This exactly happens in London where I live.

Also the guy who opened the topic is talking about London.

With 50% price falls I can buy on cash.

So what you are really saying when you say I can't afford to buy is that you can't afford to buy without a mortgage of 50% or smaller.

bluedrop

p1212 wrote: »

Also the guy who opened the topic is talking about London.

I'm a woman ! :mad:

Jack_Johnson_the_acorn

p1212 wrote: »

That's what I wrote:
"This exactly happens in London where I live.

Also the guy who opened the topic is talking about London.

With 50% price falls I can buy on cash.

So you have 500k saved but you can't afford a 500k mortgage. I smell something and it doesn't smell pleasant.

bluedrop

p1212 wrote: »

This exaclty happens in London where I live.
A few houses sold for some £££, but transaction numbers did fall a lot, supply is increasing, hence the reductions.

I wonder why there is absolutely no reporting happening on this!
Where I live, asking prices are down more than 5% ! Many properties on the market for months!