House Price Crash Discussion Thread

essexman77

Could always be a Second crash if this european trouble goes worse case scenario.

IveSeenTheLight

essexman77 wrote: »

Could always be a Second crash if this european trouble goes worse case scenario.

Then the thread would naturally be resurrected and could be stickyed again then.

1 post a month does not constitute value in being stuck to the from page.

Indeed, when was the last thread related post discussed in this thread?
Looks like Jan / Feb at the latest.
It's June now for Gods sake.

louby_lou

So I receive a rightmove/etc alert every few days with the latest properties from my chosen area - is it just me or is EVERYTHING crazily overvalued in these emails?? I'm seeing nothing which people are actually marketing sensibly! My friend is trying to sell a 1 bed
Flat in Brixton which he wants 275k for, his estate agents are encouraging him to ask 345k. 6 weeks on the market - no takers - and it's a lovely flat just overpriced - is this going on everywhere?!?

John_Pierpoint

Yes there a lots of people who cannot afford to accept less than they paid for a property.
The government has devalued the currency by 25% and cut the interest rates as low as possible - so thy have no tricks left if the Eurozone problem spills into the UK economy.
Perhaps that should read when not if.

I rather like this thread sticking about because it means that postings from the last time the banks were trying to go bankrupt are still hanging about as a guide to what is likely to happen this time.

John_Pierpoint

Yes there are a lot of people who cannot afford to sell at a loss.
In the mean time the Government has devalued the currency by 25% and cut interest rates to next to nothing.
Now there are no tricks left to play if the Eurozone problems spill over into the UK economy. Perhaps that should read when the Eurozone problems.......

Having this thread sticking around means we still have access to what happened last time the banks tried to go bankrupt.

John_Pierpoint

Cannon_Fodder wrote: »

http://www.landregistry.gov.uk/
As per FAQs, House Price Index section, "What data is used in the Land Registry HPI?";

(no direct link, sorry)


The Land Registry HPI is derived from all residential property transactions registered with Land Registry since April 2000, with the following exclusions:

- all commercial transactions
- transfers, conveyances, assignments or leases at a premium with nominal rent which are:

‘right to buy’ sales at a discount
subject to a lease
subject to an existing mortgage
to effect the sale of a share in a property
by way of a gift
by way of exchange
under a compulsory purchase order
under a court order
to Trustees
vesting deeds
transmissions or assents of more than one property
leases for seven years or less


I guess the "under compulsory purchase" and "under court order" are the distressed ones...

Interestingly at the time that Leman Bros. were going down and triggering the worldwide financial panic, the above was the topic of conversation on here (ie the Land Registry does not publish bad news).

Thrugelmir

louby_lou wrote: »

6 weeks on the market - no takers - and it's a lovely flat just overpriced - is this going on everywhere?!?

6 weeks isn't long. Unless its a unique property, a one off. Then maybe. If you are going to spend £'000's why rush?

Property become an asset bubble on the back of available credit. Like Eire. Is Spain the next country to suffer a major revaluation of its residential property market.

nollag2006

Isn't it time to change the title of this thread?

The house price crash ended in Spring 2009, and house prices (certainly in most of London) have risen strongly since then.

John_Pierpoint

.....and are just about to crash again even in London?

Let us not talk about the nether regions of the country, where the decline still continues.

http://www.zoopla.co.uk/heatmaps/

nollag2006

John_Pierpoint wrote: »

.....and are just about to crash again even in London?

Let us not talk about the nether regions of the country, where the decline still continues.

http://www.zoopla.co.uk/heatmaps/

Your zoopla link disproves your assertion.

Truth is that the housing market in London is in the foothills of a major boom.

[IMG]http://www1.landregistry.gov.uk/Apps2/house-prices/house-price-index-custom-reports/hpi_report.asp?g=1&gt=1&a=Greater+London&s=01 April 2009&e=01 April 2012&t=1[/IMG]

Time to close off this thread