London HPI falling at fastest rate since 2009

BikingBud

@john-k

If the intent of the change to the stamp duty was to take heat out of the market does it matter if the higher priced properties are now not moving or if the average selling price has dropped because they are all dropping.

It appears the policy may have had the desired effect.

My only real issue is that the second home rate could have been more punitive.

AG47

Cash strapped governments tend to tax things that can’t be hidden, property is the easiest.

Gold and silver bars can be private and portable

They can be ‘lost in unfortunate camping accidents then miraculously found again at the right time in the future

Jason74

AG47 wrote: »

Cash strapped governments tend to tax things that can’t be hidden, property is the easiest.

Gold and silver bars can be private and portable

They can be ‘lost in unfortunate camping accidents then miraculously found again at the right time in the future

True, although houses do have the rather handy advantage that you can live in them

Thrugelmir

The news keeps on coming though.

A third of London property listings have been reduced in price as of the beginning of April, according to new figures out today from Zoopla.

The proportion of properties that have been reduced is down since last December, when it stood at nearly 40 per cent, but currently the average property on the market in London has still been reduced by an average of £62,581.

The 10 London boroughs with the biggest reduction in property asking prices

http://www.cityam.com/284313/10-london-boroughs-biggest-reduction-property-asking-prices

Graham_Devon

Data from the ONS shows falls over the year too in London.

It appears the falls are accelerating. But we've yet to see more official data on that due to lags.

https://www.theguardian.com/business/2018/apr/18/london-house-prices-fall-average-uk

Graham_Devon

ilovehouses wrote: »

An annual fall of 1% in London (£5k) - shows the value of looking at asking price reductions of £62k as if they mean something.

Only if the datapoints are the same - which in this case they are not.

One is looking at the last 12m of data.

The other is looking at realtime data.

You can't really correlate the two and come to the conclusion you keep coming to (which appears to be ignore or poo poo everything that suggests a downtrend).

GreatApe

The important question is is now a buying opportunity or do prices have further to fall?

Bears should remember 2008-2009 it was a good buying opportunity they waited for a 50% crash but it didn't happen instead we got a 10% nominal 15-20% real crash and then prices boomed. Don't miss the boat this time too

If I were a first time buyer I would stop a house that I could afford. The process takes about 3 month and if prices fall you can change your mind or even ask for a discount or even ask your solicitors to drag things out another month or two to buy you decision time. If prices don't fall or start to rise you can buy. Its effectively a nearly free insurance policy.