Housing market continues to slow....

GreenB_2

And this explains why prices will not drop!

http://news.bbc.co.uk/2/hi/business/4081282.stm

Prices now are still 7% higher than this time last year (non adjusted figures)

eurows

It doesnt matter whether a seller thinks they will rise or fall. The market talks

meanmachine_2

GreenB wrote:

And this explains why prices will not drop!

http://news.bbc.co.uk/2/hi/business/4081282.stm

Prices now are still 7% higher than this time last year (non adjusted figures)

Yeah we've dealt with that bogus report already.

Are you talking about asking prices or real prices? Since actual prices have fallen y-o-y.

But what makes me yawn in this whole business in the number of house price statistics. There must be at least 8 indices! We seem to get one every other day.

And they all use different criteria, designed I feel to confuse the average punter.

GreenB_2

From the ODPM webiste:
Mean prices of house in UK
Q1 2004 £161,601
Q4 2004 £179,825
Q1 2005 £181,101

This shows contary to what you are saying that actual house prices are RISING. In one year the mean has increased £20,000.

meanmachine_2

As you point out, those figures compare Jan-Mar 04 with Jan-Mar 05.

I suggest you consult some more recent figures.

If I only had outdated stats to look at, I'd agree with you.

Hometrack ave price Jun 04 £167K
Ave price May 05 £161K

So by waiting 12 months I've saved myself 6K. What's to stop me waiting another 12 months? As a FTBer I'm keen to hear arguments from both sides.

GreenB_2

Depends where you are looking mate - some areas are def. going up.
As an FTB'er you should be looking at a 1 or 2 bedroom place so prices will be below that of average.

meanmachine_2

GreenB wrote:

Depends where you are looking mate - some areas are def. going up.
As an FTB'er you should be looking at a 1 or 2 bedroom place so prices will be below that of average.

Thanks, but you haven't convinced me.

I think I'll wait, save a larger deposit and look again when the average property as back to being x3.5 the average wage.

Oh, and I'm a FTBer who earns above the average, but can't even afford an average home in today's market, so how does that work exactly?

Any sellers out there waiting for me to bail them out... Sorry.

Thanks anyway.

And I live in London, where the average property is £240K. Even a below average property, say around £200K is eight times the average London wage.

How does that work again...?

cgnao

From http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=74965

"According to the Office of the Deputy Prime Minister figures the price of an average home fell from £183,346 in March to £181,832 in April, a one month drop of 0.8%."

If this is the famous spring bounce, what is going to happen this summer/autumn?

http://www.sky.com/skynews/article/0,,30100-13370207,00.html
http://news.ft.com/cms/s/0fa98eda-dc49-11d9-819f-00000e2511c8.html

And if you think interest rates will be cut, think again:

http://business.timesonline.co.uk/article/0,,10529-1653732,00.html

frugal_dougal_3

These PRICE CRASH threads seem to start up about every three weeks.

Can't someone merge them ?????

rach83

Has anyone every noticed that the media are only interested in boom or bust. The media are not interested in normal market conditions and thats the reason why it gets everyone talking! lol