Reply to: localised falling house prices

[ratewhore]

Down 0.6% on the year. I can handle that.

Ah wait, the BBC figures are from the Land Registry and are for Apr-Jun this year. So they don't include the recent falls.

Doomed etc...

[Alf W]

Up 8.6% round these parts.

What credit crunch?

[thunderlizard]

The BBC have a localised price finder here:
http://news.bbc.co.uk/1/shared/spl/h...tml/houses.stm

Still going up 7% a year where I am, worse luck.

[AtW]

It's a fact that we simply do not build enough properties in the UK, and have not for years.

So, if there are not enough properties in the UK and those immigrants take all the houses, then why house prices all of a sudden started falling down and pretty quickly at that? I remember you and some others were saying that somehow "fundamentally" lack of housing should cause prices go up and up and up.

The real fact is that as soon as banks starte applying half-sensible morgaging rules - ie 20-25% deposit, 3-4 times salary max (no self cert crap) then most people suddenly found themselves unable to get a morgage. The only way for them to do so is for house prices to go down which is what happening.

[chicane]

It's obvious that they are their minimal. 99.9% of house sales do not offer free cars

I think it's more likely that we'll be giving away free houses with cars in 2 years time.

[oracleslave]

Yes, we do. Supply always equals demand. I read it on the Internet.

[TimberWolf]

It's a fact that we simply do not build enough properties in the UK, and have not for years.

Yes, we do. Supply always equals demand. I read it on the Internet.

[Cyberman]

How do you know they are minimal? Chances are they are not minimal at all in certain localities - prices don't fall or raise uniformly, in some places (Leeds) they are going to drop more than others. It is no those localised places where house prices should drop more the builders are trying all sort of tricks to avoid formal list price to be changed, so they offer cars etc.

It's obvious that they are their minimal. 99.9% of house sales do not offer free cars, and where they offered it is only on new properties at the higher end of the market, and new properties are in the minority. It's a fact that we simply do not build enough properties in the UK, and have not for years.

[AtW]

... but as a percentage of overall sales figures these are absolutely minimal, so the effect on the Land Registry figures can virtually be ignored.

How do you know they are minimal? Chances are they are not minimal at all in certain localities - prices don't fall or raise uniformly, in some places (Leeds) they are going to drop more than others. It is no those localised places where house prices should drop more the builders are trying all sort of tricks to avoid formal list price to be changed, so they offer cars etc.

[aussielong]

< a name = "

Given the news that house prices are falling at their fastest rate since 1983, it's clear that these falls are averaged out. Are there any sites where I can see localised house price fluctuations?

When i clicked on this page, this is what i saw:

< a name = "

That is web programmers for you, that is.

[Cyberman]

These figures don't include free cars or other things given to reduce effective price without reducing "official" house price. Such things were happening even before this crisis so now I reckon it is even more widespread, this is fraud really.

... but as a percentage of overall sales figures these are absolutely minimal, so the effect on the Land Registry figures can virtually be ignored.

[AtW]

Land registry figures are the most accurate because they are actual sale prices.

These figures don't include free cars or other things given to reduce effective price without reducing "official" house price. Such things were happening even before this crisis so now I reckon it is even more widespread, this is fraud really.

[Cyberman]

Land registry figures are also skewed because of mortgage fraud and developer cashback schemes.

Maybe, but that argument can also be applied to other sources of figures, and additionally, new builds are in the minority of sales, except perhaps those at the lowest level such as studio flats etc.

Therefore, I don't think the figures are skewed that much.

[NoddY]

Land registry figures are also skewed because of mortgage fraud and developer cashback schemes.

[ratewhore]

Don't hold out much hope for that as a plan B. Pay to login to your site to see how much money I have lost. No thanks.

Yeah, didn't think that one through at all did I?

Cyberman, that'll do for me, my area is Berkshire as well...