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British, especially London, property prices start to fall. Should Australians be worried?; Nothing to do with Russians of course.
Topic Started: 20 Aug 2014, 05:19 PM (2,891 Views)
Jimbo
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"While the average London house price, equal to $471,060, was up by 10.3 per cent in the past year, home values in the capital fell by 5.9 per cent last month."

Sobering thought that the boom time London average is below the Perth median.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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John Frum
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Jimbo
21 Aug 2014, 04:57 PM
"While the average London house price, equal to $471,060, was up by 10.3 per cent in the past year, home values in the capital fell by 5.9 per cent last month."

Sobering thought that the boom time London average is below the Perth median.
Yep, and almost half Sydney's.

My favourite quote:

Quote:
 
But Dr Wilson believes it is probably just a short-term pause in the market particularly as there has been a strengthening in the British and world economies. “There’s an optimistic vibe about where the UK economy is heading,” he said


Searing analysis there from the doctor, no wonder he's Fairax's trusted source for future house price divination.
Edited by John Frum, 24 Aug 2014, 11:37 AM.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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Jimbo
21 Aug 2014, 04:57 PM
"While the average London house price, equal to $471,060, was up by 10.3 per cent in the past year, home values in the capital fell by 5.9 per cent last month."

Sobering thought that the boom time London average is below the Perth median.
Shows just how much of a bubble Australian house prices are in jimbo.

The evidence could not be clearer .

Massive overbuilding.

Massive job losses.

Rental vacancy rates rising.

Rents dropping.

All of which will decline indefinately as the government has no answers to deal with our high dollar, high wages and cheap asian labour and the job losses as a result.

So until these things are addressed, the economy will just keep declining. The fact there is nothing they can do to address this without causing major damage one way or the other,means we can sit back and watch the decline continue indefinitely.
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skamy
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It appears that this journalist has got it wrong I can find no data at all on house prices falling in London all the data says prices are rising, sales are rising and prices are rising.
They they are using England data and claiming it is London.




http://www.theguardian.com/money/2014/aug/19/uk-house-prices-record-high
Quote:
 
UK house prices in June reach new record high
Despite signs of cooling, house prices before the summer break continued to climb

Quote:
 
In London, the average price reached £499,000 in June, just shy of the 4% stamp duty threshold of £500,000. The index is now 35.6% higher in the capital than in January 2008, the peak before the financial crisis. The south-east is 9.2% above 2008 levels, while in the east of England prices are 6.5% higher.

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The Office for National Statistics data showed the annual growth rate had fallen from 10.4% in May, but prices rose by 0.5% on the month to a record £265,000 for the average property.

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Meanwhile, the average price-tag in Kensington and Chelsea – dubbed by some "the richest borough in Europe" – has climbed to £1.99m and "looks poised to set an average property price of £2m within the next few weeks".



This is really sloppy journalism, they are trying to pass on an asking price index as a price drop, it is a sky news event, with no basis in the real world at all.


Check out what other news sources are reporting

http://www.theguardian.com/business/2014/aug/08/housing-london-jump-19-per-cent-year
http://www.dailymail.co.uk/news/article-2728753/House-prices-rocket-10-year-average-house-costing-time-high-265-000.html
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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newjez
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http://www.cityam.com/1408396869/uk-house-prices-down-29-cent-month-london-drop-59-cent

http://www.telegraph.co.uk/finance/economics/11052360/Boom-in-30-year-mortgages-as-house-prices-spiral.html

I think it's a very good thing that the rise has eased. It was getting silly. It's nice that it has kick started the economy. Now it's time for other industries to take over.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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peter fraser
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newjez
24 Aug 2014, 02:33 PM
http://www.cityam.com/1408396869/uk-house-prices-down-29-cent-month-london-drop-59-cent

http://www.telegraph.co.uk/finance/economics/11052360/Boom-in-30-year-mortgages-as-house-prices-spiral.html

I think it's a very good thing that the rise has eased. It was getting silly. It's nice that it has kick started the economy. Now it's time for other industries to take over.
Property price surges always top out eventually, and then they pull back a little.
Jimbo
21 Aug 2014, 04:57 PM
"While the average London house price, equal to $471,060, was up by 10.3 per cent in the past year, home values in the capital fell by 5.9 per cent last month."

Sobering thought that the boom time London average is below the Perth median.
You are comparing prices on various property types including some very small flats and bedsits in London with freehold houses in Sydney.
Edited by peter fraser, 24 Aug 2014, 02:39 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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Jimbo
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peter fraser
24 Aug 2014, 02:36 PM
You are comparing prices on various property types including some very small flats and bedsits in London with freehold houses in Sydney.
Actually no. I am comparing a market where a flat or bedsit sold ten years ago would have bought you a freehold house in Sydney where now it can't. (except that I didn't say Sydney, I said Perth).

I accept that some of that change will be due to the fall in exchange rates.
skamy
24 Aug 2014, 02:08 PM
It appears that this journalist has got it wrong I can find no data at all on house prices falling in London all the data says prices are rising, sales are rising and prices are rising.
Here's a bit of journalism I saw when I was in London back in June.

Posted Image
Edited by Jimbo, 24 Aug 2014, 03:32 PM.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Bardon
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No need to be worried as the upward stage of the pommy cycle is well underway.
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