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UK house prices plunge


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http://www.reuters.com/article/idUSLDE6960HK20101007

 

IMF also give warning that UK prices are too high:

 

http://www.ftadviser.com/FTAdviser/Mortgag...n-warns-IMF.jsp

 

We sold our one bed flat in Kensington in '06 and I just checked and an identical place is on the market for GBP105k more than we sold it for. In the US house prices are at '04 levels now.

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http://www.reuters.com/article/idUSLDE6960HK20101007

 

IMF also give warning that UK prices are too high:

 

http://www.ftadviser.com/FTAdviser/Mortgag...n-warns-IMF.jsp

 

We sold our one bed flat in Kensington in '06 and I just checked and an identical place is on the market for GBP105k more than we sold it for. In the US house prices are at '04 levels now.

In London houses are only just starting their slide. Near me (north-west London), I'd say asking prices are at least 5% lower than 2 months ago.

 

I spoke to a surveyor who came to our flat. He said Estate Agents at his agency are advising clients to drop their price expectations by at least 10%.

 

No idea to where they wll drop though.

 

I feel that if there is any more Quantative Easing, it'll have limited effect on house price inflation, unless it's so massive, it becomes a supernova....

 

Many places in the UK have seen house prices drop to 2003/4 levels and are still falling. Tending to be in areas where houses have always been along the norm of 2-3 times earnings.

 

Any house price inflation in areas such as those was clearly wishful thinking in the first place and not backed by anything other that hot air.

 

House Prices reducing to 'sane' levels will be ultimately a good thing for the UK. No more the tyranny of 'It's the New Paradigm!!!', no more thinking it's normal for the average house in your locale to be 5, 6, 7, 8 plus times average wages....

 

Means pain for some though monetarily and psychologically.

 

Where my Mam and Dad live, the average house is 10x plus average wages. How can that be in any way advantageous or beneficial to the local area, the country, the country??

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