We have all heard about property price movements in OZ, but whats happening in UK ?

Have prices dropped ?
I just heard that London has seen a 20+% price drop in the last few months. Is this correct ?

Nope.

Maybe it relates to what some fool overpaid for a one bed rabbit hutch in some swanky development overlooking the Thames, in which came more fool them.

Obviously all comments must be caveated by saying that there are pockets that are different/good properties in good locations will always do well etc etc, but as I understand it the general trend has been for property prices to be fairly steady for the last 6-9 mths BUT in the last 2-3 mths they have taken off again in London - one of the forecasters is expecting 8% for this year (up from 4%).

Sure someone will have a different slant but there you go

There was a large article on the news last night in our area about house prices continuing to rise.

They now predict a 8% rise this year in my area (Nottingham)
Where as at the start of the year it was predicted around the 2 - 3% mark.

House just gone up for sale on my street at 81k where as towards the end of last year they went up for 71k. Thats 10k in 5 or 6 months pretty scary really if your trying to get on the ladder as these are prime first time buyer properties.

So it seems to show no sign of stopping around me.

TT

http://www.findaproperty.co.uk/cgi-b...l?storyid=5906

Says London doing well

i went for a walk to the local estate agents yesterday to ask this very question. I spoke to the same woman who sold me my house 2 years ago and she confirmed what others have said above, house prices are going silly again. An example she gave was a street not far away from where i live where 3 months ago a house sold for £75K, now a house very similar in size and condition is selling for £115K! .

additional... she was also saying that the middle housing bracket, your typical largish 3 bed semis, were selling very fast. The larger more expensive houses were sluggish as were the smaller terrace types.

I agree with everyone else. We live around 45 mins from London in Essex and house prices are continuing to rise. I bought my 3 bed semi in Dec 2002 and the same type of house down the next street was recently sold for 30k more than we bought ours for and within 2 weeks. A good sign of a buoyant house market is how quickly houses sell when placed on the market. Around our area houses are selling very quickly.

I understand from several different sources many Londoners are selling up and moving out of the city to a bigger but cheaper property on the outskirts. You can obviously get a lot more for your money the further out of London you go. Property prices in our area are being pushed up by wealthy London people moving down from London with large amount of cash. Maybe this is why some parts of London are showing a 20+% price drop.

Here's to more rises in the future.

I know all about this as I am currently trying to sell my house and get a bigger one. I started looking at 4 beds, 2 months ago. There were quite a few I was interested in at about £215k. THe same type of houses are now selling at between £230k and £240k. It's madness. Meanwhile, I have had to drop mine to get some interest. Anything that comes onto the matket is getting snapped up so quickly, it's really scarey. A townhouse sold a few weeks ago for £189k, another one has come onto the market which is exactly the same but has a conservatory, it's gone on at £230k. The estate agents said that prices would go up more steadily this year, but they are rocketing.
:scared:

Hi
I agree, I went to the area where I sold a house 5 years ago for £60k and it is now £150k. The house we bought has increased by £200k so prices are rising fast. As we hope to sell ours later this year and buy in aus this is good news.
Irene

A Nationwide report out today reckons London & the South-East will have at least a 13% price rise this year.

I can't imagine anywhere in London having a 20% drop, even car parking places in Central London are heading towards triple figures to buy!

Prices are still rising. Check out www.hometrack.co.uk.

UK house prices are definitely on the increase and look like continuing to do so for some time yet.

The latest report estimates a 15% growth throughout 2004.

Check out :-

http://news.bbc.co.uk/1/hi/business/3581527.stm

Great news for those of us who are selling up and leaving the UK !

I'll let you know for sure what's happening in my area tomorrow night as I've got the estate agent coming round tomorrow afternoon.

I bought for £68k in July 2000, but spent about £8k on cavity wall insulation, cavity wall ties, rewiring. I've done nothing else to it since, only decorating upstairs before we moved in.

Last August the agent said £120k to £125k so I'm hoping it will be more now. Two houses in my street are on the market (different agents) for £132k and £127k; they have UPVC double glazing but no garage, only off-road parking. I have older aluminium double glazing, still ok though, and a garage. My kitchen is really tiny whereas at leat one of the others has knocked through to make a dining kitchen.

Anyone want to hazard a guess what the agent will say?

Elaine M

Hi Elaine

After what the estate agents have said to me, I'd advise you not to believe them. They seem to try and flatter you wiht a good price to get you to go with them, but you'll never get the price. I bought mine 2 1/2 years ago for £73,000. I've been told that its worth upto £170,000. Ridiculous. Especially as it's on at £150k and isn't getting any interest. This is our first house to sell and it's really getting me down. as i said earlier, the houses that I am after are just shoting upwards.:scared: :scared: :scared:

I read in yesterdays London Evening Standard that the South-East will see a double-figure rise in house values this year.

18% rise seems to be the general expectation.

I purchased my 3 Bed Semi in Ipswich, Suffolk in December 2001 for £76000 (which I got cheap, as most were £84000), and it's now worth around £130,000 . . . that's a rise of 72% in just over 2 years.

It's increased in value by an average of £66 per day !!!
Last summer it was increasing by as much as £700 per week.

I plan to sell it in around 17 months time, by which it should be worth between £160,000 and £175,000.

Nice eh ?

Hi Noodle,

Hopefully this agent at least will be realistic; he sold my flat for me when I moved in here. It went on the market at £59k and I got £58k pretty quickly.

I suspect the other houses I've seen in this street are overpriced, I'm realistic enough to know that anyone viewing mine will think "I'd need to spend money on the kitchen and possibly in time replace the double glazing" - both things I'd have looked a doing soon if I were staying. Otherwise it's a good buy.

I'm lucky as my area is very much in demand, so we'll see how it goes.

Fingers crossed for some interest for you soon.

Elaine M