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Truth now are UK house prices going to drop or not.

Truth now are UK house prices going to drop or not.

Old Jun 24th 2003, 6:03 am
  #1  
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Default Truth now are UK house prices going to drop or not.

I am sure all my rellies in the Uk are sick of us asking if the price of their house has nosedived yet!

From what I read it looks like its slowed a bit but lots of stock available.

We are looking at Brighton, Cornwall for Investment. Hampstead Highgate to live, Surrey still being considered too.

Would appreciate very honest answers.

Also my brother suggested we offer 10% below the asking price would this be acceptable or would we be kicked out of the agents office?

Answers please so I can stop offending the rellies. Ta
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Old Jun 24th 2003, 6:06 am
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Help, this should have come up on the Moving back to the UK forum.
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Old Jul 1st 2003, 3:55 am
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Here is a BBC news article dated 6/30/03-


House prices stagnate


UK house prices have stagnated, recording neither growth nor falls during June, a survey from property company Hometrack has found.
The news confirms the trend of the past few months which shows that the housing boom has ended.

But there is still no evidence of a crash that some experts and institutions such as the International Monetary Fund have warned about.

"Prices are bumping along the bottom... prices are flat as a pancake," said Hometrack's housing economist John Wriglesworth.

Biggest risers
Cumbria +0.5%
East Riding +0.3%
Mid Wales +0.3%
Merseyside +0.2%
North Wales +0.2%

Sir Edward George, the outgoing governor of the Bank of England, is amongst those who feel the prospect of a crash has been over hyped.

"I think there has been a lot of rather strong language used about a house price crash....the overall picture is of a moderation in the rate of increase," he told the BBC last week.

Hometrack also says there is more evidence that supply is overtaking demand.

The number of new properties listed grew by 4% while the number of new buyers rose by less than 1%, the survey said.

Biggest fallers
Wiltshire -0.3%
Surrey -0.3%
West Sussex -0.2%
West Midlands -0.1%
Oxfordshire -0.1%

And that means that sellers are being forced to drop their asking prices, with the average seller now only getting 93.4% of the asking price.

Furthermore, the disparity between the north and the south is beginning to even out.

Nevertheless, some areas of the country, led by Cumbria, are continuing to enjoy small prices rises.

And house price falls have persisted in the south east and Greater London.

"The south has seen price falls decline and the north has seen price rises decrease - house price stagnation is now more prevalent," Mr Wriglesworth explained.
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Old Jul 6th 2003, 8:44 pm
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Default Property prices

Prices in most places have sagged a little recently, but it so h appens I was talking to a friend of a friend who is, it transpires, a 2whizz" in the City. He told me under no circumstances to sell my little house in central London as it would be worth double in six years time - although there would be fluctuations between now and then.
Now seems to be as good a time to buy as any, but it seems unlikely that with a housing shortage in most areas - even talk of building over "green" sites! - that prices re going to tumble substantially or permanently.
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