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  1. #11
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    House prices in the UK are indeed significantly lower.
    Also unemployment is rising.

    But, IMO it's a huge mistake to just look at house prices in the local currency.

    The pound has dropped massively

    Yet there appears to be very little news coverage on that.

    So real wealth in all GBP denominated assets is very much down.

  2. #12

    Default

    Interesting to note that British Telecom let 10,000 staff go today too.

    This will all have to have an impact on UK house prices, I've got some friends in the city who say that there are some big companies looking real dodgy.
    Steven Goodey - CEO PropertyTutors Wellington

    www.propertytutors.com

  3. #13
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    Housing market 'far worse' than figures suggest

    Online estate agent says latest figures underestimate fall in prices by two-thirds

    By James Thompson
    Friday, 14 November 2008
    http://www.independent.co.uk/news/bu...t-1018081.html

    House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month.

    While the latest figures from leading mortgage lenders such as Halifax suggest that prices are down by 15 per cent from their peak, Rightmove said the falls were up to two-thirds higher.

    Miles Shipside, the commercial director of Rightmove, said: "Estate agents tell us that the actual prices that are being achieved [initially between buyers and sellers] for property are down by about 20 to 25 per cent beneath peak asking prices. That has not come out in the national indices.
    "

  4. #14
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    Where the US has gone the UK follows. Where the UK will go, NZ & Oz will follow:



    A year into the crunch, £30,000 wiped off average house price
    Annual rate of fall now 14.6 per cent, survey by Nationwide shows
    By Sean O'Grady, Economics Editor
    Friday, 31 October 2008
    http://www.independent.co.uk/news/bu...ce-980247.html

    The average British home has seen almost £30,000 wiped from its value since the market peaked this time last year, according to a survey from the Nationwide Building Society.

    House prices reached an all-time high in October 2007, with the typical home selling for £186,044; that has slumped to £158,872. Many households have seen more money lost on their home than they managed to earn from their jobs over the past 12 months. House prices are falling at an annual rate of 14.6 per cent, up from 12.4 per cent in September; values fell by 1.4 per cent in October alone, or about £95 a day.
    Economists are in broad agreement about where prices will go from here: down – by about 10 to 25 per cent from where they stand now, bottoming out in late in 2010 or 2011.

    Ed Stansfield, property economist at Capital Economics, the most pessimistic of the forecasters, said: "Despite the fact that house prices are falling at their fastest pace on record, the housing market remains fundamentally overvalued by almost any measure. So as the economic downturn gathers pace, we still think that there is plenty of scope for the rate of house price deflation to accelerate."

  5. #15
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    Rightmove loses 300 estate agents a month
    This is Money
    13 November 2008
    http://www.thisismoney.co.uk/mortgag...a_source=&ct=5

    Property website Rightmove today reported that up to 300 estate agents were quitting the service each month as they struggled to survive the property downturn.

    The firm, which last month announced it was cutting 20% of its workforce, said its agency membership was now 1,900 lower than the 12,600 peak a year ago.

    At least three out of every four that have left Rightmove have either gone bust or were removed for failing to keep up with membership fees, according to the site.

    ---------------

    This reminds me of Thatcham in Berkshire in the last crash. Most of the shops were estate agents. Then most closed.

  6. #16
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    Special Investigation
    The domino effect: Road to recession

    It began with the banks. Then house prices began to tumble. In the months that followed, the shock waves spread, engulfing first high streets, then factories – and thousands of jobs. In this gripping account, Paul Vallely travels across Britain to meet the people whose lives – and livelihoods – have fallen victim to the domino effect that left a nation broken

    Wednesday, 12 November 2008
    http://www.independent.co.uk/news/uk...n-1012202.html

    We could begin with Peter Sastawnyuk. The 53-year-old businessman filled his £370,000 detached home with petrol canisters, sealed the locks, set tripwires and threatened to set the place alight. More than 40 of his neighbours were evacuated from the posh cul-de-sac on the edge of the Pennines from which Sastawnyuk sent his children to be educated at private school. But the cradle of his dreams imploded, in the end, as the scene of a five-hour police siege. The trigger for it all, a court in Rochdale was told last month, was that he had lost his job, got into debt and had had his home repossessed.

    Or we could start with Karl Harrison. The father-of-two was found hanging in his garden shed in Anglesey. The 40-year-old surveyor had lost his job when the housing market began to turn down. He fell behind with his payments on his home loan and was being harassed by a firm called Oakwood Homeloans to pay the arrears, the recent inquest was told. Harrison's widow has now put the house on the market.
    Pretty sad that.

  7. #17
    Join Date
    Apr 2008
    Location
    Christchurch, New Zealand
    Posts
    1,125

    Default

    BT cutting 10,000 jobs as downturn bites
    The telecoms giant BT is cutting 10,000 jobs, it has announced, as slump in the British economy begins to bite
    By Jon Swaine
    Last Updated: 9:53AM GMT 13 Nov 2008
    http://www.telegraph.co.uk/finance/n...urn-bites.html

    In its half-year results, the company said that it has already cut 4,000 employees, while a further 6,000 will go between now and March.

    Consultants, contractors and offshore staff among the company's total workforce of 160,000 are to be worst hit by the move, which is part of an ongoing efficiency programme, with direct staff numbers being reduced by four per cent in total.

    The company's announcement came a day after national unemployment rose to 1.825 million - its highest level for 11 years. A further 140,000 people were out of work in the three months to September.

    Economists have forecast that the total will pass 2 million in the new year and could exceed 3 million as the economic downturn continues to worsen.



    My how things have changed. Only last year.......

  8. #18

    Default Summed up correctly? I don't know, but that's my take on it.

    Quote Originally Posted by ppproperty View Post
    I have a feeling that although todays figures show the sharpest drop in the Nationwide index history that there is little more to drop, I base this theory on a number of factors.
    Firstly there is still a huge shortage of houses in the uk and therefore a large demand, the employment figures are historicaly excelent and although down on last year, last month showed an increase in mortgages granted compared to the month before.
    I believe that soon we will have adjusted to high energy costs as they appear to be here to stay and also sterlings position in the markets once these mental adjustments have taken place confidence will begin to return and early next year we will see once again record numbers of people moving into the investment property overseas market and in my case hopefully a large portion of that to the Portuguese sector.
    ppp

    I deal in selling overseas property to the UK market and I can tell you for sure that enquiries for myself and others in the business have slowly deminished over this year (200. Next year will prove literally non economical to run the business as it is foreseen, that UK buyers buying abroad will have all but dried up as house prices tumble still in the uk (Have a long way to go yet) and the pound continues to be weak against the Euro. Fact, low pound means less euros for your money which means that the property abroad you are looking at becomes more expensive. Fact that house prices and peoples equity are devaluing and at a speedy rate in UK, 1 in 4 people are in unmangabale debt situations. Fact that most buyers abroad are retired or semi-retired and they have seen in some cases a 30% drop in their pensions and investments.
    So, for overseas sales there has to be one solution. The Euro zone to include the currency and house prices have to fall to be inline with the rest of the world economy. Let's not forget that countries like France have seen an immense increase in property prices similar to that of the UK over the last 10-15 years. So these property prices will fall heavily and once that starts then the eurozone will see more negative growth, interest rate will fall, euro becomes less popular to reserve capital in and all of a sudden you will open the doors once again to the average couple looking to buy abroad from the UK.
    Till then, it's sit tight, work hard for your few leads that you will have to share with countless other agents for everyone out there are looking for bargains and deal with 9/10 sales you achieve falling through cause of a mortgage refusal.....


    Summed up correctly? I don't know, but that's my take on it.

  9. #19
    Join Date
    Sep 2007
    Location
    Tomar, central Portugal
    Posts
    10

    Default

    i agree there are some hard times ahead.


 

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