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PostPosted: Wed Apr 30, 2008 3:42 pm 
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UK house prices see annual fall

The Nationwide has seen a "steep decline" in house buying

House prices in the UK have recorded their first annual fall for 12 years, according to the Nationwide.

Prices fell by 1.1% in April, the sixth monthly decline in a row, and were down 1% from the levels seen in April 2007, the building society said.

Nationwide said the price falls reflected a weakening market which had been hit by "poor affordability and tighter financial market conditions".

An average home now costs £178,555, which is £1,759 lower than April 2007.

Full article: http://news.bbc.co.uk/2/hi/business/7374730.stm



Wonder if this will continue to impact on the market here in Cyprus, especially with the exchange rate the way it is - not a good time to be selling!


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PostPosted: Wed Apr 30, 2008 4:20 pm 
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I think we would get £25,000 less for our house now than we would have one year ago. Add that to the weak pound and it certainly is not a good time for people thinking of making the move.
My IFA says it will all start recovering in October, well he would do wouldn't he ?
Gary

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PostPosted: Wed Apr 30, 2008 5:39 pm 
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House prices risen steadily over last 10 plus years.Don't think it will make difference and folk will still buy cyprus if that is what they want.Don't forget your house lost 1% then the hoouse you are after has also done same.Depends where you live though.

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PostPosted: Tue May 06, 2008 3:42 pm 
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Starting to impact on the Estate Agencies:

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Estate agents 'closing branches'

About 150 estate agents' branches are now closing every week in the UK, according to research.

Business monitor Debtwire said the number of branches had fallen from 13,000 to 12,000 so far this year.

Jeremy Leaf, from the Royal Institute of Chartered Surveyors, told the BBC many were closing because people eager to move could not get a mortgage.

And he said other businesses linked to the housing market, like removal and DIY companies, were also suffering.

The number of properties changing hands has fallen sharply in the past 12 months.

And Bank of England figures show that the number of new mortgages approved in March was the lowest since records began in 1999.

http://news.bbc.co.uk/2/hi/uk_news/7385195.stm



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PostPosted: Tue May 06, 2008 3:45 pm 
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Maybe decline in estate agent is the service they offer.Good ones will always remain as in any business.I don't see a decline on properties up for sale or sold.Just gonna have to ride it 8)

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PostPosted: Tue May 06, 2008 8:05 pm 
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Location: South east coast of Cyprus
I got a phone call from my eldest son last week telling me about a beautiful 3 bed house for sale on the outskirts of the village we previously lived in in a manchester suburb.

I was absolutely gob smacked at what you can get for £115,000 ~ the property looked so good we were seriously thinking of buying it between us and in the short term renting it out .

My middle son who still lives in the village went round to check it out and confirmed it was imaculate and well worth the money .

I can honestly see further reductions in the UK housing market in the very near future.

Makes you think doesn't it.

Bill


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PostPosted: Tue May 06, 2008 11:30 pm 
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Sarah Beaney who presents a property show on tv, said the other day that if you haven't had 3 viewings in 3 weeks you should drop your price. We haven't had 3 viewings in almost 3 months. :shock:

The thing is we have a budget, and can't afford to drop our price, so we will just ride the storm and hope our estate agent doesn't go out of business.

The 'credit crunch' is supposedly easing, so maybe mortgages will be a little easier to obtain, although the days of small deposits and large loans are a thing of the past.

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PostPosted: Wed May 07, 2008 1:11 am 
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We reduced the price on our property by £20k, thinking it would generate more interest, yet we haven't had a viewing since then!! Seems we had more interest at full price. Last viewing was about four weeks ago.

I expected a bit of interest over the Bank holiday weekend, especially with the nicer weather. Estate agent said today that their phone rang three times in total yesterday :shock: Looks like a long wait ahead :cry:


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PostPosted: Wed May 07, 2008 11:00 am 
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Lets face it, property (for the normal person, not the speculator) has always been a mid to long term investment.
While all this hype goes on about percentage losses in the last few months may be true - who knows?
In 1977, my first house, a two bed semi, cost £7,000. Now if I had put it in a bank etc, what would it be worth and how much fun would I have had with that figure in black on the balance sheet. How much rent would I have had to pay in all those years?
As it is, like most people, I've gained and lost in buying and selling over the years.

In the long term there can be no doubt that property will be a good investment.

My grandpa said, put your money in food and property, people will always want to eat and always want to live somewhere!

Oh, and by the way, this is not just a philosophical burbling, our current house has been on the market since July last year, with only a few viewings - mind you, the price we bought it at 10 years ago!!!!!!!!!!

cheers

john B :wink:

And only 6 sleep nights before it's all in the agents hands for another month!

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PostPosted: Wed May 07, 2008 11:32 am 
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Hope you see some movement john 8)

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PostPosted: Thu May 08, 2008 3:45 am 
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Looks like we were lucky to sell our house in Rochdale in November. Houses are not moving at all here. Just like the early nineties, when it took two years to sell a house.
I can see prices falling even more. An EU survey into UK house prices last year stated that the market was overvalued ny 33%.


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PostPosted: Thu May 29, 2008 6:05 pm 
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Record falls again this month, and 7 consecutive months falling in a row now:

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House price falls at new record

UK house prices have recorded their largest monthly fall since 1991, says the Nationwide building society.

Prices have fallen by 2.5% during May, according to its latest monthly survey.

The lender said prices were now 4.4% lower than a year ago, a drop of £8,000, which has taken the average UK house price down to £173,583.

The Nationwide, the UK's second-largest lender, said price falls were now accelerating and had continued for seven months in a row.

"The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market," said Fionnuala Earley, the Nationwide's chief economist.

http://news.bbc.co.uk/1/hi/business/7424309.stm


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PostPosted: Thu May 29, 2008 11:34 pm 
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This resecion is world wide and not only uk but usa.You just have to ride it as i have said before.Sit tight and when market lifts sell then.

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