London house (asking) prices fell by 6.8% in one month!

[Akrasia]

This was accompanied by a 3.2% drop in the rest of the U.K. according to anestate agent survey by Rightmove.

This drop comes in spite of the massive investment in the city ahead of the london Olympics and an anticipated cut in interest rates this month or early in the new year.

The U.K. clearly have a property bubble, but what is worrying for Ireland is the fact that our house price indicators are even worse than those in the U.K.
http://news.bbc.co.uk/2/hi/business/7147674.stm

[kerrynorth]

Yeah I saw that. It seems to be too steep a fall to be taken at face value. I would need to see the research methodology used first.

[odie1kanobe]

Bonuses crap in city of london and London house prices always dive.

[kerrynorth]

Bonuses crap in city of london and London house prices always dive.

Yeah, that is a very big factor in London. I read yesterday that bonuses are expected to halve this year and will mainly be in the form of share options - not cash. Still and all strip London out of the index and would get a nationwide fall of closer to 1.5pc which I think is more believeable.

[Henry Joy]

I was in London last weekend for the Led Zeppelin gig. The following day, I had a random conversation with an Irish banker at Yo! Sushi. His view was that the credit crisis is deepening by the day, and that bankers are becoming more worried by the day.

He expects English house prices to fall by between 35 - 50% over the next two to three years.

I mentioned this to the friends I had been staying with. They became very defensive, stating that "...that can't be happening."

Looks like the tsunami is roaring towards the beach. And I don't think wishful thinking will halt it.

Gig was excellent, btw. And remarkably good value. £32 an hour per member. You wouldn't get a plumber for that.

[Charles Martel]

I was in London last weekend for the Led Zeppelin gig. The following day, I had a random conversation with an Irish banker at Yo! Sushi. His view was that the credit crisis is deepening by the day, and that bankers are becoming more worried by the day.

He expects English house prices to fall by between 35 - 50% over the next two to three years.

I mentioned this to the friends I had been staying with. They became very defensive, stating that "...that can't be happening."

Looks like the tsunami is roaring towards the beach. And I don't think wishful thinking will halt it.

Gig was excellent, btw. And remarkably good value. £32 an hour per member. You wouldn't get a plumber for that.

Which is why now is the time to buy gold.


http://goldprice.org/

[Aindriu]

Good!! Now perhaps house prices will start falling to a realistic level that people can afford and people will stop seeing property as some means of making a quick buck instead of a home for life.

[Skin]

Good!! Now perhaps house prices will start falling to a realistic level that people can afford and people will stop seeing property as some means of making a quick buck instead of a home for life.

That'll never happen (the quick buck thing), but yes, a house price fall would do no harm at all for this country.

Did anyone see the article in the IT Property supllement last week where 400,000 euro apartments are now selling for just over 300,000 out by the Navan Road, near the Pheonix PArk.

Saw it myself, the sign is up saying 'Clearance SALE' - Save up to 100,000 eru

[kerrynorth]

Good!! Now perhaps house prices will start falling to a realistic level that people can afford and people will stop seeing property as some means of making a quick buck instead of a home for life.

That'll never happen (the quick buck thing), but yes, a house price fall would do no harm at all for this country.

Did anyone see the article in the IT Property supllement last week where 400,000 euro apartments are now selling for just over 300,000 out by the Navan Road, near the Pheonix PArk.

Saw it myself, the sign is up saying 'Clearance SALE' - Save up to 100,000 eru

It was a an apartment development called 'The Cresent'. They had 27 units of 76 units left to sell so they knocked upto 100k off them the day after the budget. The people who bought at the original asking price were not best pleased to say the least!

[Dillinger]

Good!! Now perhaps house prices will start falling to a realistic level that people can afford and people will stop seeing property as some means of making a quick buck instead of a home for life.

That'll never happen (the quick buck thing), but yes, a house price fall would do no harm at all for this country.

Did anyone see the article in the IT Property supllement last week where 400,000 euro apartments are now selling for just over 300,000 out by the Navan Road, near the Pheonix PArk.

Saw it myself, the sign is up saying 'Clearance SALE' - Save up to 100,000 eru

It was a an apartment development called 'The Cresent'. They had 27 units of 76 units left to sell so they knocked upto 100k off them the day after the budget. The people who bought at the original asking price were not best pleased to say the least!

They must be desperate to get rid of them. I mean they would probably have dropped this much by the end of 2008 anyway. but obviously these developers must need cash now, that is a worrying sign (for the people they employ at least).