Re: on the uk housing market...
- From: Stephen Glynn <stephen.glynn@xxxxxxxxxxxx>
- Date: Sat, 31 Dec 2005 16:40:43 GMT
hummingbird wrote:
On Fri, 30 Dec 2005 22:45:38 +0100, abelard <abelard2@xxxxxxxxxxx> mysteriously appeared thru the usenet mist to inform us thus...
worthy of a scan for those interested in this area... http://www.spectator.co.uk/article_pfv.php?id=7126
From the article by Mr Nixon: "In the last few months there were more buyer inquiries, more mortgage applications and approvals, and more transactions completed."
How many of these new mortgages are actually remortgages? Mr Nixon doesn't say or doesn't know.
If, as I assume he is, he's referring to the Major British Banking Group's (MBBG) figures,
'Compared to the same month a year earlier, November's approvals of house purchase loans were 51% higher by number and 64% higher by value; remortgaging loans were 17% higher by number and 34% higher by value; and equity withdrawal loans were 1% higher by number and flat by value.'
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=145&a=6650
"Between 1999 and mid-2004 house prices rose 120 per cent..."
Really? It must depend on the area. I know of one local property in
glorious Wimbledon which was sold new in Jan/2000 for £230k and resold
May/2005 for £287k. That's not a 120% increase or anything like it. In 2003/2004 it was valued higher than £287k but still not by 120%
over the original price. I suggest there's been a fall in prices which
Mr Nixon isn't aware of.
Well, of course it depends on the area and the type of property; that's one reason why 'average' property prices are so misleading; I'm far less interested in what my house would be worth were it in either London or Llanfair PG than I am in what's it's actually worth in Leamington (and it would actually be worth considerably more or considerably less were it located in other parts of the town, come to think of it). London property prices have, in general, been rising less rapidly than have those in many other parts of the country, because they're so high anyway and there's a limit to how much someone can afford to pay on his mortgage.
For what it's worth, the price of a residential property, averaged over all sales of all types of property in all parts of the UK was, according to the Land Registry's figures, £98,682 in July-September 1999 and £194,585 in July-September 2005.
http://www.proviser.com/property_prices/average_price_table/
Steve .
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