Annual house prices in England and Wales fell by 12.2 per cent in November, according to the latest figures! from The Land Registry.
Change in Past Year -7.3% - in asking prices says rightmove
Annual rate of fall reaches 15.9% according to the Nationwide
Well figures and statistics are rife. There's lies, damned lies and statistics.
The Nationwide predicts that prices are about the same as they were in 2004.
In my opinion we are heading for the plateau, so much lower than many peoples expectations.
However enquiry levels are undoubtably up this year so far. It could be that pent up demand, held back over the past year by over pricing, has peeped above the parapets.
Some must sell now, but will they listen to reason? Anticipate the market to sell.
One young lady had looked at 20 terrace houses before offering on one of our's. A gentleman hoping for £500,000 should, by statistics be thinking of £415,000. Should the family sell now at £195,000 or chance their arm at £220,000? Is 10% off £325,000 worth taking? Is £109,000 a good offer if last year we hoped for £130,000?
What a dilema! The everyday dealings of an estate agent, in what has been the worst of possible times.
I am pleased to say that there is a growing understanding amongst the selling public that, to sell the price must be right. It is a buyers market and they will dictate for the time being. The boot was on the other foot a couple of years ago.
When will we see price increases again? Not soon I should say, by the state of the economy.
It will have to be the property market that leads us out of the recession, and despite interest rate drops and increased mortgage availabilty the general public must now restrain themselves due to the uncertainty of the future. It might be some years before we see another price increase on a serious scale in property prices.
So property is a long term thing, but in it's sale it is a real time operation.