UK property market; sellers now offering 9 percent discounts

The January Hometrack report provided plenty of evidence that that the UK housing market was again weakening. Sellers are, on average, offering a 9 percent discount on asking prices.

In fact, asking prices have been sliding since early summer last year.

UK House Prices - Property prices in Cornwall are up 169 percent

It is just another case of UK house prices being bid up by outsiders. People from the South West often complain that wealthy outsiders, especially from London, come into the area and bid up the property prices. The consequences are stark for low and middle income families who can no longer afford to own a house in their own neighbourhoods.

House price data from Cornwall seem to support the accusation.  Since 2000, house prices in Cornwall have increased by 169 percent, far outstripping local incomes. Prices came down slightly with post-financial crisis correction.  However, prices began to rise again in 2010.

Personally, I think Londoners should only buy houses in London. If they want to go there for a holiday, then they should stay in a bed and breakfast.  Leave Cornwal alone.

UK house prices - Cardiff property market - flatlining since 2004

The property price chart for Cardiff is quite strange.

The data suggests that prices have flatlining since 2005. During the first half of the decade, Cardiff enjoyed a robust housing bubble. After 2005, the bubble seems to have petered out.

The red line represents the underlying trend in prices. The trend tracks the series quite closely for the first five years, then prices hop around a flat trend.

These prices are not adjusted for inflation. Therefore, the data would imply that in real terms housing prices in the Welsh capital has been falling.

If only this were true of more cities in the UK.

(The data source is Acadametrics, which uses Land Registry prices).

House prices UK - Brighton, London by the sea with property prices to match

London properties and their price tags are shocking. But does Brighton offer the charm of London at lower prices? Brighton is of course London by the sea. It is so nice that the electorate actually elected a Green party member of Parliament. Its charm is fully reflected in its outrageous property prices. The average house will set you back close to £300,000.

Like everywhere else in the UK, Brighton property prices took a hit after the financial crisis. They have, however, recovered rather quickly and appear to have made up virtually all the losses inflicted in 2008.