Flat market

Luscinia View

 

 

 

 

 

 

 

The lastest alleged 1% increase in house prices seemed to be met with nothing more than a few sighs.

Little wonder.

Any report whether by the Halifax, Nationwide or anyone else indicates nothing. No-one knows where the housing market is going.

What is certain – and I remember doing a story about it –  is that in 2008 two penthouse flats in this much disliked Luscinia View development off Napier Road were sold for barely half their original 2006 price.  Both were repossessed and sold at auction; one costing £550,000 went  £293,000 and one costing £499, 995 went for £265,000.

I remember a poignant quote from auctioneer Gary Murphy who said:  “The first thing you learn at the College of Estate Management in Reading is that price doesn’t equal value.”

The current uncertainty suggests not many people have really got the message.

 

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About Alan Bunce

Freelance journalist Former Community Editor with the Reading Post. Former Business Editor with the Reading Chronicle.
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