Thursday, Nov 09, 2017

"Stuttering Housing Market"

BBC: House price falls now widespread, say surveyors

House prices are now falling in four areas of the country, according to the latest report from chartered surveyors.The Royal Institution of Chartered Surveyors (RICS) has said that prices are declining in London, the South East, East Anglia and north-east England.The RICS report on the housing market is gloomy overall, citing fewer buyers and sellers, as well as falling sales.The surveyors thought the short-term outlook for prices was even more negative.When asked what they thought would happen to house prices over the next three months, a majority reported falling values in London, the South East, East Anglia, the South West, the North East and the West Midlands. RICS said that last week's rise in base rates was one factor behind the "stuttering" market.

Posted by jack c @ 09:40 AM (5165 views) Add Comment

4 Comments

1. nickb said...

Marvellous news, I thought the Halifax looked like an outlier. It's based on a 1983 model household apparently, and mortgage approval rather than sale price. Dodgy.

Thursday, November 9, 2017 12:57PM Report Comment
 

2. britishblue said...

Im in a related business and have been seeing prices going down for a year now. But as I have said before, if there are 10 houses of the same size on a street, the best one sells and the others stick. This means the average house price doesnt go down as the better house is put into the calculation, whereas the ones that dont sell are not, but the number of transactions fall. We now have the new dynamic of surveyors downvaluing in London. This is the biggy as it will change estate agents sales tactics. There is no point saying you can get higher prices only to be downvalued. Better to say you will get the right price and better quality buyers. What has happened in Saudi in the last few days could have an impact. 1200 of the wealthiest Saudi's with a combined wealth of 800 billion have had their bank accounts frozen. There is talk of nationalising their wealth. The Saudi's own a huge amount of property in Central London. If they start divesting then the dominos could fall.

Thursday, November 9, 2017 02:21PM Report Comment
 

3. taffee said...

Britishblue

Spot on re Estate agents... They generally only get
Paid if they sell... No sale no fee

Supply has been so poor they have been on the back foot... However as supply increases they will push for reductions or disinstruct particularly if surveyors
Continue to downvalue and so the spiral begins

Friday, November 10, 2017 05:47AM Report Comment
 

4. britishblue said...

I would say that price falls have intensified in the last few weeks. It is now quite widespread that buyers are asking for last minute discounts or chains are collapsing. The worst time to sell a house is in December, January and February. THis is when the housing indices actually adjust prices upwards to counter seasonally fluctuations. I suspect this time, it is for real. There is no way the market is going to reverse in the next three months and I suspect by March time all estate agents will be advising clients that it is a different market and they need to give significant discounts.

Wednesday, November 15, 2017 07:26AM Report Comment
 

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