Saturday, Jan 06, 2018

Brexit Effect?

The Times: Sellers slash prices after family home market stalls

Prices of upmarket family homes are collapsing as hefty property taxes and uncertainty over the economy force sellers to make “eye-watering” reductions, according to research for The Times. Almost half of the homes on sale for between £1 million and £2 million in London have had their prices cut, with average reductions of £142,000, rising to nearly £900,000 in extreme cases. Across Britain one in three sellers reduced their asking price last year, the highest proportion since the double-dip recession of 2012.

Posted by quiet guy @ 07:34 PM (5149 views) Add Comment


1. britishblue said...

what i don't understand is why this news is coming out know. THis has been going on for over a year in London

Sunday, January 7, 2018 04:11PM Report Comment

2. sneaker said...

If everyone's skint then who can do the buying? Where is their money going to come from?


Tuesday, January 9, 2018 05:28PM Report Comment

3. sneaker said...

@1 britishblue
It's because UK House Prices are the original Fake News.
Newspapers only talk to estate agents, who only ever want prices to go up.
News about house-price falls only spreads when people start telling it to each other.
And you don't read about that in the news until a journalist suddenly fails to sell their own house.
Then it all comes out in a massive news dump.
'Twas ever thus.

Although I would say that house prices topped in "Prime" Central London immediately after Russia annexed Crimea and it suddenly got awfully difficult for any more dodgy money to get into London. Sanctions - not Brexit - the catalyst.

But they will blame Brexit anyway because that's a simpler and more emotive narrative.

Tuesday, January 9, 2018 05:31PM Report Comment

4. britishblue said...

Sneaker @3. I own a removal company so I speak to customers once they have agreed a sale price. I have seen reductions of up to 20% covering both starter homes through to bigger properties. This is a reduction on price from from estate agents told the buyers on mass what they would have got 12 months ago. I am wondering whether the house price indices are now being 'fixed' because in my view a crash has already taken place. People selling their house and putting it on the market now wont necessarily know as long as they purchased a few years ago.

Thursday, January 11, 2018 11:53AM Report Comment

5. nickb said...

@4 The indices report as headline figures a national average. Figures for London have often been negative recently e.g. in the Acadata series using land registry data. Not sure if those can be manipulated. But within London the figures seem to record a mixed picture.

Thursday, January 11, 2018 02:25PM Report Comment

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