nero120

Thanks yeah, this is the thought process that triggered the thread.

There are nice houses?! They look like bog standard sh1tboxes to me...

Nah you're just trolling. D1ck.

Even if it is harps, would kind of idiot would drop a mil on that!!

What is your problem? Why are you even here? You're an EA aren't you?

Now you're just sounding deranged. Get a grip.

Most of the worlds fiat currencies are tied to the US dollar so I imagine it would. If Russia/China/Saudi/etc succeed in forming a separate trading bloc that neither uses the US dollar to denominate currency prices, or US treasuries as reserve assets then yes, at that point all bets are off for western currencies.

It's convenient for us but we are looking to move, hence the thread. Due a 10% rise hey? Well they're free to ask but they won't get (from us anyway)! We could borrow an extremely large amount of money to buy a house of around a million but that just seems like madness to me, but maybe others are doing just that which is keep that market propped up (hence the thread).

St Albans is a bit different, it has always commanded a large premium compared to surrounding towns. I rent a 3 bed victorian detached house here for £2k (with little increase over the past 3 years), the same houses go for about £700k (was £800k last year but has dropped), which for what you're getting i think is madness.

The US is issuing new debt of $1 TRILLION every 100 days or so, just to keep their economy (i.e. markets) afloat. This is because the fed refuses to go back to QE and thus the money supply must be inflated by fiscal means. This explains why risk assets have soared over the past few months, the treasury is literally hosing money at the markets and dumping massive amounts of new debt on the bond markets in the process. It seems extremely likely that rates will likely increase if they keep this up for much longer...

How are you doing that in rightmove?

Another interesting piece to the puzzle:

Whilst I completely agree that there are, of course, wealthy (via assets/cash/both) folk who will buy £1M+ houses, the point of this thread is to ask whether regular folk on good salaries (like myself) can prop up that market when the houses being marketed at those prices are nothing special? Look again at the link in the OP, 88 houses listed in just the last two weeks just in Herts alone. I cannot believe that there are that many potential buyers for those properties at those prices in the current climate.

Asking prices are not the market price. 🙄

Ooh looks like I touched a nerve! Sadly they're still thick as sh1t.

Not exactly. The stock markets reflect currency debasement because when money is too cheap it incentivises wild speculation. There is nothing fundamental about the way financial markets are behaving right now.

Very likely, but then if they want to "release" that equity the earlier question applies:

I mean, I've literally answered that question multiple times in that thread. Go read?

https://www.telegraph.co.uk/money/property/buy-to-let/landlords-to-be-banned-raising-rent-radical-snp-crackdown/ https://archive.is/MYA4x Landlords to be banned from raising rent under radical SNP crackdown Proposals include giving local authorities powers to create caps as low as 0pc Landlords will be banned from raising rents for as long as five years under radical SNP plans. The Scottish Government and the Scottish Greens have published legislative proposals to implement long-term market controls which could give local authorities powers to create rent caps as low as 0pc. Other proposals include allowing courts to delay evictions during the winter months, and preventing landlords from “unreasonably refusing” pets or requests to paint the walls. The plans, outlined in the Housing (Scotland) Bill published on Wednesday, is a product of the parties’ joint Bute House Agreement, which was signed back in 2021. If approved by Members of the Scottish Parliament, the bill will become law. The Scottish Government said it wants to enact long-term rent controls by the end of 2025, but industry experts have warned the new plans will reduce investment in the country’s private rental sector and force more landlords out of the sector – reducing the number of rental homes on the market. It comes despite previous market controls introduced by former first minister Nicola Sturgeon backfiring on tenants, with Scotland suffering the largest rises of anywhere in the UK. It emerged last week that Scottish tenants have been hit with the highest annual rent growth of any UK nation at 11.6pc as Edinburgh and Glasgow witness steeper price increases than London....

I think you've missed the entire point of this thread, unlike everyone else. I think the only thing that is "obvious" is that asking prices are dropping, and transactions are at their lowest level ever. My question is who is buying these overpriced family homes (the few that are going SSTC that is). You seem incredibly defensive...

Interesting, what's your impression on listed/SSTC ratios?

Absolutely. I fully understand that truly wealthy people want to buy "prestige" properties in the best areas. Most of the properties on the OP search link are not those, so why dafuq would any genuinely wealthy individual bother buying them? I don't think they would, hence my guess that regular people with good earnings could be stretching themselves excessively to buy them, and that could explain why the transaction numbers are so low.

Agreed, it must be getting stretched now, especially with such low volumes. You'd expect the flow of money from London property to the other regions to be slowing drastically now. Perhaps that's why Manchester has seen such a bouyant market compared to others? I.e. it's the last destination for London property money looking for "value"?

Well that's the crux of the problem isn't it? The British establishment doesn't seem to like free markets, hence all the intervention to keep asset prices high. So the "market price" as you put it, changes as the amount of implicit state-support decreases. As I stated in the OP, 88 NEW properties listed in the last two weeks, 10 EXISTING properties marked as SSTC (we don't know for what price). That old supply/demand chestnut is gonna hurt.

Yes, so given that interest rates are now above 5% (basically everywhere, not just UK), the question is where is the money coming from to pay the inflated prices London-based sellers are asking for?