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Everything posted by fellow
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China’s Economic Activity Collapses Under Xi’s Covid Zero Policy https://www.bloomberg.com/news/articles/2022-05-16/china-s-economy-contracts-sharply-as-covid-zero-curbs-output "Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than a projected 6.6% drop. The unemployment rate climbed to 6.1% and the youth jobless rate hit a record. Investors responded by selling everything from Chinese shares to US index futures and oil".
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Canadian House Prices Fall Because Of Rate Hikes
fellow replied to Horseradish's topic in House prices and the economy
China Cuts Mortgage Rates to Counter Collapse in Home Sales https://www.bloomberg.com/news/articles/2022-05-15/china-cuts-mortgage-rate-floor-for-first-time-homebuyers New Zealand banks predict 20% drop in house prices over next year https://www.theguardian.com/world/2022/may/17/new-zealand-banks-predict-20-drop-in-house-prices-over-next-year -
Canadian House Prices Fall Because Of Rate Hikes
fellow replied to Horseradish's topic in House prices and the economy
It's a 0.6% fall in prices. The 12.6% is sales volumes. -
Don't be flabbergasted if prices drop by 30%
fellow replied to andrewwk's topic in House prices and the economy
The problem is, if prices drop 30% the economy will be so screwed that prices will drop 40%. -
Don't be surprised if house prices drop 20%
fellow replied to fellow's topic in House prices and the economy
There are so many bearish articles at the moment, it is like the media want prices to crash. Either that or they are trying to influence the BOE to stop raising rates? -
Don't be surprised if house prices drop 20pc https://www.telegraph.co.uk/business/2022/05/15/dont-surprised-house-prices-drop-20pc/ "Our combination of high interest rates and a weak economy is deadly for the housing market. One key metric that is flashing red is the ratio of average house prices to average earnings (HPE). It currently stands at 7.7, having recently surpassed the previous peak of 7.5, registered in 2007, just before the global financial crash. This crisis was followed by a fall in average house prices of 18pc. The long-term average value for the HPE, going back to 1970, is 5.1. As is usually the case at the peak of the market, valuations currently look particularly stretched".
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Why on earth would you offer 3% above asking price when you have just seen the market turn in favour of buyers?
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Virgin money have just increased their fixed rates significantly. I have just locked into a 1 year fixed ISA at 1.76% and a one year savings bond at 2.00%. Easy access are all pitifully low so thought it was well worth fixing for a year but didn't want to fix longer than this as rates are likely to be higher next year.
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Should I sell my home now if house prices are at their peak? https://www.telegraph.co.uk/property/uk/should-sell-house-prices-peak/ "Those with houses on the market are racing to accept offers before prices fall. The power balance in the housing market is turning. Sellers who last year received multiple bids and offers 20pc higher than they asked are now rushing to shift homes before prices fall....".