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Article - 'big Falls In House Prices'

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House prices in Barnet have taken the biggest fall in London this year, according to figures published by the Land Registry this week.

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Marcus Brilliant, of Jeremy Leaf Estate Agents, High Road, East Finchley, says that these changes are due to a lack of confidence in the market. He attributes the drop in prices to the recent terrorist attacks and potential buyers going away in the summer.

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Goes on to say the following

In the long term, he predicted a positive picture for the housing market. "There are more properties on our books then ever before," he said.

"The fact that developers are still building new properties all the time means that the market is looking positive. We are not about to encounter the problems we had in the Eighties."

That's fine then, no problems ahead as far as I can see :blink:

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I have noticed something else that has tended to happen too.

If there is a modest fall (say a few grand on a 280k odd property) in price over a lengthy period the VI jump on this and describe it as a huge drop or collapse in price. They over do it.

They over do it for two reasons, namely, to make terms such as 'collapse' and 'huge price falls' seem tame and, also, to obliquely get people to believe that this is about as bad as it gets.

Does this make sense ?

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To clarify my previous post, take our case in point.

£330,000 to £323,000, 7K over one year is 2%.

Whoohoo, really scary - NOT.

2% nominal for the year. This is likely to yield a sigh of relief rather than sleepless nights.

They then describe this as 'the crash' that they have been anxious over of late.

PHEW, what a relief.

******!

The reality could be as much as 10%+ YOY over the coming few years.

Edited by Losing Faith

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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