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House Prices Fall In Latest Month -survey

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LONDON (Reuters) - Buyers continued to have the upper hand in the property market in August as homeowners further lowered their asking prices to achieve a sale and agents' books remained full, a survey showed on Monday.

And while the interest rate cut by the Bank of England on August 4 might help new buyers to get a foot on the property ladder, it was unlikely to stoke a house price boom, property web site Rightmove said in its monthly survey.

http://today.reuters.co.uk/news/newsarticl...N-RIGHTMOVE.xml

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Guest consa

The study found almost 120,000 sellers in England and Wales cut their asking price in the four weeks to 6 August.

The next biggest regional increase was in the north west of England, where prices rose by 0.7%. In London and the south east they fell by 1.6% and 2.2% respectively.

The company said the cut in asking price by many people was a reflection that it remains very much a buyers' market.

The average property in England and Wales now costs £196,282, just 2.1% more than 12 months ago. Average prices have fallen by more than £2,000 during the past two months.

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The full report has just appeared on the Rightmove website.

I must admit the drop in asking prices is pretty small, I did expect more for the middle of the summer.

Also, remember the 6% drop in Wales last month ? This month asking prices there have gone back up 7.2%, to a new record high !! :huh::blink:

If there's one thing that can't be done is to predict the housing market.

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the most significant figures were the drops in london and south east which are marked shifts

the EAs can spout how it was affected by terrorism, but the reality is that these regions will lead the rest of the country.

my feedback from major developers is that they are still building far fewer units than planned because of lack of sales. the midlands is slowing fast and the south east is very flat

some developers are trying to open up new sites to incsease activity but are being frustrated by plannng obstacles.

developers are already starting to squeeze the prices of building material suppliers.

some of these are facing 40% enegy price increases that will knock a big hole in their remaining profits

the don

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Guest consa

Average prices have fallen by more than £2,000 during the past two months.

That would be -£33/day or -231/week

average

SE = -£4300/month ie: -£992/week :):lol::lol: thats good

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Guest Time 2 raise Interest Rates

SKY NEWS. Rightmove, "If an estate agent has already got similar or cheaper

properties that they ARE NOT SELLING, they are thinking why have more" said

Rightmove.

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SKY NEWS. Rightmove, "If an estate agent has already got similar or cheaper

properties that they ARE NOT SELLING, they are thinking why have more" said

Rightmove.

This does allude somewhat to the topic I started yesterday about EAs starting to get realistic as well. As they get more desperate they will have to keep using stronger and stronger tactics to reduce prices.

IMO a 0.2% drop in asking prices is anything but realistic for the "summer lull" in an already slow market and EAs have a lot more work to do.

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"The City of Westminster also fell by a further 4.9%, £23,403 below last months average asking price."

this monthly fall is more than 2 years rent in leafy sw london where I am renting, only about 2-3 miles away.

and I don't have to put up with a 24 hour party (ie soho) outside my flat!

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  • 302 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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