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Anecdotal - "house Prices Around Me Are Dropping"

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I just overheard a conversation with some collegues which went on the lines of:

"What are property prices doing around your area? I've noticed near me that there are several houses that have been 'sold' three times and are still on the market. Also, things are not selling for anywhere near the asking prices"

"Yes, I've noticed that, isn't is good that you can see the actual prices that things sold for because of that land registry thingy"

What I find interesting is that these same people were having arguments with me a year ago saying that property would not fall in value this time and now they're basically saying that property is falling quite sharply and that the outlook is pretty bleak.

I'm trying to resist saying "I told you so". I'll save that for when we really are crashing big-time!

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Just heard that a friend of a friend who bought (first time) last spring getting worried that prices are falling around her. Indeed a much nicer place than her's is on for only 10k above what she paid, and its been 'sold' twice now only to return to the market again.

You wouldn't believe the kind of conversation we had last year (after she'd bought) along the lines of:

Me: Yes but houses must be overvalued if you look at rental yields? Rents haven't gone up in over 3 years. Take a look at a historical graph of inflation adjusted average UK prices too!

Her: But I was watching Trevor MacDonanld on TV last night and this guy from the Council of Mortagage Reapers said the situation was nothing like the late eighties...

Now I don't dare say I told you so!

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Conversation with friend yesterday.

Friend: Looked at any houses recently?

Me: No we're holding off for a couple of years.

Friend: Why's that then?

Me: We think prices might come down and wouldn't like to buy now and then find ouselves in negative equity next year and we've already seen prices coming down.

Friend: Actually the house over the road has reduced twice and still no interest and my friends up the road have been trying to sell for a year and even with a recent dramatic reduction still no luck.

I seem to have this conversation with slight variations at least 3 times a week. People can see the evidence yet still can't understand why we don't want to go and get our own house

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Conversation with friend yesterday.

Friend:  Looked at any houses recently?

Me:      No we're holding off for a couple of years.

Friend:  Why's that then?

Me:      We think prices might come down and wouldn't like to buy now and then  find ouselves in negative equity next year and we've already seen prices coming down.

Friend:  Actually the house over the road has reduced twice and still no interest and my friends up the road have been trying to sell for a year and even with a recent dramatic reduction still no luck.

I seem to have this conversation with slight variations at least 3 times a week. People can see the evidence yet still can't understand why we don't want to go and get our own house

It's like people are saying: "there's loads of mounting evidence for a house crash" but they don't realise that that's what they're saying!

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Guest consa
... and we did tell them ...

BUT slowly surely, the message is getting through,

whatever we told them, whatever they believed

...............They will want to say "I knew it would, it couldn't carry on, and we never existed or knew anything" :blink: :angry:

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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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