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justanewbie

Music To My Ears

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http://www.bloomberg.com/apps/news?pid=100...6G7f7U&refer=uk

David Miles, chief U.K. economist at Morgan Stanley in London, says property values in London may fall further.

``The housing market slowdown is well under way, but for house prices, in particular, it may have a long way to go,'' says Miles, 45. He estimates that U.K. house values will drop by 5 percent this year.

Further declines will accelerate the crisis for real estate agents, says Harry Hill, chief executive of real-estate agency chain Countrywide.

``Agencies are either going out of business, operating at a loss, or having to cut costs dramatically,'' says Hill, 57. ``Volumes are down to a level that we have only seen once or twice since World War II.''

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``Agencies are either going out of business, operating at a loss, or having to cut costs dramatically,'' says Hill, 57. ``Volumes are down to a level that we have only seen once or twice since World War II.''

I bet they start wishing they never pushed the market to the heights that meant increasingly people could really afford the property they already have, let alone the property they may have bought in the future.

Shame it will bring the rest of the economy down with it, but then on this government watch the short term is the only thing that seems to matter and that is what has led us here.

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The real irony is that the more EAs helped push up the market, the more easy profit seemed to be on the table, the more people were encouraged into the business... and the more EAs there are scrapping for the reduced business that remains.

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The real irony is that the more EAs helped push up the market, the more easy profit seemed to be on the table, the more people were encouraged into the business... and the more EAs there are scrapping for the reduced business that remains.

If it wasn't so serious you could laugh at how they the EA's appear to have talked this market up and themselves out of a job. :rolleyes:

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Great article - and a lovely last line by the trader trying to flip properties and then testing the BTL market to cover the mortgage when he can't sell - "I'd never heard of offers on the rent before"...

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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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