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House Price Recovery Grinds To A Halt

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Robert Lindsay

Updated 27 minutes ago

Britain’s housing market recovery has come to a standstill, according to two influential indicators released today.

The Land Registry’s House Price Index showed that home prices fell last month — the first monthly drop since the tail-end of the financial crisis in April last year.

The index showed a fall in prices of 0.2 per cent from April to May, with an annual increase of 8.2 per cent.

The Hometrack monthly survey of estate agents said that average house prices rose 0.1 per cent from May to June as demand from potential buyers stalled.

The figure represented a 2.1 per cent gain on prices in June last year, but Hometrack said that growth in demand had been slowing in the past four months owing to uncertainty caused by the general election, the prospect of an austerity Budget and a lack of mortgage finance.

Estate agents in England and Wales reported a 0.1 per cent rise in new buyer registrations last month, with a fall in demand recorded in six out of ten regions.

The number of new homes coming on to the market increased by 2.9 per cent, continuing recent trends. Hometrack said that the supply of homes for sale had increased at three times the rate of demand since March.

Richard Donnell, director of research at Hometrack, said: “We expect demand for housing to slow further as seasonal factors come into play and households consider the implications of the Budget on their finances and on the economy in general.”

The number of agreed sales rose by 2.8 per cent despite the fall in demand.

The amount of time that a property takes to sell remained broadly unchanged at an average of 8.4 weeks, while homeowners achieved an average of 94.3 per cent of their asking price.

The average home in England and Wales costs £158,900 — 2.1 per cent more than in June last year — according to Hometrack.

The Land Registry, meanwhile, said the average property value in England and Wales last month was £165,314.

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Robert Lindsay

Updated 27 minutes ago

Britain’s housing market recovery has come to a standstill, according to two influential indicators released today.

The Land Registry’s House Price Index showed that home prices fell last month — the first monthly drop since the tail-end of the financial crisis in April last year.

The index showed a fall in prices of 0.2 per cent from April to May, with an annual increase of 8.2 per cent.

The Hometrack monthly survey of estate agents said that average house prices rose 0.1 per cent from May to June as demand from potential buyers stalled.

The figure represented a 2.1 per cent gain on prices in June last year, but Hometrack said that growth in demand had been slowing in the past four months owing to uncertainty caused by the general election, the prospect of an austerity Budget and a lack of mortgage finance.

Estate agents in England and Wales reported a 0.1 per cent rise in new buyer registrations last month, with a fall in demand recorded in six out of ten regions.

The number of new homes coming on to the market increased by 2.9 per cent, continuing recent trends. Hometrack said that the supply of homes for sale had increased at three times the rate of demand since March.

Richard Donnell, director of research at Hometrack, said: “We expect demand for housing to slow further as seasonal factors come into play and households consider the implications of the Budget on their finances and on the economy in general.”

The number of agreed sales rose by 2.8 per cent despite the fall in demand.

The amount of time that a property takes to sell remained broadly unchanged at an average of 8.4 weeks, while homeowners achieved an average of 94.3 per cent of their asking price.

The average home in England and Wales costs £158,900 — 2.1 per cent more than in June last year — according to Hometrack.

The Land Registry, meanwhile, said the average property value in England and Wales last month was £165,314.

Excellent news.

Is it starting, finally? Really? :) And will this be the real one? The good, big crash? :)

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The number of new homes coming on to the market increased by 2.9 per cent, continuing recent trends. Hometrack said that the supply of homes for sale had increased at three times the rate of demand since March

.

A little bit of drawer filling fear creeping in? Lots of wannabe STRs with pent up selling tendencies. Or, job losses are forcing sales. Or more Brits are exiting the motherland due to a sense of hopelessness that HPI has caused? OR, BTLers seeing time is up on their empires due to the inevtibale crash in rents that austerity will bring?

Probably a combination of all those factors. And all together they a nice crash make. :)

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Probably a combination of all those factors. And all together they a nice crash make. :)

I thought you were just about ready to give up and buy? :huh:

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A little bit of drawer filling fear creeping in? Lots of wannabe STRs with pent up selling tendencies. Or, job losses are forcing sales. Or more Brits are exiting the motherland due to a sense of hopelessness that HPI has caused? OR, BTLers seeing time is up on their empires due to the inevtibale crash in rents that austerity will bring?

Probably a combination of all those factors. And all together they a nice crash make. :)

I'll we need now is a deck of cards :lol:

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Excellent news.

Is it starting, finally? Really? :) And will this be the real one? The good, big crash? :)

Doubt it , just a way station along the route of weakness characterised by a series of falls followed by rises etc which I suspect we'll be seeing for the next few years.

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since the tail-end of the financial crisis in April last year.

You're 'Avin a larf Bob?. We won't see the tail end of this crisis before 2020.

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Guest Mrs Bradley

The number of new homes coming on to the market increased by 2.9 per cent, continuing recent trends. Hometrack said that the supply of homes for sale had increased at three times the rate of demand since March

.

A little bit of drawer filling fear creeping in? Lots of wannabe STRs with pent up selling tendencies. Or, job losses are forcing sales. Or more Brits are exiting the motherland due to a sense of hopelessness that HPI has caused? OR, BTLers seeing time is up on their empires due to the inevtibale crash in rents that austerity will bring?

Probably a combination of all those factors. And all together they a nice crash make. smile.gif

'Bout flamin' time!rolleyes.gif

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The number of new homes coming on to the market increased by 2.9 per cent, continuing recent trends. Hometrack said that the supply of homes for sale had increased at three times the rate of demand since March

.

A little bit of drawer filling fear creeping in? Lots of wannabe STRs with pent up selling tendencies. Or, job losses are forcing sales. Or more Brits are exiting the motherland due to a sense of hopelessness that HPI has caused? OR, BTLers seeing time is up on their empires due to the inevtibale crash in rents that austerity will bring?

Probably a combination of all those factors. And all together they a nice crash make. :)

All and every indicator is pointing to slowdown, bumpy, messy and uneven but it could be a disaster in the USA coming quite soon. The trigger could be in so many places just now its just hard to say which house of cards will fall first. It really is not an 'if' anymore. I don't want to see the misery of a fullblown long lasting recession but I do not see how it will be avoided with impossible borrowings all around the western world. Borrowing more will not work and the G20 meeting has begun to sound as though they now see that (perhaps apart from Obama). The money supply is reducing at a rate not seen since 1931 in the US and this is very serious indeed. Its probably happening here to some extent. Its debt deflation then inflation. AND THIS MEANS THE HPC WILL GRADUALLY GATHER STRENGTH AND RESUME THE INEVITABLE PATH.

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Spring Bounce and 0.5% Base rates and it still produces a loss :lol::lol::lol::lol::lol:

Yes.

The world cup distraction is out the way and this lovely weather won't last. Soon we will have a tranche or 2 of substantial public sector job cuts which people will realise are the first of wave after wave. Maybe there will be an unexpected event that spooks the stock markets as well.

Quite soon we could see a deeply satisfying steep drop of the 'holy sh1t' variety.

The inevitable has been delayed and but now its back with nasty big pointy teeth.

Raw fear will be in the eyes of millions who have bound themselves too closely to property.

The fun begins. Be on your guard, especially against potless, mewed out relatives.

We've got some, most families have. But I'm not worried, if/when they are desperate enough we will insist they add our names to their deeds and bail them out provided they allocate equity to us of 1.2x the amount lent. And get them to work on our house for free as well. Every problem is an opportunity.

Beginning to see how some people did very well out of the Depression?

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Robert Lindsay

Updated 27 minutes ago

The amount of time that a property takes to sell remained broadly unchanged at an average of 8.4 weeks, while homeowners achieved an average of 94.3 per cent of their asking price.

There's something wrong right there. Can't believe it's that high.

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  • 260 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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