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Guest Ian Chesterton

House Prices Have Now Crashed

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Guest Ian Chesterton

House prices fall as flood of owners rush to sell

Soaring numbers of homeowners are deciding to sell their properties in a move which will trigger a sharp house price fall, a report warns today.

Asking prices have fallen for the first time this year and are predicted to plunge even lower by the end of the year.

The average asking price, currently around £23,300 in England and Wales, will drop another £14,000 by December, the report by property website Rightmove said.

(I suspect they might change this when someone notices)

Edited by Ian Chesterton

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House prices fall as flood of owners rush to sell

(I suspect they might change this when someone notices)

im very much forecasting a "Domain" type scenario with Nuclear wipeout and Alsatian sized Rats by Mid October so an average house price of 9K by December is pretty much baked in id say, its good to see this scenario finally going mainstream

Edited by Tamara De Lempicka

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It has to be correct as they use the word 'plunge', as that would be inappropriate with only a small drop in price.

Though I do take it personally when out-beared

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It has to be correct as they use the word 'plunge', as that would be inappropriate with only a small drop in price.

Though I do take it personally when out-beared

yep you dont see that word much outside of Reminiscences of a Stock Operator or Mills & Boon

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First thing i read this morning in the mail blurry eyed asked the wife whos the President what happened to Brown and are we still in Afghanistan

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Astonishing to think that the year 1990, which seemed so modern to me at the time, is now referred to as "in those days".

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Dear All,

House prices have now crashed?

You want to tell the good people of Essex! Not only is very little in the way of detached or semi detached coming on, but they're being stupid with the prices in a good few instances.

Take this one for example: http://www.rightmove.co.uk/property-for-sale/property-30506657.html?premiumA=true

They want £415,000 !!!!!!!!!! For a semi !!!

The almost identical except for a balcony property a few doors to the left sold for just £72,000 in 2001. Somehow almost identical if not identical properties are now worth x6? WTF?! Even at peak in 2007, those properties were "just" £270,000

In Chelmsford, one of my prime areas of interest, as well as the rest of Essex around the borough of Southend which is another area of morbid curiosity for me, virtually no semis or detached houses are coming to market and what little there is at or slightly below 2007 peak prices are being sold rapidly. The supply is smaller than a drip. I have been reading one or two of you over the past weeks saying there was lots coming on in Essex, well perhaps Colchester or Romford but not the parts of Essex known to me where there is a definite shortage and any reductions are tiny if you get any. WTF is so special about Essex I don't know, but it's stubbornly refusing to drop like Greater London.

No I'm not a "VI" or estate agent - do go check on Right-move for that part of Essex, see for yourselves

beachnumb

Prices for there: http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=WARWICK+ROAD&locality=SOUTHEND-ON-SEA&town=SOUTHEND-ON-SEA&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=SS1&incode=3BN

Essex only ever goes up?

I's like to hear Bloo's view on this one.

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House prices fall as flood of owners rush to sell

(I suspect they might change this when someone notices)

More good news! Thanks! :)

My favourite parts:

"Each week, only 11,000 mortgages are being approved - just a third of the number of properties coming onto the market."

(...)

"Miles Shipside, commercial director of Rightmove, said: (...) Since the start of the year, asking prices jumped by about seven per cent, from an average of £221,463 to £236,332. But Mr Shipside said this gain will be 'wiped out' by the end of the year."

So, at least 7% fall till the end of the year. :)

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  • 145 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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