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House Prices In The South East Fall Significantly

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From the front page, thought it should be here too.

Published 10 August 2010

More surveyors reported a fall rather than a rise in South East house prices as supply continues to outstrip demand and more properties come on to the market.

This is according to the latest RICS UK Housing Market Survey.

In July 15% more surveyors reported a fall rather than a rise in house prices, a steep fall of 30% from June, when 15% more surveyors were optimistic that prices would rise.

Demand for property in the South East, measured by the net balance of new buyer enquiries, fell slightly for the second month in a row, from negative 22 to negative 24. Difficulty in securing mortgages and increased uncertainty about the prospects for the economy may have contributed to caution from potential homebuyers though the excess of supply over demand is central to the market.

The number of new vendor instructions in the South East increased markedly across the region, with 35% of surveyors reporting a rise rather than a fall in the number of properties coming onto their books, up from 21% in June. Since the abolition of HIPS in May this year and the changes to Capital Gains Tax, more homeowners seem keen to test the property market.

The consequence is that the average number of properties on surveyors' books rose to an average of 52, up from 43 in June. Average sales per surveyor increased marginally to 18, up from 17, reflecting the continuing lack of demand in the market and producing a sales to stock ration - a useful indicator of market slack - of 34%, only slightly down from 38 in June.

Newly agreed sales increased but still remain in negative territory with 8% of surveyors reporting a fall than a rise in the number of transactions, up from a negative 38% in June, reflecting a more optimistic market earlier in the year.

Looking forward, expectations for house price increases have also turned sharply negative, with 30% more surveyors expecting prices to fall over the coming months, a significant change from June when 3% of surveyors expected prices to rise. Despite this, sales expectations remain optimistic, with 25% of surveyors expecting sales to rise rather than fall, albeit slightly less than the previous month's reading of 27%.

Lovely Jubbly :D

Edited by Pent Up

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Somehow I just KNEW I wasn't imagining it when I see 10% drops round my way (East of Brighton). Dropping like stones they aRE--10K ONE WEEK And another 10k a coUPLE of weeks laTER. 20% DOWN yOY IS A DEAD CERT FOR eAST sUSSEX.

dUMB-aS* KEYBOARD. :angry:

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Somehow I just KNEW I wasn't imagining it when I see 10% drops round my way (East of Brighton). Dropping like stones they aRE--10K ONE WEEK And another 10k a coUPLE of weeks laTER. 20% DOWN yOY IS A DEAD CERT FOR eAST sUSSEX.

dUMB-aS* KEYBOARD. :angry:

Same all around Sussex. Many 'new price' ads. MANY FOR SALE BUT FEW BEING BOUGHT. EG I've seen a wee house that was £329k last year, now £279k.

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Prices still unrealistic where I am. Desirable houses snapped up within a month at negligible reductions. <_<

It's the asking prices wot dunnit and people with more money than sense...

Edited by Kazuya

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Prices still unrealistic where I am. Desirable houses snapped up within a month at negligible reductions. <_<

It's the asking prices wot dunnit and people with more money than sense...

Where are you?

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Love the name of the contactee on that article on the RICS site.

Jo Shockley

The next one will be written by Jason Fear and the finale to be written by Cap Itul Ation i expect.

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Same all around Sussex. Many 'new price' ads. MANY FOR SALE BUT FEW BEING BOUGHT. EG I've seen a wee house that was £329k last year, now £279k.

thats a big drop seeing the same over the past month in kent . I smell FEAR.

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Prices still unrealistic where I am. Desirable houses snapped up within a month at negligible reductions. <_<

It's the asking prices wot dunnit and people with more money than sense...

Conditioning, people has seen and experienced monopoly money figures for so long they still believe the ********.

It won't last.

Edited by OnlyMe

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I have come ot the conclusion that it iwll have to take several thousands public sector employees to lose their jobs in my part of the world for there to be a crash - nothing less.

No sign of that on the horizon either.

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I have come ot the conclusion that it iwll have to take several thousands public sector employees to lose their jobs in my part of the world for there to be a crash - nothing less.

No sign of that on the horizon either.

I more than once referred this to a largely public sector bubble - people largely detached from reality and unaffected by all the other econmic forces in the world and feather-bedded enough to even think about borrowing the sums that were being borrowed. I still think that has been a huge factor, particularly in localised areas.

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I more than once referred this to a largely public sector bubble - people largely detached from reality and unaffected by all the other econmic forces in the world and feather-bedded enough to even think about borrowing the sums that were being borrowed. I still think that has been a huge factor, particularly in localised areas.

It is the only way to explain what has happened down here... Oh, and loads of people from London who bought here X years ago and then wanting to sell but at prices that the locals cannot afford.

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Where are you?

North West.

My anecdotal is supported by RICS findings:

The latest survey from the Royal Institution of Chartered Surveyors (RICS) showed that across England and Wales as a whole, 8pc more estate agents reported a fall than reported a rise in house prices in July, the lowest reading in more than a year. It was in sharp contrast to June, when 8pc more surveyors reported rising rather than falling prices.

But the RICS "balance" figure – the difference between the percentage of agents reporting price rises and the percentage reporting falls – varied from minus 36pc in the East Midlands, the region in which estate agents were most gloomy, to plus 16pc in the North West. London, the North West and the South West are the areas where estate agents are driving their branded cars with smiles on their faces.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7941118/Property-crash-Not-if-you-live-in-the-right-place.html

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Tsunami DrawbackIf the first part of a tsunami to reach land is a trough—called a drawback—rather than a wave crest, the water along the shoreline recedes dramatically, exposing normally submerged areas.

A drawback occurs because the water propagates outwards with the trough of the wave at its front. Drawback begins before the wave arrives at an interval equal to half of the wave's period. Drawback can exceed hundreds of meters, and people unaware of the danger sometimes remain near the shore to satisfy their curiosity or to collect fish from the exposed seabed. During the Indian Ocean tsunami, the sea withdrew and many people went onto the exposed sea bed to investigate. Photos show people walking on the normally submerged areas with the advancing wave in the background. Few survived.

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  • 259 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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