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http://www.rttnews.com/Content/EuropeanEconomicNews.aspx?Node=B2&Id=1634698

UK House Prices Decline In May: Hometrack

ukhometrack-053011.jpg

(RTTNews) - House prices in the U.K. declined in May as long bank holidays during the month dampened demand, the results of Hometrack's latest survey of estate agents showed Monday.

Prices fell 0.1 percent from April, while they were 3.7 percent lower in May than last year, reports said citing the survey results. According to Hometrack, demand is set to fall modestly in the coming months over concerns about the household finances and the wider economic outlook.

"Demand for housing fell for the first time in three months in May putting downward pressure on house prices once again," said Richard Donnell, Director of Research at Hometrack.

"The late Easter break and May bank holidays reduced the volume of traffic through agents' offices, but of greater significance is the growing evidence of weakening consumer confidence," Donnell added.

However, the feel-good factor of the Royal wedding and the warm weather as well as the recent let-up in negative reporting about the state of the economy have given a temporary boost to consumer confidence in May, according to research group GfK NOP. The GfK consumer confidence index recorded the largest increase in 18 years in May.

The number of new buyers registering with agents dropped 0.5 percent during the month, while the growth in the volume of property listings slowed to 3 percent from 5.5 percent in April. The survey also showed that house prices rose 0.2 percent in London, reports said.

In contrast, data published by the Nationwide Building Society last week showed British house prices increased at a modest pace of 0.3 percent.

During the first quarter, the economy expanded 0.5 percent sequentially, offsetting a 0.5 percent contraction in the fourth quarter last year.

So the extended bank holiday and royal wedding boosted consumer confidence but at the same time low consumer confidence, the extended bank holiday weekend and royal wedding stopped people getting through estate agents doors in may?

I'm confused...

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I'm confused too - best not to put too much thought into their explanations (whether up or down) :)

I can see how bank holidays might affect volumes, but I'm not so convinced they would affect prices, especially over a single month

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I'm confused too - best not to put too much thought into their explanations (whether up or down) :)

I can see how bank holidays might affect volumes, but I'm not so convinced they would affect prices, especially over a single month

If I was looking to buy. I would have used the long weekends to arrange viewings of all the houses I like. It's a perfect opportunity for house viewing.

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The number of new buyers registering with agents dropped 0.5 percent during the month, while the growth in the volume of property listings slowed to 3 percent from 5.5 percent in April

That'll do for me.. Although they're a bit misleading saying the growth of sellers has slowed.. It's still growing.

Edited by exiges

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It's a low transaction market with falling values. Stock is starting to build up in my search area though it's mainly the stuff that's poor value.

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That'll do for me.. Although they're a bit misleading saying the growth of sellers has slowed.. It's still growing.

Yeah I'm quite happy with that. Demand falling in May is very significant. Whatever the excuse is.

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Bottom line, we have had months of bank holidays/Easter and the housing market is in the doldrums. EAs are busy spinning this as being the fault of the holidays but when else do you view houses for sale?

Imagine all the hundreds of thousands who kept their homes in pristine for sale condition only for no buyers to turn up for viewings.

I am hoping that by the end of this week or next we will see some serious price drops as both EAs and sellers realise that the bank holiday peak buying period has come and gone. I am hoping that by Wed EAs will be ringing around sellers getting them to drop asking prices and that sellers will be becoming more worried at the lack of viewings.

As I posted on here a few days ago I expect, within a week, I will be hearing EAs spinning September as the peak buying month, using the excuse of people being on holiday over the Summer and not buying.

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Bottom line, we have had months of bank holidays/Easter and the housing market is in the doldrums. EAs are busy spinning this as being the fault of the holidays but when else do you view houses for sale?

Imagine all the hundreds of thousands who kept their homes in pristine for sale condition only for no buyers to turn up for viewings.

I am hoping that by the end of this week or next we will see some serious price drops as both EAs and sellers realise that the bank holiday peak buying period has come and gone. I am hoping that by Wed EAs will be ringing around sellers getting them to drop asking prices and that sellers will be becoming more worried at the lack of viewings.

As I posted on here a few days ago I expect, within a week, I will be hearing EAs spinning September as the peak buying month, using the excuse of people being on holiday over the Summer and not buying.

Agree overall with the sentiment but think you underestimate the effect on long cycle business sales ( which a house purchase is with solicitors,surveyors,lenders etc all in the loop)

April was unbelievably fragmented in this sense. If you need to get hold of someone and they are away it just gums up the cycle. A supplier of mine tells me they sent out 300 emails and got 180+ out of office replies at two different points in April.

It might be a smokescreen but operationally it was a very stange month

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Agree overall with the sentiment but think you underestimate the effect on long cycle business sales ( which a house purchase is with solicitors,surveyors,lenders etc all in the loop)

April was unbelievably fragmented in this sense. If you need to get hold of someone and they are away it just gums up the cycle. A supplier of mine tells me they sent out 300 emails and got 180+ out of office replies at two different points in April.

It might be a smokescreen but operationally it was a very stange month

How does that stop people viewing houses? Even if people booked off the 3 days between the two long weekends doesn't mean they went away. If you was a serious house buyer you would use those extra days off to get out and do some viewings surely?

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How does that stop people viewing houses? Even if people booked off the 3 days between the two long weekends doesn't mean they went away. If you was a serious house buyer you would use those extra days off to get out and do some viewings surely?

I dont know what other people do, of course, but when we've viewed houses, we've always done so after work or early saturday morning to get it out of the way for the weekend. No way would i waste the opportunity to go away for 9 days with 3 days holiday just to view a house, or even waste a bank holiday weekend...

Once you've seen some houses, you know roughly what you want so there's no need to view loads of houses to find a suitable candidate.

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At last! Hometrack, the most derided of surveys has gone negative.

Suddenly the analysis is being forensically parsed, where once this report was dismissed with scorn by the cognoscenti of HPC.

Arise Hometrack! Your time has come, and take your place at the top table of surveys............

If a survey of blind deluded EAs has gone negative, we know the end is nigh!

It's now time for some of the contrarians on this forum to start talking about setting up a HPI site :)

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How does that stop people viewing houses? Even if people booked off the 3 days between the two long weekends doesn't mean they went away. If you was a serious house buyer you would use those extra days off to get out and do some viewings surely?

Not everyone thinks buying a house is a big deal, in 96 my wife and I viewed the house we bought separately, I went with my mate my business partner between jobs. I then rang my wife and said put this offer in because we reckon it's worth this.

The same this time and when we were renting, my wife does a bit of research does the first pass and then if we can see it together great, if not we will fit it in around stuff.

Not everyone enjoys tramping round houses on a day off, but as stated I think you will also find there were a he'll of a lot of people away

Edited by Greg Bowman

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How does that stop people viewing houses? Even if people booked off the 3 days between the two long weekends doesn't mean they went away. If you was a serious house buyer you would use those extra days off to get out and do some viewings surely?

I think you will find serious buyers probably act more like Henrik and I the others are tyre kickers ......

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I think you will find serious buyers probably act more like Henrik and I the others are tyre kickers ......

I don't think you can genralise like that. People are different.

Some people I know will let nothing get in the way of their holidays. Others do use the bank holidays to view. Some people will view one house per day, others cram in 5 or 6 viewings in a day.

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I don't think you can genralise like that. People are different.

Some people I know will let nothing get in the way of their holidays. Others do use the bank holidays to view. Some people will view one house per day, others cram in 5 or 6 viewings in a day.

Good point but I think if you ask an EA which people tend to buy and decide quickly it's not the house hunting as a hobby brigade.

Edited by Greg Bowman

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anecdotally, in my are quite a few have been coming on the market and a fair number have been selling, I suspect the sale prices are dropping though.

I know most people on here actually want a crash (duh!) but I am sure there is too much fud around at the moment as TPTB blindly try to keep the dead economic model going.

The fall is going to be a big one and when it does happen, the last thing you will want to do is buy a house. ;)

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Good point but I think if you ask an EA which people tend to buy and decide quickly it's not the house hunting as a hobby brigade.

Again, I don't think you can generalise.

I visit EAs weekly - no doubt some think I am a hobbyist or a timewaster and they tell me the most stupid of statements such as "Go on, just buy one" seeming to think that I do not realise that they are VIs. Others appear to think that you should put more time into buying a pair of socks than on your most expensive purchase.

But other EAs I speak with know full well that I have a clear idea of what I want, how much I am prepared to pay for it and what the state of the market is like.

So, to one EA I may look like a hobbyist and timewaster but to another I am someone who will buy once I see what I want.

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I think you will find serious buyers probably act more like Henrik and I the others are tyre kickers ......

I don't think so. Obviously people are different. But of all the houses I've viewed it's always been on Saturday. Then you have the Sunday to think about it before going back to work.

When I get in from work I usually like to eat dinner and relax, the last thing I want to do is go out and view houses after a hard days work.

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UK house prices fall sharply in May

LONDON - House prices in England and Wales dropped at their fastest annual pace in over 1-1/2 years in May as demand fell for the first time since January, a survey showed on Monday.

Property research company Hometrack said prices were 3.7 per cent lower in May compared with a year ago, the biggest decline since October 2009. On the month, prices nudged 0.1 per cent lower after April's unchanged reading.

http://www.businesstimes.com.sg/sub/latest/story/0,4574,441063,00.html

Edited by Pent Up

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Again, I don't think you can generalise.

I visit EAs weekly - no doubt some think I am a hobbyist or a timewaster and they tell me the most stupid of statements such as "Go on, just buy one" seeming to think that I do not realise that they are VIs. Others appear to think that you should put more time into buying a pair of socks than on your most expensive purchase.

But other EAs I speak with know full well that I have a clear idea of what I want, how much I am prepared to pay for it and what the state of the market is like.

So, to one EA I may look like a hobbyist and timewaster but to another I am someone who will buy once I see what I want.

I think pentup and yourself are spot on we are all different but you have given the game away you are a property hobbist " I visit EA's weekly" I visit car dealers at least once a week but I do recognise it is a fanatical hobby of mine...... :)

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I think pentup and yourself are spot on we are all different but you have given the game away you are a property hobbist " I visit EA's weekly" I visit car dealers at least once a week but I do recognise it is a fanatical hobby of mine...... :)

When I was viewing houses in early 2010 I was viewing to buy (I even offered on one, luckily rejected) then I was a serious buyer, now I'm a hobbiest but don't waste my time time viewing houses.

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I think pentup and yourself are spot on we are all different but you have given the game away you are a property hobbist " I visit EA's weekly" I visit car dealers at least once a week but I do recognise it is a fanatical hobby of mine...... :)

Nah, you're twisting it... :D I visit weekly because I am looking to buy the single biggest purchase in my entire life. If the right house became available for the right price I would buy today.

I have 4 or 5 houses I am interested in and am keeping a close eye on their falling asking prices. When they get within the price range I believe they should be on for I will put offers in on them.

That is not a hobbyist, that is a canny buyer.

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Nah, you're twisting it... :D I visit weekly because I am looking to buy the single biggest purchase in my entire life. If the right house became available for the right price I would buy today.

I have 4 or 5 houses I am interested in and am keeping a close eye on their falling asking prices. When they get within the price range I believe they should be on for I will put offers in on them.

That is not a hobbyist, that is a canny buyer.

Phew thought you had lost your SOH this morning! That would of rocked my world sinceI know we are both technologists :D

Wish I was as canny with cars! :(

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Phew thought you had lost your SOH this morning! That would of rocked my world sinceI know we are both technologists :D

Wish I was as canny with cars! :(

Also, as one of my hobbies is psychology, I am conducting psych-ops against the local EAs.

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  • 309 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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