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The Masked Tulip

Rics - Wales Is Going Down

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http://www.ft.com/cms/s/0/faf52e40-95e7-11e0-ba20-00144feab49a.html#ixzz1PCyxvRwJ

The Royal Institution of Chartered Surveyors’ housing survey for May found that a balance of 28 per cent more surveyors had experienced prices falling rather than rising, the largest negative balance since the beginning of the year.

Moreover, surveyors expect prices over the next three months to be lower rather than higher in every single region except London. The outlook is particularly negative in Wales where a balance of nearly 70 per cent more surveyors expect price falls rather than rises and in the south-west, where the figure is nearly 50 per cent.

The drop has been particularly sharp in the West Midlands, where a balance of 64 per cent more surveyors saw prices fall rather than rise followed by Wales where the figure was 43 per cent.

The percentage of surveyors reporting that inquiries from new buyers are falling was a balance of 2 per cent, having been flat in April.

New instructions to sell properties rose, with a balance of 15 per cent more reporting that these are rising. Average sales of properties per surveyor declined to 14.7 from 15.2.

Given the rise in stock levels and fewer sales during May, the sales-to-stock ratio – an indicator of the balance between demand and supply – fell to 20.6 per cent, well below the long-run average of 33.5 per cent.

The survey also highlighted regional trends. Nowhere in the country is unsold stock on surveyors’ books higher than in Wales where it is close to 120 properties per surveyor.

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I think we are going to have a Summer of numpties offering full asking price expecting to get full asking price on their own properties, lots of stagnant chains, lots of people being turned down by banks, lots of people having bank surveys where the surveys come in well under the asking price, lots of denial with ludicrous, IMPO, EA valuations and ludicrous, IMPO, asking prices...

...and by the end of Summer we will have witnessed rising inflation, big strikes, the economy getting worse and a stagnant housing market. Then I think it will begin to collapse.

I was in the pub last night and there was a copy of the local Swansea property paper there - people were reading through it and commenting on how ludicrous asking prices for. It was interesting listening to the comments. Basically, even Joe Public appears to have now cottoned onto how mad things are in Wales re asking prices.

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I think we are going to have a Summer of numpties offering full asking price expecting to get full asking price on their own properties, lots of stagnant chains, lots of people being turned down by banks, lots of people having bank surveys where the surveys come in well under the asking price, lots of denial with ludicrous, IMPO, EA valuations and ludicrous, IMPO, asking prices...

...and by the end of Summer we will have witnessed rising inflation, big strikes, the economy getting worse and a stagnant housing market. Then I think it will begin to collapse.

I was in the pub last night and there was a copy of the local Swansea property paper there - people were reading through it and commenting on how ludicrous asking prices for. It was interesting listening to the comments. Basically, even Joe Public appears to have now cottoned onto how mad things are in Wales re asking prices.

..... and hopefully, IMPO, a hike in interest rates too! :lol:

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  • 277 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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