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House Buyers!

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If you have made an offer on a property, everyone in the buying process will want you to go though with the deal. The stock phases used are: House prices are not really high, interest rates look like they are going to come down, buyers have come back to the market etc. So what is the truth?

House prices are ridiculously high by any metric (affordability, comparison with other countries, comparison with past levels). The interest rate outlook is bad as we have rising inflation and both the FED and the ECB are talking about higher rates. Some house buyers did come back to the market last month but how many of them will actually buy? The smart ones will take notice of headlines like 'Interest rates likely to rise (Reuters)' or 'alarming spike in repossessions before the housing bubble bursts (Telegraph)' and will withdraw their offers.

A word of warning. If you decide to pull out, you will subjected to a storm of hostility from vested interests (especially the agent). You will be called a time waster, stupid, short sighted, losing a great opportunity etc. Remember that the agent who is telling you what a great deal you are getting is also telling the vendor that he is very lucky to be getting such a high price in such difficult market conditions.

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  • 301 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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