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Fairyland

Media Talking Down House Prices

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http://www.telegraph.co.uk/property/house-prices/emb-0001-house-prices-to-fall-in-post-brexit-tumble/

The number of people wanting to buy a house has fallen to the lowest level since mid-2008 amid post-referendum uncertainty, according to the Royal Institution of Chartered Surveyors.

In its residential market survey, which has been carried out since the referendum, 27pc more surveyors polled said that house prices would fall rather than rise across the country in the next three months.

That dip in prices is expected to remain in London and the east of England for the next 12 months. This fall is not expected to be in the long term, however: those polled said that prices are still expected to rise over the next five years across the country, by an average of 14pc.

Simon Rubinsohn, the chief economist at Rics, said: Rics data does suggest that the dip in activity will persist over the coming months, but the critical influence looking further ahead is how the economy performs in the wake of the uncertainty triggered by the vote to leave.

Edited by Fairyland

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Bloomberg: http://www.bloomberg.com/news/articles/2016-07-13/london-house-price-index-falls-to-seven-year-low-after-brexit

London house price index falls o seven year low.

Clearly Unnerved

In their report, Acadata and LSL said values in England and Wales rose 0.6 percent in June from May to an average 293,444 pounds ($387,000), the first gain in four months. On an annual basis, value inflation slowed to 6 percent from 6.1 percent.

The drop seen in London in May, the most recent month with regional data, took the average price of a home in the capital to 589,435 pounds, with 21 of its 33 boroughs registering a fall, LSL and Acadata said. Hackney, Wandsworth and Hounslow posted the biggest declines, with values decreasing by more than 4 percent in all three areas.

Link: https://www.theguardian.com/money/2016/jul/14/housing-sales-forecast-to-fall-sharply-this-summer-after-brexit-vote

Housing sales forecast to fall sharply this summer after Brexit vote

Looking ahead over the next three months, 26% more Rics members expected sales to drop further than expected a busier housing market. This is the most negative reading for near-term expectations since 1998, Rics said.

The numbers of surveyors in London reporting falling prices slipped deeper into negative territory in June, with nearly half of surveyors in the capital reporting falls rather than rises. Price falls were particularly concentrated in central London.

Edited by Fairyland

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Brexit vote ravages sentiment in UK housing market - RICS survey

http://uk.mobile.reuters.com/article/idUKKCN0ZT2V9

ravage

ˈravɪdʒ/

verb

1.

cause severe and extensive damage to.

"the hurricane ravaged southern Florida"

synonyms: lay waste, devastate, ruin, leave in ruins, destroy, wreak havoc on, leave desolate, level, raze, demolish, wipe out, wreck, damage; More

noun

1.

the destructive effects of something.

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I notice they're predicting sales to drop, but not prices :rolleyes:

Media barons pushing for that rate cut this morning?

Edited by LC1

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The Radio 2 even quoted somebody saying something along the lines of "If prices dropped a little it may be a good thing", but only after somebody else had talked about the "housing ladder".

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Absolute radio news this morning reported 'Fears' for the housing market. Newsreader used hushed tones. All blamed on Brexit.

They then had an essex boy estate agent who said on the day of the brexit result the phones in his office were quieter that day.

So there you have it. Brexit to blame for fears of the housing market. Good news though, Carnage will oversee a cut in interest rates.

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Sky news very much pushing "BOE will do whatever it takes to keep mortgages affordable" this morning in advance of Mr Carney's sweetie box unveiling

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Sky news very much pushing "BOE will do whatever it takes to keep mortgages affordable" this morning in advance of Mr Carney's sweetie box unveiling

Great news then - raising IRs would lower the capital cost of houses/mortgages and make buying a house more affordable for all!

Oh whoops, I forgot that when the media say 'affordable' in the context of house prices, they mean 'feasible for the average pleb to borrow even more money'.

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Number of first-time buyer mortgages higher than home mover loans

First-time buyers have started taking out more mortgages than home movers for the first time in 20 years. People taking their first step on the property ladder took out 27,500 home loans in May, marking a 9% increase compared with April, the Council of Mortgage Lenders (CML) said. Meanwhile, existing homeowners who were moving home took out 26,300 mortgages in May, marking a lower number than the first-time buyer figure but still up by 18% month-on-month. Paul Smee, director general of the CML, said May marked the second month running that the number of first-time buyer loans was running at a higher level than the number of home mover mortgages - marking "the first time in 20 years that this has been the case". The last time this trend was seen was in early 1996.

Edited by rollover

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