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I reckon the BTL crew are on their holidays... Mulling over what to do when they get back. Sept Oct will see the start of property dumping I reckon.

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The line in the media appears to be that the Brexit is robbing confidence. For once the indecision of the political class are playing into our hands. The BOE has wasted seven years avoiding raising rates, now they're a spent force. Go on Carney, scare the public with negative rates and watch the market collapse. This is looking really cheerful.

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Tch. Why don't RM update their website when a new release comes out and by the time the news has gone twice round the world (still has July 2016 up on there). Or perhaps release the news at 09:00 when someone is at work?!? We are an impatient bunch...

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To encourage buyers, owners of inner-London homes cut asking prices by 3.6 percent from July to an average of 784,494 pounds ($1 million); districts further out saw values drop 1.5 percent. It leaves London overall up 2.1 percent on the year, one the slowest growth rates of any U.K. region.

Falling Rents

In a separate survey published Monday, broker Countrywide Plc said annual rental-growth slowed across the U.K. in July as the stock of homes jumped by almost a quarter. In London, rents fell by 0.5 percent to an average 1,280 pounds a month, the first decline in six years.

The increase in the number of rental properties is partly due to landlords rushing to complete purchases before the stamp-duty increase kicked in, Countrywide said.

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No price drops on properties already for sale have been recorded by this data release.

Indeed. So no doubt the drops are worse than they're saying.

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Indeed. So no doubt the drops are worse than they're saying.

The asking prices round northants are ludicrous.

If there is any sort of a "sell off" at realistic asking prices the RM index will need to fall about 40%

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I reckon the BTL crew are on their holidays... Mulling over what to do when they get back. Sept Oct will see the start of property dumping I reckon.

I recon a large chunk of the BTLers are in the age range of 50 to 65........they will soon start selling to release capital to spend on different things....drip, drip. ;)

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There's been another update from the sage known as TheLondonAgent posting over at The Guardian. I mentioned him/her in another thread. Deserves a spot above the line..

15 Aug 2016 13:33

This article is based on asking prices which (in London at least) were being acheived until a few months ago. Now most agreed sales now are AT LEAST 10% LESS than asking and some at 25% LESS. There is even a property at -47% from this time last year and still no buyer found!

https://profile.theguardian.com/user/id/16505634

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Bloomberg: Londoners Cut House Prices to Lure Buyers in Slowing Market

Link: http://www.bloomberg.com/news/articles/2016-08-14/londoners-cut-house-prices-to-lure-buyers-in-slowing-market

Note, rents are also falling. We have the Benefit Cap Reduction coming up this Autumn.

The BBC was also reporting this.

There was no sound on at the time I saw it so I have no idea how they spun this.

The lower IRs will save the market....

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There's been another update from the sage known as TheLondonAgent posting over at The Guardian. I mentioned him/her in another thread. Deserves a spot above the line..

15 Aug 2016 13:33

This article is based on asking prices which (in London at least) were being acheived until a few months ago. Now most agreed sales now are AT LEAST 10% LESS than asking and some at 25% LESS. There is even a property at -47% from this time last year and still no buyer found!

https://profile.theguardian.com/user/id/16505634

Id like to see a link to that 47% off listing ....

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Id like to see a link to that 47% off listing ....

Not sure how you'd find out exactly without asking him/her.

I've not used this before so cant vouch for it but mouseprice has a sort by most reduced feature. There's defo some noise in here due to typos with initial listings but some of the data does seem to look good, including reductions in the range mentioned above.

http://www.mouseprice.com/property-for-sale/london?SortBy=5

This is listed as -47% for London. Just poking around so not certain how accurate I am. Do your own research before you put in an offer :)

http://www.mouseprice.com/property-for-sale/ref-29230353/totteridge+village+totteridge+n20

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