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Mapatasy

Sales Tumble By A Third In England And By Almost Half In London

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The comments are good, more than one saying BTL landlords have disappeared from the market but FTBs aren't returning to take their place. They don't seem to be making the connection that prices will need to fall to bring the FTBs back, but maybe they'll get there eventually.

Welcome to the forum!

Edited by Dorkins

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Posted before, but your title says it well, and perhaps deserves a seperate thread.

Otherwise mods could abbreviate your title & add it to the other thread title

http://www.housepricecrash.co.uk/forum/index.php?/topic/226965-land-reg-04-jul-2016/

I commented on it on the other thread.

I mentioned the halving in London sales to a wealthy 70 yr old, but he could not see the significance of the massive drop, as he had done well from property.

House prices ..how did they get so high ?

Edited by Saving For a Space Ship

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If a highstreet shop saw its footfall drop by 33% to 50%, and the reason for the 33% to 50% drop was the prices they sold their products at, and they refused to drop their prices, you would think they were mad.

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If a highstreet shop saw its footfall drop by 33% to 50%, and the reason for the 33% to 50% drop was the prices they sold their products at, and they refused to drop their prices, you would think they were mad.

But not if they were selling something you needed to live and all other shops were the same price. They would blame anything but the price.

Question is, which shopkeeper needs to pay the bills and blinks first.

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But not if they were selling something you needed to live and all other shops were the same price. They would blame anything but the price.

Question is, which shopkeeper needs to pay the bills and blinks first.

Sure we all need somewhere to live, but they are NOT all the same price.....if you have to live in a specific place because of your choice of work talk to your employer about it....It is the employers who pay the price of high housing costs, along with he state who subsidise it...;)

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But not if they were selling something you needed to live and all other shops were the same price. They would blame anything but the price.

Question is, which shopkeeper needs to pay the bills and blinks first.

yes, I think there is a good stand off and the question is who blinks first, buyers or sellers?

It may well be the over leveraged BTL LL triggering a wave of blinks by March/April 2017. Many of them are blissfully ignorant about S24.

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yes, I think there is a good stand off and the question is who blinks first, buyers or sellers?

It may well be the over leveraged BTL LL triggering a wave of blinks by March/April 2017. Many of them are blissfully ignorant about S24.

Think it's also worth considering how S24 changes the motivations of OOs climbing the ladder, especially in London. For years it's been a no-brainer to hold on to and rent out your first flat as you climb the ladder, but at the margin it looks more likely OOs will be selling as they move up. And they'll be selling into a diminishing pool of BTLers and FTBs stretched to the limit of affordability.

Property Industry Eye have picked up on this, quoting some guy saying there will be fewer 'dinner party' landlords

http://www.propertyindustryeye.com/fewer-dinner-party-landlords-as-private-rented-sector-becomes-more-professional/

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Think it's also worth considering how S24 changes the motivations of OOs climbing the ladder, especially in London. For years it's been a no-brainer to hold on to and rent out your first flat as you climb the ladder, but at the margin it looks more likely OOs will be selling as they move up. And they'll be selling into a diminishing pool of BTLers and FTBs stretched to the limit of affordability.

Property Industry Eye have picked up on this, quoting some guy saying there will be fewer 'dinner party' landlords

http://www.propertyindustryeye.com/fewer-dinner-party-landlords-as-private-rented-sector-becomes-more-professional/

And the OO who held and rented over the last 10 years too.

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My sister is currently looking at places in the midlands- the air of desperation among the agents is palpable- in the areas she's looking very little seems to be shifting and price reductions are very common. The one offer she did make was turned down and now-a couple of months later- that same property had been marked down even lower than her offer. Not sure if this portends a wider trend but the market is not as resilient in this area ( Around Nottingham) as headlines would have people think.

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And I hope there is a touch of the ruthless in all HPC members when these new rules come into play, I will be keeping a close eye on any dodgy BTL trying to pull a fast one not paying their whack, no problem with reporting them

Edited by Amiinsane

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My sister is currently looking at places in the midlands- the air of desperation among the agents is palpable- in the areas she's looking very little seems to be shifting and price reductions are very common. The one offer she did make was turned down and now-a couple of months later- that same property had been marked down even lower than her offer. Not sure if this portends a wider trend but the market is not as resilient in this area ( Around Nottingham) as headlines would have people think.

Sales in the my Northern home area have been on their ar5e for 10-15 years now.

Probate is piling up.

The sales have been supported by some BTL and some holiday homes.

BTL is a busted flush. The BTL sales ver the last 10 years will be have to sold in the next 1-2 years - Basel3 and the tax changes will crucify it.

Holiday homes. Well,, its never viable having finance on a holdaiy hiome. Despite a good summr, there's just not enough cash to make it viable.

MMR is killing the OOO market, what littlethere is. Prices are running at twice the level MMR will support.

Roll in some ,ong awating HB and tax credit changes and the money for housing is turning.

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As Henry Pryor points on twitter this is still only pre brexit data. Deals done in May. Post brexit data to come in Oct/Nov with brexit for real happening in 2017.

London will end up with its head on a spike. Guaranteed. All these muppets handing over 800k to ex-bus drivers for houses in zone 5 are going to get slaughtered. The last of the fools....

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Great phrase, AvoidDebt.

Muppets. Every last one.

Look at the London average wage.

Look atthe number of people on benefit living in London.

Look at how many of those benefits gobblers are not actually UK nationals FFS.

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Look at the London average wage.

Look atthe number of people on benefit living in London.

Look at how many of those benefits gobblers are not actually UK nationals FFS.

Am I missing something?

Are you saying it's those on benefits who are paying 800K for London houses ?

I've a good friend living in Richmond/Kingston area of London. HIs house is in that price bracket. Not many benefit claimants buying down there. Not sure where the fact of being UK or non-UK comes into this story ?

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Am I missing something?

Are you saying it's those on benefits who are paying 800K for London houses ?

I've a good friend living in Richmond/Kingston area of London. HIs house is in that price bracket. Not many benefit claimants buying down there. Not sure where the fact of being UK or non-UK comes into this story ?

Yes, indirectly.

They claim housing benefit, which pays the 5k rental, which pays the LL.

Cap housing benefit at no more than 14k/year max. Time limit it for 2 years max.

Remove HB from non UK nationals.

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Yes, indirectly.

They claim housing benefit, which pays the 5k rental, which pays the LL.

Cap housing benefit at no more than 14k/year max. Time limit it for 2 years max.

Remove HB from non UK nationals.

The benefit cap was induced several years ago. It caps total benefits at £500 per week for a family in London. This is being reduced further this Autumn to about £440 for a family in London.

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Sales volumes across England and Wales revealed as the lowest on record BEFORE Brexit vote

SEPTEMBER 22, 2016 | ROSALIND RENSHAW

Heaton said the new data was very alarming and she expected the market to slow further across the rest of this year although yesterday, HMRC reported 109,630 residential transactions in August.

This was the second highest figure of the year, beaten only by Marchs 171,370.

The August number is almost identical to the 109,480 transactions recorded by HMRC in August last year.

http://www.propertyindustryeye.com/sales-volumes-the-lowest-on-record-before-brexit-vote/

Some interesting comments too.

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Sales volumes across England and Wales revealed as the lowest on record BEFORE Brexit vote

SEPTEMBER 22, 2016 | ROSALIND RENSHAW

Heaton said the new data was very alarming and she expected the market to slow further across the rest of this year although yesterday, HMRC reported 109,630 residential transactions in August.

This was the second highest figure of the year, beaten only by Marchs 171,370.

The August number is almost identical to the 109,480 transactions recorded by HMRC in August last year.

http://www.propertyindustryeye.com/sales-volumes-the-lowest-on-record-before-brexit-vote/

Some interesting comments too.

Is this why BoE is pushing for a further rate cute in November?

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115k for Q2 is miles out, someone has messed up the numbers. It's half the HMRC's number. Also:

According to Naomi Heaton, of investment company London Central Portfolio, all parts of the housing market were adversely affected in Q2 of this year, the only exception being prime central London’s private rented sector.

lol? PCL rentals are getting ******ed harder than anything

I wonder what sector London Central Portfolio operate in :rolleyes:

Edited by Granit

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lol? PCL rentals are getting ******ed harder than anything

I wonder what sector London Central Portfolio operate in :rolleyes:

One of the downsides of a major HPC is that most of the soulless scum who lie easier than they breathe are going to filter out of property into other service industries.

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Sure we all need somewhere to live, but they are NOT all the same price.....if you have to live in a specific place because of your choice of work talk to your employer about it....It is the employers who pay the price of high housing costs, along with he state who subsidise it... ;)

HPI fan Boomer whinge I've heard: "All the work is going abroad!".

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