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House prices soar again: Big surge since EU exit vote smashes economists' expectations - says Daily Express

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http://www.express.co.uk/news/uk/752153/house-prices-increase-brexit-big-surge-since-EU-exit-vote-smashes-economists-expectations

 

As much as £4,000 was added to values in December – the highest monthly rise since March as the UK housing market ended the year with a bang.

Prices jumped by 1.7 per cent between November and December, smashing economists’ expectations of a 0.3 per cent rise, according to Britain’s biggest mortgage lender.

It led one expert to describe the housing market as “bulletproof”. Remainers had predicted the June 23 vote to leave the European Union would cause prices to crash.

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But values were up 6.5 per cent year-on-year in December and up 2.5 per cent over the past three months of the year.

We do not subscribe to the view that we will see price reductions in 2017

Russell Quirk - Chief Executive of eMoov

The average property value was £222,484 last month, the Halifax said. “Positive news on house prices simply will not go away,” said Russell Quirk, chief executive of eMoov.

“That is despite the efforts of some to make us accept that the market will weaken in the wake of EU referendum angst. The UK housing market is fundamentally robust – bulletproof even.

“We do not subscribe to the view that we will see price reductions in 2017. The clever money is on yet more positive news to underpin the overall economy this year.”

 

1.7 %? Whats happened to the slow down then people?

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It's beyond my understanding, but everyone involved in the housing industry seems to be happy with a low volume market.  It's been low volume (historic lows) for 8 or 9 years now.  No problem.  They solider on.  The worst of it is - even if they fall, I just see that re-awakening the market and then prices will consolidate.  In the grand scheme of things, even a 20% "crash" is a retracement against a general trend. 

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3 hours ago, canbuywontbuy said:

It's beyond my understanding, but everyone involved in the housing industry seems to be happy with a low volume market.  It's been low volume (historic lows) for 8 or 9 years now.  No problem.  They solider on.  The worst of it is - even if they fall, I just see that re-awakening the market and then prices will consolidate.  In the grand scheme of things, even a 20% "crash" is a retracement against a general trend. 

Low volume, with the  cash flow took from high, illegal charges on renters.

The renters free cashflow is stopping.

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3 hours ago, canbuywontbuy said:

It's beyond my understanding, but everyone involved in the housing industry seems to be happy with a low volume market.  It's been low volume (historic lows) for 8 or 9 years now.  No problem.  They solider on.  The worst of it is - even if they fall, I just see that re-awakening the market and then prices will consolidate.  In the grand scheme of things, even a 20% "crash" is a retracement against a general trend. 

This is 100% down to weak Sterling caused by Brexit. Rather than tearing down the system, Brexit is actually selling off the UK off cheap to foreign buyers.

Anyone with foreign assets will be looking at the U.K. and thinking that it looks relatively cheap to buy compared with 2 years ago.

Brexit is looking increasingly anti-British.

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12 minutes ago, Mikhail Liebenstein said:

This is 100% down to weak Sterling caused by Brexit. Rather than tearing down the system, Brexit is actually selling off the UK off cheap to foreign buyers.

Anyone with foreign assets will be looking at the U.K. and thinking that it looks relatively cheap to buy compared with 2 years ago.

Brexit is looking increasingly anti-British.

It might, initially.

Then when you look at how much tax, rightly, is on a foreign owned UK house and youll run away.

There was a 5 year period, from 2010ish, where UKGOV were complicit is laundering Chinese + russian cash into London property.

That perdio is over for a number of reasons - Russians have no money, Chinese have less and its unpatriotic to move cash out of China, US money laudering rules were going to cause problems in the UK.

 

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How long does it take someone to save £4,000? More to the point, how long does it take someone to repay £4,000......The system is totally broken for a growing number of people in this country......If not already secured any capital or have someone who can give away some of their capital, will have a very small chance of building up some of your own, yourself through own hard work....;)

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13 minutes ago, winkie said:

How long does it take someone to save £4,000? More to the point, how long does it take someone to repay £4,000......The system is totally broken for a growing number of people in this country......If not already secured any capital or have someone who can give away some of their capital, will have a very small chance of building up some of your own, yourself through own hard work....;)

It's worse than that, they are determined to steal what you already  have through inflation and low IRs.

 

These ****s are common criminals, pure and simple IMHO

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16 minutes ago, TheCountOfNowhere said:

It's worse than that, they are determined to steal what you already  have through inflation and low IRs.

 

These ****s are common criminals, pure and simple IMHO

Indeed 

Evil

 

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52 minutes ago, sPinwheel said:

In your face remainers! Zut alors etc.

yes, 'Put that in your pipe and smoke it', Remainers.  The only time I have smiled upon seeing an Express 'HPI' article  :lol: - not that I believe the numbers for a minute, thankfully.

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2 hours ago, TheCountOfNowhere said:

It's worse than that, they are determined to steal what you already  have through inflation and low IRs.

 

These ****s are common criminals, pure and simple IMHO

Well a healthy, wealthy country means all citizens have same opportunities and feel valued with a purpose.....the poor will spoil it for the rich when they no longer have wealth enough to help keep the already wealthy, wealthy...... Individuals taking on ever growing amounts of debt to help do this eventually reaches saturation point, income from ordinary work will not support it....then all you have is a two tier system......those who can will trade with each other, the rest can live from the crumbs left over and state handouts that are there to cover the basics to live, it is not designed to cover debt payments or luxury shopping or high rent payments........there is a big wide world out there.;)

 

 

 

Edited by winkie

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3 hours ago, Mikhail Liebenstein said:

This is 100% down to weak Sterling caused by Brexit. Rather than tearing down the system, Brexit is actually selling off the UK off cheap to foreign buyers.

Anyone with foreign assets will be looking at the U.K. and thinking that it looks relatively cheap to buy compared with 2 years ago.

Brexit is looking increasingly anti-British.

Here we go again! Wrong wrong wrong. A foreigner buying a UK property does NOT have the right to live in  the UK. After Brexit this will also apply to EU nationals. Therefor the ONLY reason for a foreign buyer to buy would be as an investment. But rents are also in £ so yields are the same FFS. A for capital gains £ likely to go down with nominal price also. Why do people repeat this EA drivel!

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7 minutes ago, Gribble said:

Here we go again! Wrong wrong wrong. A foreigner buying a UK property does NOT have the right to live in  the UK. After Brexit this will also apply to EU nationals. Therefor the ONLY reason for a foreign buyer to buy would be as an investment. But rents are also in £ so yields are the same FFS. A for capital gains £ likely to go down with nominal price also. Why do people repeat this EA drivel!

I don't think rich foreign buyers need or want to rent their UK properties out, a safe storage place, like buying a Picasso or a lump of gold.....a bolt hole and place to stay for family and friends on shopping trips, hotels feel the hit am sure.....huge numbers of city properties are not actually lived in.....only have to look on dark evenings at the numbers of lights on in certain places....;)

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4 hours ago, Gribble said:

Here we go again! Wrong wrong wrong. A foreigner buying a UK property does NOT have the right to live in  the UK. After Brexit this will also apply to EU nationals. Therefor the ONLY reason for a foreign buyer to buy would be as an investment. But rents are also in £ so yields are the same FFS. A for capital gains £ likely to go down with nominal price also. Why do people repeat this EA drivel!

I was talking to one [EA] yesterday. He was saying exactly that, Chinese money is buying up property in my area (Midlands), apparently. 

I'm not sure whether it's drivel or not, but he's nothing to gain from telling me. Just another EA mantra I suppose, always talk the market up.

I don't look at London much but saw a story about Battersea having sold very quickly and mostly to foreigners.  Then saw a story like this one in one of the papers down there... http://www.ibtimes.co.uk/london-property-nervous-battersea-power-station-investors-slash-asking-prices-re-sell-1547647

Hard to believe the money will keep coming if drops like this take hold, so the EAs are going to have to look really convincing when telling that story.

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Quote

As much as £4,000 was added to values in December – the highest monthly rise since March as the UK housing market ended the year with a bang.

With that it's difficult to decide whether the Brexit doomsters were right or wrong.

Just a couple of days or so ago a former deputy director of the IMF was reported to say that lower house prices would be good for the British economy.

Edited by billybong

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55 minutes ago, Jugador said:

I was talking to one [EA] yesterday. He was saying exactly that, Chinese money is buying up property in my area (Midlands), apparently. 

I'm not sure whether it's drivel or not, but he's nothing to gain from telling me. Just another EA mantra I suppose, always talk the market up.

I don't look at London much but saw a story about Battersea having sold very quickly and mostly to foreigners.  Then saw a story like this one in one of the papers down there... http://www.ibtimes.co.uk/london-property-nervous-battersea-power-station-investors-slash-asking-prices-re-sell-1547647

Hard to believe the money will keep coming if drops like this take hold, so the EAs are going to have to look really convincing when telling that story.

The Chinese have a habit of buying for investment and never moving in. Moreover they consider a "lived in" apartment as one that has actually been finished/fitted out  - so basically they have been speculating on bare concrete wall new builds and it actually devalues the place if it is kitted out.

We need a ban on multiple property foreign ownership or punishing taxes, especially for empty property. Absolutely NO reason to have UK housing stock used as gambling chips, utterly detrimental to society and functioning of the economy.

 

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^

 

Especially with a country "investing" in the UK that not so long ago was portrayed as politically non friendly.  Yet all of a sudden they're drink pints down at the local best mates with the government and property VIs who want to scrape the bottom of every barrel to support UK house prices and put them out of reach of ordinary UK people.

I'm certainly not referring to the ordinary Chinese people there of course.

Edited by billybong

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15 minutes ago, onlyme2 said:

The Chinese have a habit of buying for investment and never moving in. Moreover they consider a "lived in" apartment as one that has actually been finished/fitted out  - so basically they have been speculating on bare concrete wall new builds and it actually devalues the place if it is kitted out.

We need a ban on multiple property foreign ownership or punishing taxes, especially for empty property. Absolutely NO reason to have UK housing stock used as gambling chips, utterly detrimental to society and functioning of the economy.

 

i agree. We'll let Sheikh Khalifa of Abu Dhabi personally hold 2.5 billion of London according to the Panama papers, and his sovereign wealth fund hold a lot more, but you try going over to his place and buying anything that isn't on a designated site. They simply won't allow it.

But we're broke so we'll allow this exploitation.

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The Daily Express ranks as Britain's' premier source of fake news these days, but this so-called surge they're playing up is simply more gains for the liberal elite remainers and globalists. I'm guessing they're too daft to realise.

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31 minutes ago, Tempus said:

The Daily Express ranks as Britain's' premier source of fake news these days, but this so-called surge they're playing up is simply more gains for the liberal elite remainers and globalists. I'm guessing they're too daft to realise.

As a purveyor of news, it's a joke. The Express is simply the place where stories too ridiculous for the Daily Mail find their final resting place.

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didn't the express run a bearish article two days ago? A comic book.

as for the £4000 increase in one month or £130 per day...its just as well I saved 40p on reduced bread in Tesco today.

life in this country is intolerable.

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12 minutes ago, Wayward said:

didn't the express run a bearish article two days ago? A comic book.

as for the £4000 increase in one month or £130 per day...its just as well I saved 40p on reduced bread in Tesco today.

life in this country is intolerable.

Do that more than 40,000 times a month and you're on a winner.

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On 10/01/2017 at 7:56 AM, spyguy said:

It might, initially.

Then when you look at how much tax, rightly, is on a foreign owned UK house and youll run away.

 

What are these taxes (genuine question) and wonder how many are actually paid? Eg. If supposed to pay 3% extra stamp duty on second home ), how many are going to admit to declare owning a flat in Beijing? Also doubt the full amounts of capital gains are paid either. 

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14 hours ago, Wayward said:

didn't the express run a bearish article two days ago? A comic book.

as for the £4000 increase in one month or £130 per day...its just as well I saved 40p on reduced bread in Tesco today.

life in this country is intolerable.

The papers were just as schizophrenic at the start of the last proper crash. You'd sometimes see an article saying house prices were going up and another saying they were going down in the same issue of a paper. There used to be a list of property related articles from the last crash on the home page but I can't find it now.

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