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anonlymouse

Further signs of UK property slowdown in April

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Further signs of UK property slowdown in April

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There were further signs of a slowdown in the property market in April, as the number of sales fell significantly, while fewer people took out mortgages.

The number of residential property transactions in the UK dropped by 22.5% between March and April, according to HM Revenue and Customs (HMRC).

Analysis by the data firm Equifax also suggests that mortgage sales declined by 16% over the same period.

But the figures are skewed by a series of tax changes this year and last.

In April 2016, landlords became liable for a higher rate of stamp duty. And since last month, they have been able to claim less in tax relief on mortgage interest payments.

The effect of the changes was to boost sales in March 2016 and March 2017.

As a result, the number of sales fell from 107,090 in March to 83,010 in April on a non-adjusted basis, HMRC said.

Once seasonal factors are taken into consideration, the number of transactions fell by 3.2%.

Both the Halifax and Nationwide have reported that prices fell in April.

 

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It depends on the angle being presented. I could easily drum up an article saying, presently we do not have shortage supply of homes. We have a shortage of people who can afford to purchase a home, due to a combination of cheap credit artificially driving up values and low wages due to businesses searching across the EU for cheaper resources.

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why not build a load of housing that the government owns and rents it half the price of private stuff , then sells it cheaper than what they cost to build ?

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1 hour ago, TulipsFromThreadneedle said:

Epic QE. TFS at Negative rates. Sure they can come up with many more.

I should have said...no more props that will be effective.

 

People are at the end of their tethers, they probably dont know why but I'm pretty sure its the insane housing/debt bubble


They can prop all they want, if people wont/cant buy the prices will collapse.

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21 minutes ago, longgone said:

why not build a load of housing that the government owns and rents it half the price of private stuff , then sells it cheaper than what they cost to build ?

...errr because the westminster MPs/Councillors/Public Sector workers are up to their necks in #pwopatee.

The MPs are all being bought 2nd homes in London at our expenses.

They are mostly very quiet about the insane house prices...I'd imagine that's why,

 

No one seems willing or able to do the right thing.

 

Edited by TheCountOfNowhere

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1 hour ago, TulipsFromThreadneedle said:

Epic QE. TFS at Negative rates. Sure they can come up with many more.

MIRAS.

State backed mortgage company (a la Fannie Mae/Freddie Mac).

More shared ownership nonsense.

 

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How about the Delayed unborn new generation mortgage  or D.U.N.G for short ?

 

current generation only needs a 1% deposit and promises to have offspring to pay the delayed government back loan in 30 years time ??  

loopholes could be self induced vasectomies or the dry cleaners coat hanger method for the ladies. 

I can see the slogan Get in the Dung and get housed up. 

 

 

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35 minutes ago, Sour Mash said:

State backed mortgage company (a la Fannie Mae/Freddie Mac).

 

Whatcha think Lloyds and RBS are :lol:  :lol:  :lol:  :lol:  :lol:  :lol: 

 

The government already has plenty sub prime lenders on it;s books too.

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Is it slowing?  Checking in my area (North Somerset) and pulled up on RM all the new listings in the last 3 days within a 5 mile radius of Cheddar.  21 are "price reduced."

Correction brewing perhaps.  Triggered by people who do not want to buy "at the top" and maxxed out due to stagnant wages.  

 

 

 

Edited by Realistbear
spelling

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10 hours ago, Realistbear said:

Is it slowing?  Checking in my area (North Somerset) and pulled up on RM all the new listings in the last 3 days within a 5 mile radius of Cheddar.  21 are "price reduced."

Correction brewing perhaps.  Triggered by people who do not want to buy "at the top" and maxxed out due to stagnant wages.  

 

 

 

Hello. You've been quiet of late. I wondered what had happened to you. 

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14 hours ago, longgone said:

How about the Delayed unborn new generation mortgage  or D.U.N.G for short ?

current generation only needs a 1% deposit and promises to have offspring to pay the delayed government back loan in 30 years time ??  

loopholes could be self induced vasectomies or the dry cleaners coat hanger method for the ladies. 

I can see the slogan Get in the Dung and get housed up. 

You may jest however that is the problem. They would love eternal mortgages but our family units simply aren't robust enough.

Its not props they need it's a doubling of wages and or a massive devaluation of Sterling. The unemployment created by the first possibility would be negated by the resultant state costs and the alternative has/is taking place with downward steps after the credit crunch and the Brexit result.

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6 hours ago, Blod said:

You may jest however that is the problem. They would love eternal mortgages but our family units simply aren't robust enough.

Its not props they need it's a doubling of wages and or a massive devaluation of Sterling. The unemployment created by the first possibility would be negated by the resultant state costs and the alternative has/is taking place with downward steps after the credit crunch and the Brexit result.

 

i really don`t see how the situation can be fixed .  let it crash and let it find its own level.  jest is the only thing from stopping me go insane. 

applying logic to a non logical situation does not seem to be working does it ?

 

 

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Everyone knows that any further props will only delay the inevitable crash , that is the reason they'll attempt to uses them. My feeling is that in doing so it will actually reinforce the downward spiral of sentiment.

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23 hours ago, Wayward said:

Labour want to use our council tax payments to fund sub prime mortgage lending.

Quote

 

“With too many first-time buyers excluded from the housing market by high street banks, we’ll be looking at ways to securely expand local authority mortgage lending,” he will say.


 

What's "secure" about lending to people the banks have refused? By "securely" does he just just mean council taxpayers footing the bill without bankers losing out?

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Amazing how people tend to forget the 2013 election pledges...  

Cameron pimped out state backed mortgages and Milibrand promised to freeze energy prices.

Same promises, different words.

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