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BBC The One Show mentions the "S" word on property

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Was changing nappies and bottle feeding a baby, so was stuck with whatever was already on the TV when I walked into the room - The One Show. One of their many features covered the new concept of 'virtual viewings' on houses. Fascinating, because they introduced it by talking about how its getting harder to sell your house because of the slowdown in the property market (words more or less to that effect, wasn't paying too much attention).

The woman got some 50,000 views, of which 2 turned into real possible prospects. Pretty poor stats, but then the house was 400k in Essex , who has that kind of money for a basic house?!? Again I wasn't paying too much attention.

The bit that caught me was a prime time BBC show mentioning the property slowdown that apparently isn't happening according to "experts". Talk of slowdown is starting to become mainstream it seems.

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I have noticed over the years that East Anglia (Essex, Suffolk and Norfolk) in general lags a little behind in terms of house prices rises compared to other booming areas that ring London.  It also falls later than other areas within commuting distance of that London.  The areas West of London are favored by much better infrastructure and employment opportunities than the East so they tend to react faster to 'market forces'.  Based on past performance and observations Its good news that Essex is having a wobble so early on. My guess is that all that personal debt is starting to bite.  There was a reason for TOWIE being ESSEX; in general its a very status orientated County and my guess is the population have more than their fair share of unsecured debt.  Anybody have access to an unsecured debt map?

 

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1 hour ago, dougless said:

I have noticed over the years that East Anglia (Essex, Suffolk and Norfolk) in general lags a little behind in terms of house prices rises compared to other booming areas that ring London.  It also falls later than other areas within commuting distance of that London.  The areas West of London are favored by much better infrastructure and employment opportunities than the East so they tend to react faster to 'market forces'.  Based on past performance and observations Its good news that Essex is having a wobble so early on. My guess is that all that personal debt is starting to bite.  There was a reason for TOWIE being ESSEX; in general its a very status orientated County and my guess is the population have more than their fair share of unsecured debt.  Anybody have access to an unsecured debt map?

 

I agree especially in Norfolk a more deluded mindset than most when it comes to property.

There is a two speed market here over 500k or so its dead dead as thats directly from London.

The Market for family homes is suffering from a terrible lack of supply there are not loads more small homes and luxury homes than decent 4 bedders.

This market is still moving when supply does come but its slower than previously which was 10/20% on 2016 prices.

As soon as prices fall in areas where you can actually have a job over 40k it will fall away as it always has done.

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