Barnsey Posted November 9, 2017 Share Posted November 9, 2017 What a surprise... http://www.bbc.co.uk/news/business-41917884?ocid=socialflow_twitter The Royal Institution of Chartered Surveyors (Rics) has said that prices are declining in London, the South East, East Anglia and north-east England. Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2017 Share Posted November 9, 2017 Very nice title to an article on a well read news website! Quote Link to comment Share on other sites More sharing options...
Barnsey Posted November 9, 2017 Author Share Posted November 9, 2017 "The surveyors thought the short-term outlook for prices was even more negative. When asked what they thought would happen to house prices over the next three months, a majority reported falling values in London, the South East, East Anglia, the South West, the North East and the West Midlands. Rics said that last week's rise in base rates was one factor behind the "stuttering" market. Around four million mortgage holders will see a rise in interest rates as a result of the Bank of England's decision to increase rates by 0.25% to 0.5%. "The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market," said Simon Rubinsohn, Rics' chief economist. "A stagnant second-hand market is bad news for the wider economy, not just in terms of spending, but also because it restricts mobility" Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2017 Share Posted November 9, 2017 13 minutes ago, Barnsey said: stagnant second-hand market is bad news for the wider economy, not just in terms of spending, but also because it restricts mobility" High prices are bad for the economy as they cause a stagnant market. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted November 9, 2017 Share Posted November 9, 2017 Great stuff Quote Link to comment Share on other sites More sharing options...
Barnsey Posted November 9, 2017 Author Share Posted November 9, 2017 21 minutes ago, Grab_Some_Popcorn said: High prices are bad for the economy as they cause a stagnant market. Indeed, could read into those comments either way, crash the market or extend all props to infinity. Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2017 Share Posted November 9, 2017 I'm working in a hotdesking* area today so might have the BBC headline on my screen at all times.... Zoomed waaaay in so people can't miss it! *County council so lots of self important fifty sommat homeowners Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted November 9, 2017 Share Posted November 9, 2017 Amazing timing, what with a budget 2 weeks away.... Quote Link to comment Share on other sites More sharing options...
Pop321 Posted November 9, 2017 Share Posted November 9, 2017 1 hour ago, Grab_Some_Popcorn said: I'm working in a hotdesking* area today so might have the BBC headline on my screen at all times.... Zoomed waaaay in so people can't miss it! *County council so lots of self important fifty sommat homeowners "Stop using the internet in work time and get on with your project. Oh, get a hair cut and wear a tie tomorrow." Thats probably the best you will get from them.? But no harm in trying.? Quote Link to comment Share on other sites More sharing options...
spyguy Posted November 9, 2017 Share Posted November 9, 2017 Im not sure how, when you've looked ta MMR and average wages, that this would be a surprise to anyone. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 9, 2017 Share Posted November 9, 2017 Saw this on BBC text service and nearly spat my tea out. Was next to some savers worse off despite rate rise. ..which is some weird logic as we are at worst just as badly off. Quote Link to comment Share on other sites More sharing options...
Lord D'arcy Pew Posted November 9, 2017 Share Posted November 9, 2017 Bloomberg have this today. Quote Britain's housing market is vanishing before our eyes. It's not that prices are in free-fall -- so far -- but the number of transactions actually completing is dwindling fast . https://www.bloomberg.com/gadfly/articles/2017-11-09/britain-s-vanishing-housing-market-in-charts Quote Link to comment Share on other sites More sharing options...
thewig Posted November 9, 2017 Share Posted November 9, 2017 “The government must do something” Quote Link to comment Share on other sites More sharing options...
btd1981 Posted November 9, 2017 Share Posted November 9, 2017 (edited) 3 hours ago, Grab_Some_Popcorn said: Very nice title to an article on a well read news website! Shares the front page with 'how much of your local area is built on?' I try not to be too paranoid about a media agenda, but with budget coming up I wonder if we could be about to see a mass house building scheme announced. Edited November 9, 2017 by btd1981 Quote Link to comment Share on other sites More sharing options...
rantnrave Posted November 9, 2017 Share Posted November 9, 2017 14 minutes ago, Lord D'arcy Pew said: Britain's housing market is vanishing before our eyes... BTLers did say houses they sold would disappear... Quote Link to comment Share on other sites More sharing options...
btd1981 Posted November 9, 2017 Share Posted November 9, 2017 7 minutes ago, rantnrave said: BTLers did say houses they sold would disappear... Quote Link to comment Share on other sites More sharing options...
Mapatasy Posted November 9, 2017 Share Posted November 9, 2017 3 minutes ago, rantnrave said: BTLers did say houses they sold would disappear... The BTLa Triangle does exist... the history books describe it as a region where vast amounts of property wealth vanished, under 'mysterious' unforeseen circumstances, in early 2018. Quote Link to comment Share on other sites More sharing options...
frederico Posted November 9, 2017 Share Posted November 9, 2017 But prices are rising Quote Link to comment Share on other sites More sharing options...
zugzwang Posted November 9, 2017 Share Posted November 9, 2017 4 minutes ago, frederico said: But prices are rising Trickle up economics. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted November 9, 2017 Share Posted November 9, 2017 6 hours ago, Barnsey said: prices are declining in London, the South East, East Anglia and north-east England. That explains it, I've been looking at the North West, Wales and Scotland. Quote Link to comment Share on other sites More sharing options...
North London Rent Girl Posted November 9, 2017 Share Posted November 9, 2017 1 hour ago, rantnrave said: BTLers did say houses they sold would disappear... That's right, they did too - the magical thinking of 2-year-olds - sgone! Quote Link to comment Share on other sites More sharing options...
winkie Posted November 9, 2017 Share Posted November 9, 2017 ......how will people live in their old age when their pensions are falling?.....where will the next generation find the money to repay their debts?.......houses will eventually be spent one way or the other. Quote Link to comment Share on other sites More sharing options...
Lavalas Posted November 9, 2017 Share Posted November 9, 2017 Comments almost unanimously cite low volume, more pronounced in London and lessening outwards. No surprises really but I want to see lower prices and soon. Quote Link to comment Share on other sites More sharing options...
Option5 Posted November 9, 2017 Share Posted November 9, 2017 2 minutes ago, Lavalas said: Comments almost unanimously cite low volume, more pronounced in London and lessening outwards. No surprises really but I want to see lower prices and soon. Could this be because the housing "ladder" is no longer viable. The people at the top pulled it up behind them so no new buyers could get on it, now the rungs are getting further apart so no one can reach the next one, everyone is stuck where they are. Unless people start falling off of course.................BTLers? Quote Link to comment Share on other sites More sharing options...
Freki Posted November 9, 2017 Share Posted November 9, 2017 13 minutes ago, Option5 said: Could this be because the housing "ladder" is no longer viable. The people at the top pulled it up behind them so no new buyers could get on it, now the rungs are getting further apart so no one can reach the next one, everyone is stuck where they are. Unless people start falling off of course.................BTLers? Exactly, BTLers should be the first in line and constitute a wave of forced sellers, just like they were the marginal buyers setting those insane prices. If the economy tanks, OO should now be pretty sheltered from those sort of problems, see the large proportion of owned outright houses. For now, too many BTLers are still clinging on those rungs. Quote Link to comment Share on other sites More sharing options...
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