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Barnsey

House price falls now widespread, say surveyors (RICS)

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"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"

 

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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.

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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.

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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

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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.?

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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.

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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 by btd1981

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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.

 

historic-counties-map.jpg

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......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.;)

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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.

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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?

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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.

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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