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Hunters agents insolvent

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8 Norfolk branches gone in Hunters insolvency  and more than twenty jobs gone.  National press is saying 20% of agents are reporting being in In financial difficulties.  Its starting to look a little like 2007 all over again, sales numbers are stalling, estate agents rates are getting lower  due to the cut throat nature of the business at the moment.

Anyone else see similarities between 2007 and now - with very different causes obviously.

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  • 2 weeks later...

Prices weren't completely insane in 2007.  The very brief house-price downturn into 2009 has been largely forgotten.  Someone recently commented that house prices never went down and I asked them "what about 2009?"  They didn't even have any idea that house-prices had taken a clobbering then.  This was someone in their forties.  And anyway, the government intervened to prop up the market not just with ZIRP but Help To Buy (whilst preaching free markets!).

This time around we have a completely different picture.  Almost everyone is calling for a solution to the housing crisis.  Parties of all colours know they need to solve affordability: Labour to get more votes, Tories to stop the Labour surge, Lib Dems because they have always supported more building.  Large amounts of building have been done.  The eurozone is pulling out of recession and continental Europeans are going home.  Brexit has made UK property a less attractive "investment" (read, speculative tool for the Offshore Class).  Russia is under increasingly tough sanctions.  China is cracking down on money leakage.  OECD is bearing down on tax havens.

The macro picture for house-prices is very different from 2007.  It feels like a secular downturn has begun and could last many years.  And that will be welcomed by anyone under 40 and anyone who has children.

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  • 433 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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