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WinstonF

London property sales down nearly 24% compared to last year

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https://www.rbs.com/rbs/news/2018/04/ripe-to-buy--london-calling-for-prime-property-seekers--.html

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Prime London residential property prices fell 3% in the first quarter this year, eliminating the gains made at the end of last year, according to the latest edition of the Coutts London Prime Property Index.

Along with price drops, the Index also highlights a fall in sales volumes - 19% over the last quarter which is 24% down on last year’s figures and almost 33% below the 2013 figure. This slowdown in transaction volumes is now rippling out to other prime markets away from London.

 

 

What starts in London will spread like wild fire to the rest of the economy, if the quantitative easing (money printing) and interest rates start rising, the ensuing house price collapse will be monumental.

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2 hours ago, TonyJ said:

What is interest rates don't start rising, as now expected, or they even go down again with collapsing economic activity? Do you think it will still be enough to collapse house prices?

That would just mean stagnant house prices, steam for any increase is gone.

 

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Although we knew this was happening this is seriously big news for those that didn't/had their heads in the sand.

And yes those gazillion 'luxury' apartments they've been churing out...oh dear!

It's time to pay the Piper beaaaatch!

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Independent report from Molior says sales on new homes were the highest in the last quarter since early 2015.  

The majority sold at no more than 600k using H2B 

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8 minutes ago, happyguy said:

Independent report from Molior says sales on new homes were the highest in the last quarter since early 2015.  

The majority sold at no more than 600k using H2B 

Do you have a link, please? From their website, their reports only seem available to their EA & developer members?

edit: from https://www.moliorlondon.com/#network

Quote

95% of the top residential developers and agents in London use Molior

Molior provides information and networking opportunities to help key players in the residential development industry make better informed decisions on all aspects of housing delivery in London.

 

Edited by Guest

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My Chairman came to see me the other day, he's not interested in propertybut we are on an acquisition spree for company premises (manufacturing and offices).

"Buy something in London for people to stay and have meetings, they can't sell them, it's collapsing" he said.

This is an Engineer who knows nothing about property prices, he was horrified to learn my house has just been valued at double bubble figures (I'm selling it because of moving).

When someone who isn't interested like him says that, it must be a sign of general sentiment. All good.

 

Edited by wsn03

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1 hour ago, deadlyavenger said:

Although we knew this was happening this is seriously big news for those that didn't/had their heads in the sand.

And yes those gazillion 'luxury' apartments they've been churing out...oh dear!

It's time to pay the Piper beaaaatch!

Yep! Those 'luxury flats' will just be 'flats' soon enough! 

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I have started monitoring raw numbers for houses for sale in N London in the last 2 months.

This is a smallish sub market. Flat prices are clearly down a bit [20% plus but are still 60%++ into stupid territory IMO]  but houses are a different market and probably several markets across the 6 N London postcodes I am looking at. I would say prices are also softening but are some way behind flats. I am guessing number for sale is a good indicator of what happens next.

Have also recorded number shown as under offer but I suspect this shows nothing more than how long agents leave sold stuff there so tells me nothing.

There is presumably also a seaonal effect. What would usually be expected to happen to supply [number listed on rightmove and not sstc or under offer] over period March to April to May?

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I think this one is a good sign of where London is heading:

http://www.rightmove.co.uk/property-for-sale/property-53665272.html

Very trendy location but small and not practical for most - but I imagine would have previously found a market purely on location alone, whereas now is struggling.

(has been on the market for 6 to 12 months I think, and is now £525k when was on at £650k if memory serves)

 

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  • 301 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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