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June numbers of newly agreed sales declined for the sixteenth successive month

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ACCORDING to the latest RICS data released this morning, the currently subdued market is likely to persist, due to sellers fighting shy of putting their homes on the market, mainly due to Brexit uncertainty. Express

They can use any excuse they want, but property are simply too expensive and out of reach for most people.

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13 minutes ago, rollover said:

They can use any excuse they want, but property are simply too expensive and out of reach for most people.

No one can afford those prices 

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BBC take on the RICS report

https://www.bbc.co.uk/news/business-44794225

 

extract -

"Other surveys have also suggested that the UK housing market has been particularly subdued this year, although the accompanying slowdown in house price rises has cheered many potential first-time buyers."

Cr@p - they will only cheer when the consequences of HMG's distortions have been unwound and prices return to historic norms v salaries - ie falls of 40% or more.  FTB are particularly being exploited at the mo since they are being shepherded into HTB new builds which are particularly inflated in price as evidence previously posted has shown.

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20 hours ago, Freki said:

Thanks. I am not sure if I am reading the graph correctly - average sales per surveyor (branch) last 3 months were around 15? Seems low. Although stock is at record lows they are converting well into sales but their shelves are empty . I did some quick maths for 15 sales over 3month on a 1% sales margin at 300K and it looked like a bloodbath. I suppose we don’t know stock levels at non RICS eg. The online agents. I suspect they have gained market share.

Edited by Ash4781

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20 hours ago, rollover said:

They can use any excuse they want, but property are simply too expensive and out of reach for most people.

The author of the only - can that be right - comment agrees with you, was surprised by this:

"Sellers are not putting their houses on the market mostly because they have already tried to sell and found that unless they reduce their price by around 35% from the present market value houses will not sell. Those who are not in any desperate need to sell have thus taken their properties off the market. This trend is now even htting developers, who are finding that they cannot yield a selling price which gives them an adequate overall profit. The result of this will be a cut back in building new properties, because developers are not going to continue to build and sell at a loss.

The root of all of these problems is Financial Repression now for approaching 11 years holding back incomes artificially, whereas real inflation has lept way above faux CPI. An article in the Daily Telegraph a few days ago claimed that real inflation is now 10% or even above that per annum. House prices have tended to follow real inflation and have no relationship to faux CPI."

Hang on, was that you?

 

Off topic but are you all getting that pop-up interview with Mark Carney against a soylent green backdrop? Clickbait from hell for an hpcer. Thank goodness I disabled autoplay. I will not click on it. I will not.

Edited by North London Rent Girl

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20 hours ago, vincent said:

No one can afford those prices 

Mr, Mrs Everyday young working people(by that I mean under 40) with their everyday jobs that keep the cogs moving and the country going have had as close to zero chance of buying a home as anytime in the past, certainly their mothers and grandparents. The UK cannot rely forever on scum BTL landlords taking up the slack and using housing Benefit to pay their mortgage or a house full of EU immigrants, it's getting close to crunch time and I am amazed that so many priced out people have not erupted before now. Could well be that the people that have screwed their futures for so long are the very people who raised them and nurtured them, their selfish parents.

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1 hour ago, inbruges said:

Mr, Mrs Everyday young working people(by that I mean under 40) with their everyday jobs that keep the cogs moving and the country going have had as close to zero chance of buying a home as anytime in the past, certainly their mothers and grandparents. The UK cannot rely forever on scum BTL landlords taking up the slack and using housing Benefit to pay their mortgage or a house full of EU immigrants, it's getting close to crunch time and I am amazed that so many priced out people have not erupted before now. Could well be that the people that have screwed their futures for so long are the very people who raised them and nurtured them, their selfish parents.

+1

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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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