Jump to content
House Price Crash Forum
Sign in to follow this  
PeanutButter

UK house prices fall sharply in September amid Brexit wariness

Recommended Posts

UK house prices fall sharply in September amid Brexit wariness

 

UK house prices unexpectedly dropped at the fastest pace for almost six months in September, according to Halifax, as the number of homes for sale in 2018 fell to a decade low.

Britain’s biggest mortgage lender said the average price of a home in Britain dropped to £225,995 last month, down 1.4% from the level recorded in August. The price of a home remained 2.5% higher than a year ago.

Share this post


Link to post
Share on other sites

What are these people smoking?

Either:

  • The housing market mostly caters to Britons, so Brexit isn't affecting their decision to buy.

Or

  • Brexit will crash house prices, because the market is mostly determined by foreigners. If that's the case, then Brexit full steam ahead please!

Share this post


Link to post
Share on other sites

Different scenarios for different areas and types of property.

Top end London is dominated by foreign buyers looking for a safe haven. Guess what, we ain't no safe haven no how no morah! New build flats ditto. 

Meanwhile in the shires people are cagey but various factors still forcing them to buy. 

On the foreign worker desirability index (yeah I made that up) the UK has dropped a lot. Remitting pound sterling back into home country money doesn't wallop as it used to. So bye-bye bottom-market renters, which has a knock on effect through the rest of the supply. 

*Anecdotal klaxon* Friends are looking to move in Sarf London - rents for the type of houses they want have dropped a stuntload. They can effectively get another bedroom for what they signed on to pay 2 years ago. 

Anyway, it's all musical chairs until we bang out properly. 

Share this post


Link to post
Share on other sites
Guest
2 hours ago, Locke said:

What are these people smoking?

Either:

  • The housing market mostly caters to Britons, so Brexit isn't affecting their decision to buy.

Or

  • Brexit will crash house prices, because the market is mostly determined by foreigners. If that's the case, then Brexit full steam ahead please!

Don't say that on the Brexit thread or you will be lynched 🙂 

Share this post


Link to post
Share on other sites

Tonight on R4 news - that was a headline... followed by Mr and Mrs Archer saying their viewings had dried up. 😎

Sentiment has turned - even in Bristol and Bath where I have 3 work colleagues who haven't managed to sell for months - in LDN where people I know haven't sold for 9 months and counting. 

And I'm hearing of EAs pleading for the vendors to lower their prices. 

Not seen much of this in Wales yet (sadly) - prices are higher than ever I can remember - some asbestos roofed shack with 20 acres for £650,000? Yes, really - just saw that on onthemarket... who in their right mind! the land is dreadful as is the house. 

Back in the early 90s in West Wales I remember farmers knocking down old houses "for the stone" - incredible shift. I hope it doesn't last! 

Edited by gruffydd

Share this post


Link to post
Share on other sites
16 hours ago, gruffydd said:

Tonight on R4 news - that was a headline... followed by Mr and Mrs Archer saying their viewings had dried up. 😎

Sentiment has turned - even in Bristol and Bath where I have 3 work colleagues who haven't managed to sell for months - in LDN where people I know haven't sold for 9 months and counting. 

And I'm hearing of EAs pleading for the vendors to lower their prices. 

Good. Do your bit to help turn the tide!

"You'll probably have to lower your asking price, it's too high"

<they'll give a reason why not>

"Yeah, but you might have to". 

 

Share this post


Link to post
Share on other sites
16 hours ago, gruffydd said:

Tonight on R4 news - that was a headline... followed by Mr and Mrs Archer saying their viewings had dried up. 😎

Sentiment has turned - even in Bristol and Bath where I have 3 work colleagues who haven't managed to sell for months - in LDN where people I know haven't sold for 9 months and counting. 

And I'm hearing of EAs pleading for the vendors to lower their prices. 

Not seen much of this in Wales yet (sadly) - prices are higher than ever I can remember - some asbestos roofed shack with 20 acres for £650,000? Yes, really - just saw that on onthemarket... who in their right mind! the land is dreadful as is the house. 

Back in the early 90s in West Wales I remember farmers knocking down old houses "for the stone" - incredible shift. I hope it doesn't last! 

Try the North. I know of people ehove been on anf off market for 10 years.

Its MMR - proven income, repayment mortgage, all ongoing costs took out, then the left overs multiplied by 4. Thats your max mortgage.

Reality is the costs for banks means minimum mortgage is about 60k. Id guess 60% of ukpop dont earn enough to qualify.

Share this post


Link to post
Share on other sites
4 minutes ago, longgone said:

i made an offer of 200k on  something priced at 330k 

i stipulated my offer was based on future REAL values. 

Nicely done. Scumbag EA response please...

Share this post


Link to post
Share on other sites
2 hours ago, spyguy said:

Its MMR - proven income, repayment mortgage, all ongoing costs took out, then the left overs multiplied by 4. Thats your max mortgage.

 

Yep. It should have been x3 though.

Sadly, we still have x4 x2 people being used as the calculation :(

1 hour ago, longgone said:

i made an offer of 200k on  something priced at 330k 

i stipulated my offer was based on future REAL values. 

Fantastic. I too would like to know what they said :)

 

Share this post


Link to post
Share on other sites
19 hours ago, gruffydd said:

Tonight on R4 news - that was a headline... followed by Mr and Mrs Archer saying their viewings had dried up😎

Sentiment has turned - even in Bristol and Bath where I have 3 work colleagues who haven't managed to sell for months - in LDN where people I know haven't sold for 9 months and counting. 

And I'm hearing of EAs pleading for the vendors to lower their prices. 

Not seen much of this in Wales yet (sadly) - prices are higher than ever I can remember - some asbestos roofed shack with 20 acres for £650,000? Yes, really - just saw that on onthemarket... who in their right mind! the land is dreadful as is the house. 

Back in the early 90s in West Wales I remember farmers knocking down old houses "for the stone" - incredible shift. I hope it doesn't last! 

It was Mr and Mrs Aldridge*, an apparently well heeled land owning couple who feature in the story, but it was good to hear.  There has been a fair bit on The Archers about housing affordability over the last few years.  My guess is that quite a few of the script writers/editors are fairly young and this is a big issue for them so they are working it into the scripts.

*The irony is that they may have to sell their grand home to pay for a clean up on their land where dodgy builders dumped toxic waste 30 years ago.  The land owner, Brian Aldridge did know that this was going on but initially denied all knowledge. 

Share this post


Link to post
Share on other sites
59 minutes ago, mrtickle said:

Yep. It should have been x3 though.

Sadly, we still have x4 x2 people being used as the calculation :(

Fantastic. I too would like to know what they said :)

 

No.

Its both incomes, discounted of antpy regular spend and ecisting debt - ctax, utils, car loan, student loan, any cc debt. Then multiplied by 4.5 max.

Share this post


Link to post
Share on other sites
On 06/10/2018 at 13:59, thewig said:

Nicely done. Scumbag EA response please...

 

On 06/10/2018 at 15:18, mrtickle said:

Yep. It should have been x3 though.

Sadly, we still have x4 x2 people being used as the calculation :(

Fantastic. I too would like to know what they said :)

 

offer was basically laughed off.  in fact i was asked if it was a typo. 

still it makes me feel better fighting the norm. i am happiest when i have something to fight against. 

Share this post


Link to post
Share on other sites
On 06/10/2018 at 16:20, spyguy said:

No.

Its both incomes, discounted of antpy regular spend and ecisting debt - ctax, utils, car loan, student loan, any cc debt. Then multiplied by 4.5 max.

except for 15% of a lenders loan book which can be more than 4.5

Share this post


Link to post
Share on other sites
On 06/10/2018 at 13:54, longgone said:

i made an offer of 200k on  something priced at 330k 

i stipulated my offer was based on future REAL values. 

I felt devious offering 250k on a place asking 309k last month! EA didn't even reply until I chased twice. 

Share this post


Link to post
Share on other sites
5 hours ago, Sausage said:

I felt devious offering 250k on a place asking 309k last month! EA didn't even reply until I chased twice. 

sounds a very generous offer to me 

Share this post


Link to post
Share on other sites
22 hours ago, longgone said:

sounds a very generous offer to me 

I thought so! All the places I've viewed sold soon after... Presumably for close to asking. Whilst there's still fools at play I'll keep away!

Edited by Sausage

Share this post


Link to post
Share on other sites
19 hours ago, longgone said:

 

offer was basically laughed off.  in fact i was asked if it was a typo. 

still it makes me feel better fighting the norm. i am happiest when i have something to fight against. 

Lol.

I made an offer of 170k on a 190k listed place and was refused because "the vendor was looking for 190k". They didn't even counter offer to the midpoint.

Not exactly a motivated seller.

I wished them the best of luck.

They certainly aren't in the fear phase.

Share this post


Link to post
Share on other sites
1 hour ago, Gigantic Purple Slug said:

Lol.

I made an offer of 170k on a 190k listed place and was refused because "the vendor was looking for 190k". They didn't even counter offer to the midpoint.

Not exactly a motivated seller.

I wished them the best of luck.

They certainly aren't in the fear phase.

arrogance is the new motivated seller 😄

To be honest my offer is not even that bad take away the mania of HTB and those are 2012 -2013 prices which is the most i will entertain. 

Share this post


Link to post
Share on other sites
On 06/10/2018 at 16:20, spyguy said:

No.

Its both incomes, discounted of antpy regular spend and ecisting debt - ctax, utils, car loan, student loan, any cc debt. Then multiplied by 4.5 max.

Actually, "yes". I am saying that in my OPINION, the MMR rules should have been set at x3 max.

I didn't want an explanation of the current MMR rules, I already know them. :)

 

Share this post


Link to post
Share on other sites
14 hours ago, Sausage said:

I thought so! All the places I've viewed sold soon after... Presumably for close to asking. Whilst there's still fools at play I'll keep away!

Am now seeing places hanging around longer... Not selling. Is it because winter is nearly here? More supply too. I'm not seeing any STC becoming available... Does that show in Property Log chrome extension?

Share this post


Link to post
Share on other sites
18 hours ago, Gigantic Purple Slug said:

Lol.

I made an offer of 170k on a 190k listed place and was refused because "the vendor was looking for 190k". They didn't even counter offer to the midpoint.

Not exactly a motivated seller.

I wished them the best of luck.

They certainly aren't in the fear phase.

People unfortunately cannot self categorise themselves nor can agents.

"motivated seller" in many cases is just ******** and they are only motivated at their price quite possibly because they have nothing aside from the house and their personal balance sheets need it to be worth x.

Keep putting your offers in and walk on.

I cannot remember which investment guru said it but you cannot force bargains.  Make sure you are on good terms with everyone let them know your have the money/can proceed and let them come to you or move fast when you see one.  Trying to negotiate a price down is fruitless just put your offer in and move onto the next....and check in from time to time.

My own search is coming to a close end of this month it feels so dangerous out there with chains 40/50% failing and my recent 85/90% offers begin refused for chain buyers (scarily I am often the only chain free person out of 5+ bids on a couple of the recent houses). 

I am going to take the chips off the table until Brexit day unless incentivised to do so, it feels like a dumb time to not be getting a discount/paying record price for the street.  it is obviously things are not as good as before under the surface.

Edited by Fromage Frais

Share this post


Link to post
Share on other sites
1 hour ago, Fromage Frais said:

People unfortunately cannot self categorise themselves nor can agents.

"motivated seller" in many cases is just ******** and they are only motivated at their price quite possibly because they have nothing aside from the house and their personal balance sheets need it to be worth x.

Keep putting your offers in and walk on.

I cannot remember which investment guru said it but you cannot force bargains.  Make sure you are on good terms with everyone let them know your have the money/can proceed and let them come to you or move fast when you see one.  Trying to negotiate a price down is fruitless just put your offer in and move onto the next....and check in from time to time.

My own search is coming to a close end of this month it feels so dangerous out there with chains 40/50% failing and my recent 85/90% offers begin refused for chain buyers (scarily I am often the only chain free person out of 5+ bids on a couple of the recent houses). 

I am going to take the chips off the table until Brexit day unless incentivised to do so, it feels like a dumb time to not be getting a discount/paying record price for the street.  it is obviously things are not as good as before under the surface.

Don't worry, good things come to those who wait. Pray for a hard Brexit so you can put a 65% offer on what they are asking for now.

We need risk in the UK for the BOE to raise rates at a faster place. Maybe even dislodge Mark Carnage

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 146 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.