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rantnrave

Rightmove Dec 18 -1.5%

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Merry Christmas!

 

however the article is full of puff and drivel..

Quote

“Home owners who are thinking of coming to the market early in 2019 should seriously consider doing so as soon as possible to get maximum exposure to the surge in interest from buyers who make it their resolution to move in the New Year.”

more like resolution to take on massive debt on a falling asset

Edited by hurlerontheditch

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16 minutes ago, Freki said:

Very encouraging, let's see if BTLs tax bill can convince them to Pitt more units on the market

early 2019 is going to see a lot of forced sellers. at the worst time of year. 

cant say I feel sorry for them 

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4 minutes ago, jiltedjen said:

early 2019 is going to see a lot of forced sellers. at the worst time of year. 

cant say I feel sorry for them 

Little bit sociopathic there

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Some more insight here:

New asking prices are falling at fastest rate for six years, says Rightmove

https://www.propertyindustryeye.com/new-asking-prices-are-falling-at-fastest-rate-for-six-years-says-rightmove/

New asking prices have fallen by the steepest level since 2012, Rightmove said this morning.

The latest sold data shows that properties earlier this year were selling for more than current average asking prices.

Rightmove today warns that affordability issues and political uncertainty are hitting the market.

Listing data between November 11 and December 8 from the portal shows asking prices have now fallen on a monthly basis for two consecutive months, at 1.7% in November and 1.5% in December, with average new asking prices now at £297,527.

However, this figure is below last month’s actual price tags, reported at an average of £305,522 by YourMove today based on Land Registry data.

These completions would have been deals done months ago.

If both Rightmove and Your Move figures are correct, it suggests that the price fall in the market has been more significant than previously reported – and that today’s new sellers’ asking prices remain over-priced, despite the cut in expectations.

Rightmove said today that property listings are usually cheaper at this time of year, but that this is the biggest fall over two months for six years.

New asking prices are up annually by 0.7% this month, reversing a 0.2% drop in November.

This is close to the 1% annual growth that Rightmove had forecast for 2018.

RIghtmove figures also show that sales agreed are currently down by 2.1% while it is now taking agents 65 days on average to sell a property, up from 62 a year ago.

Miles Shipside, director and housing market analyst for Rightmove, said: “It’s usual for new-to-the-market sellers to price lower in the run-up to Christmas to tempt distracted buyers, so we should not read too much into the mere fact of two consecutive monthly falls.

“However, these falls have been larger than usual, making this the largest fall over two months for six years, showing that there are more than just seasonal forces at play.

“With stretched affordability limiting some people’s ability to buy for the first time or trade up, a modest lowering of property prices combined with an increase in wage growth could help more of them to move and thus increase transaction numbers.

“As well as the usual Christmas slowdown, would-be sellers are also faced with downwards price pressure from stretched buyer affordability and political uncertainty.”

Shipside added that the portal anticipates zero growth in new listing prices next.

Separately Your Move data for November – also out this morning – shows average sale prices grew at their slowest rate since April 2012, up 0.9% annually to £305,522.

The east of England recorded negative growth for the first time since March 2012 last month, down 0.2%.

However, despite weak price growth, the agent estimated that transactions were at a three year-high for November at 82,500.

Oliver Blake, managing director of Your Move, said: “Despite the current economic uncertainty it’s encouraging to see that there is still some increase in transaction levels and that, whilst house price growth is relatively flat, it means for first-time buyers, for example, the news remains positive.”

Edited by rantnrave

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Like I said in my recent new thread, "The perfect storm" is coming where a stressed market and falling prices is happening without Brexit, with a bad Brexit or even a can kicking Brexit that leaves people totally baffled well into next year things will be even worse.

I really do have the popcorn out  at the moment

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Anecdotal, but family member just completed on a flat in North London at a good discount from an elderly Buy To Leter wanting to get out of the market. So it looks people are getting out even before the Jan tax bill arrives.

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2 hours ago, btd1981 said:

Little bit sociopathic there

Why is it? If people have taken on a liability that they then cannot afford because of ~2% drop in its value then it is pity I would feel. Lack of personal responsibility for financial decisions is key reason why the market is such a mess

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A while ago I posted about an ECONOMIST at a prestigious university having just bought in the summer for £1m. I thought he was insane then, I havent changed my mind, and I also think YOURE AN ECONOMIST! What the hell are you doing? An equivalent to my rent for the last 6 years has been skimmed from the value of your place before the paint has even dried. Crazy.

 

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1 hour ago, Killian said:

Why is it? If people have taken on a liability that they then cannot afford because of ~2% drop in its value then it is pity I would feel. Lack of personal responsibility for financial decisions is key reason why the market is such a mess

Indeed. People buy at peak prices, knowing that if they fall or interest rates go up, they're stuffed ... That's gambling! They gloated as prices rose...we can gloat as they fall.

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16 minutes ago, Trump Invective said:

A while ago I posted about an ECONOMIST at a prestigious university having just bought in the summer for £1m. I thought he was insane then, I havent changed my mind, and I also think YOURE AN ECONOMIST! What the hell are you doing? An equivalent to my rent for the last 6 years has been skimmed from the value of your place before the paint has even dried. Crazy.

 

Many economists also believe in infinite growth on a finite planet...

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5 hours ago, btd1981 said:

Little bit sociopathic there

No more sociopathic than wanting forever HPI (ie most the country).

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8 hours ago, btd1981 said:

Have been a forced seller myself. I wouldn't wish it upon anyone.

I wouldn't wish not being able to afford on in the first place on anyone either, on having to piss all your money away on rent with hope of ever having the stability of owning your own house.

Anyone who has owned a house for say 5 of the any of the last 10 years has been gifted a shit ton of free money to the point where you would have to completely incompetent financially to now be in a forced selling position.  Meanwhile people starve on the street and live off food banks in record numbers of if they are very very lucky get to have lifetime of extortionate debt to pay off while they live hand to mouth.

So no you ****** right off with you sympathy for these ******ing ***** who got all that free money and still pissed it all way. High house prices are a a social and economic scourge of the highest order. 

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I am not seeing credit tightening and mass unemployment (>10%). So I think the fall, with speculators/BTLs now staying away, on average, will be modest, say 10% to 15%. This means average house price dropping from £223K (Land Reg) to £200K.

London, I don't know. It's a gigantic casino and everyone is a gambler, whether they like it or not.

Here is the thing. Nowadays, typical buyers are young couples who can easily have a combined income of £40K to 50K (£20K to 25K each). They could borrow £160 to 200K. Then with a bit help of BoMAD (80% FTB had BoMAD) or HTB, it is not that difficult for them to buy a £200k house. A 25 years mortgage of £180K at 3% will be £850 a month. That's £425 per person. Why won't they buy? I am not arguing whether it is good or bad to buy, I am simply saying, if that is the figure, forget Brexit, forget everything, they will buy. 

 

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3 hours ago, goldbug9999 said:

I wouldn't wish not being able to afford on in the first place on anyone either, on having to piss all your money away on rent with hope of ever having the stability of owning your own house.

Anyone who has owned a house for say 5 of the any of the last 10 years has been gifted a shit ton of free money to the point where you would have to completely incompetent financially to now be in a forced selling position.  Meanwhile people starve on the street and live off food banks in record numbers of if they are very very lucky get to have lifetime of extortionate debt to pay off while they live hand to mouth.

So no you ****** right off with you sympathy for these ******ing ***** who got all that free money and still pissed it all way. High house prices are a a social and economic scourge of the highest order. 

Surely it’s not free money unless you downsize ? 

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8 hours ago, goldbug9999 said:

I wouldn't wish not being able to afford on in the first place on anyone either, on having to piss all your money away on rent with hope of ever having the stability of owning your own house.

Anyone who has owned a house for say 5 of the any of the last 10 years has been gifted a shit ton of free money to the point where you would have to completely incompetent financially to now be in a forced selling position.  Meanwhile people starve on the street and live off food banks in record numbers of if they are very very lucky get to have lifetime of extortionate debt to pay off while they live hand to mouth.

So no you ****** right off with you sympathy for these ******ing ***** who got all that free money and still pissed it all way. High house prices are a a social and economic scourge of the highest order. 

I'm referring to people that may have bought recently, then lost a job or similar change of circumstance, forcing them to sell. Not everyone buys a house to try to make money, some just want a secure roof over their head and don't spend all of their time reading the financial news with their pessimistic cap on.

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  • 292 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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