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London property transactions drop to decade low - FT

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https://www.ft.com/content/12a83bc8-209a-11e9-b126-46fc3ad87c65

Political uncertainty around Brexit has helped push transactions in the central London housing market to their lowest in a decade.

The number of homes changing hands in the cap­ital’s upmarket “prime” districts fell 14 per cent in 2018 from a year earlier, to levels last seen in 2008, acc­or­ding to data compiled by LonRes, a research firm.

Sales of new-build homes in London to individuals — excluding those sold in bulk to large-scale rental operators — sank to their lowest since 2012, according to separate data from Molior, which monitors developments in the city.

“The market is massively suppressed. Everyone is concerned about what’s going to happen in the future, every buyer is extremely cautious and counting every penny,” said Roarie Scarisbrick, a buying agent at Property Vision.

While the downturn has centred on London, it has rippled outwards into the commuter belt and is now affecting nationwide figures. Surveyors’ short-term outlook for home sales is at its most negative since the Royal Institute of Chartered Surveyors began collecting data in 1999, Rics said in its latest monthly residential update.

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Looking on the site home.co.uk for the first time, shows how long on market and how many reductions since first put onto the market to sell......some homes been trying to sell for months with more than one reduction.....lots of reds, didn't expect that many, the tide is definitely turning.😉

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48 minutes ago, winkie said:

Looking on the site home.co.uk for the first time, shows how long on market and how many reductions since first put onto the market to sell......some homes been trying to sell for months with more than one reduction.....lots of reds, didn't expect that many, the tide is definitely turning.😉

just had a look on there

 

wow, loads are red! however some tiny reductions so the vendors haven't fully accepted the price drops yet

 

https://www.home.co.uk/search/price_info.htm?property=4208732107

 

2% drop

 

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5 minutes ago, hurlerontheditch said:

just had a look on there

wow, loads are red! however some tiny reductions so the vendors haven't fully accepted the price drops yet

https://www.home.co.uk/search/price_info.htm?property=4208732107

2% drop

.....could well see prices fall back to what they were at least five years ago, any gains made wiped out, back to some sort of reality.......not seeing punters biding prices up, desperate to secure a property at any price, can wait it out, something better for less will come along.

Should be good news for some second or third time buyers, let theirs go for less can buy next for a lot less = less extra debt required.😉

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16 minutes ago, hurlerontheditch said:

just had a look on there

 

wow, loads are red! however some tiny reductions so the vendors haven't fully accepted the price drops yet

 

https://www.home.co.uk/search/price_info.htm?property=4208732107

 

2% drop

 

10% off every 76 months on the market.

I would guess the tenant fee ban will light  a fire under EAs.

 

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34 minutes ago, spyguy said:

Dammit. No strike-thru.

Surely Mark Carney!

 

What's the odds on the MPs opposing every brexit move, all having London property interests, big leveraged ones?

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6 hours ago, Sausage said:

Can't believe they blame Brexit and not the fact investors fleeing the market due to tax changes mean prices now realigning with wages!

Brexit, the gift that keeps on giving!

Or, maybe like you say, S24 has made borrow-to-let nonviable.

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7 hours ago, winkie said:

.....could well see prices fall back to what they were at least five years ago, any gains made wiped out, back to some sort of reality.......not seeing punters biding prices up, desperate to secure a property at any price, can wait it out, something better for less will come along.

Should be good news for some second or third time buyers, let theirs go for less can buy next for a lot less = less extra debt required.😉

I've been seeing the odd thing advertised at about what it was bought for in 2015, some slightly lower. SW London, zone 2/3.

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4 minutes ago, This time said:

I've been seeing the odd thing advertised at about what it was bought for in 2015, some slightly lower. SW London, zone 2/3.

Good News.;)

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Overhead one colleague to another today, discussing the offer they'd received on their property "he's offered £x because that's what an identical property sold for 6 months ago". There then followed bemusement at how the buyer could fail to include 6 months worth of price rises in their calculation.

I had to leave the room. 

 

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2 minutes ago, Sausage said:

Overhead one colleague to another today, discussing the offer they'd received on their property "he's offered £x because that's what an identical property sold for 6 months ago". There then followed bemusement at how the buyer could fail to include 6 months worth of price rises in their calculation.

I had to leave the room. 

 

You've done well there....don't think I would've been able to contain myself!

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9 hours ago, Si1 said:

What's the odds on the MPs opposing every brexit move, all having London property interests, big leveraged ones?

I thought brexit wasn't to blame?

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1 hour ago, RomfordDon said:

Just waiting for the next government intervention to get the market going again. We all know it’s coming..

No its not, they are all talking about Brexit, and house prices will now crash.

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  • 294 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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