crazypabs Posted March 24, 2020 Share Posted March 24, 2020 House prices to drop 10% thanks to virus, warns OnTheMarket partner A mortgage broker that’s just become a partner of OnTheMarket is warning that house prices are likely to fall 10 per cent over the rest of this year because of the virus crisis. John Charcol is saying that the peak UK house price for 2020 is likely to be the one recorded in the March Nationwide house price index - already released - or in the price reflected next month by the government.s UK House Price Index. https://www.estateagenttoday.co.uk/breaking-news/2020/3/house-prices-to-drop-10-thanks-to-virus-warns-onthemarket-partner Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 24, 2020 Share Posted March 24, 2020 Is uncle Ray still there? Quote Link to comment Share on other sites More sharing options...
stop_the_craziness Posted March 24, 2020 Share Posted March 24, 2020 I wonder if this is the moment for Halifax/Nationwide to stop producing BS monthly figures and just use "the virus" as an excuse to print the numbers we all know to be the truth. Quote Link to comment Share on other sites More sharing options...
simon2 Posted March 24, 2020 Share Posted March 24, 2020 Gonna be a while I think. And I think there would be huge vested interests. Like for the supermarkets, reporting on panic actually increases the panic. If there are hardly any transactions, then they can say there is no house price decline. I am sure they would find some kind of 'adjusted' measure to be the headline one first. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted March 24, 2020 Share Posted March 24, 2020 11 minutes ago, stop_the_craziness said: I wonder if this is the moment for Halifax/Nationwide to stop producing BS monthly figures and just use "the virus" as an excuse to print the numbers we all know to be the truth. Nah. Not happening. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted March 24, 2020 Share Posted March 24, 2020 28 minutes ago, stop_the_craziness said: I wonder if this is the moment for Halifax/Nationwide to stop producing BS monthly figures and just use "the virus" as an excuse to print the numbers we all know to be the truth. What numbers are those? Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted March 24, 2020 Share Posted March 24, 2020 Allsop's have a residential auction on the 31st, on line/telephone bidding only. Should make for interesting viewing. Quote Link to comment Share on other sites More sharing options...
Wayward Posted March 24, 2020 Share Posted March 24, 2020 2 hours ago, Bruce Banner said: Is uncle Ray still there? Charcol’s mortgage technical manager Ray Boulger expects prices to fall 10 per cent by year end, with transactions tumbling in the next three months alone to a figure lower than that recorded at the worst depths of the 2009 credit crunch. “It is clear activity in the property market will be severely curtailed, not only because of the economic uncertainty dissuading people from moving but also as a result of practical problems of surveyors visiting homes to prepare a mortgage valuation” he says. Quote Link to comment Share on other sites More sharing options...
Wayward Posted March 24, 2020 Share Posted March 24, 2020 10% is hardly a game changer...we need 10% yoy for a number of years to make a real difference. Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted March 24, 2020 Share Posted March 24, 2020 Ray, credit to you for breaking ranks but please can everyone stop with this getting everyone used to an unpalatable idea nonsense it wastes everyone's time. It going to be 25-40% in London and all the other markets overdue a correction which will be starved of erstwhile dirty money, tax free pension cash, recycled equity and interest only loans. Its bleedin obvious. After a while the public are going to realise that the extending and pretending that both Labour and Tory govts have indulged in is actually quite cruel in the long run. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted March 24, 2020 Share Posted March 24, 2020 If they say 10% they mean 35% min. Quote Link to comment Share on other sites More sharing options...
dougless Posted March 24, 2020 Share Posted March 24, 2020 (edited) 9 minutes ago, stuckmojo said: If they say 10% they mean 35% min. Sounds about right. In the small close (12 houses) I am living in there are three houses that have been on the market off and on for two years and they can't sell them and this is in the South East. There is no chance they will sell them now for anything approaching the values these vendors think they are worth. Edited March 24, 2020 by dougless Quote Link to comment Share on other sites More sharing options...
simon2 Posted March 24, 2020 Share Posted March 24, 2020 3 minutes ago, dougless said: Sounds about right. In the small close (12 houses) I am living in there are three houses that have been on the market off and on for two years and they can't sell them and this is in the South East. There is no chance they will sell them now for anything approaching the values these vendors think they are worth. Sounds familiar to a street that I am watching, some go SSTC but then come back. A sale (the 2nd most recent) was in 2016 was for £350,000 (a terrible value deal) and since then everyone else has used that as an anchor, first trying to get above that and then reducing to this level, then a little bit under it. I've counted at least 5 houses trying to get out in this way at varying price points of £325,000 to £350,000, don't think any have succeeded as yet. I've read mumsnet and there isn't really any widespread acceptance that prices may fall (all they see is a market that isn't moving and don't question why that is), when they do that will be pretty funny. Quote Link to comment Share on other sites More sharing options...
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