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Anyone watching Savills auction online today. Online and telephone bidding only, Auctioneer is really struggling. Pretending to get bids from phone and internet and not much is selling. Not sure why anyone would buy a house in this market.   HPC is on at last.

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Based on the pace of the post-recession recovery predicted by Oxford Economics, we would expect the pandemic to have a more limited and shorter-lived impact on house prices than either the early-1990s recession or the Global Financial Crisis. Short-term price falls could be in the order of -5% to -10%, but on very low levels of transactions.

?

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1 hour ago, Smiley George said:

Based on the pace of the post-recession recovery predicted by Oxford Economics, we would expect the pandemic to have a more limited and shorter-lived impact on house prices than either the early-1990s recession or the Global Financial Crisis. Short-term price falls could be in the order of -5% to -10%, but on very low levels of transactions.

?

Oxford economics have always been the chosen voice of the housing bulls. They're predicting a v shaped recession from this.

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That's actually from savills:

ECONOMIC CONTEXT

The central scenario for most economic forecasters is a sharp, short economic contraction in 2020, particularly in Q2, followed by a rebound in late 2020/early 2021. For example, as at 19th March Oxford Economics was predicting UK GDP will fall -2.5% in 2020 Q2 and rebound +1.8% in Q4.

Current forecasts now account for the base rate cut to 0.1% announced by the Bank of England earlier this month. Oxford Economics predicts rates will remain at this level until Q3 2021 and only reach 1.5% by the end of 2024.

Unemployment is likely to rise slightly in the short term, returning to pre-pandemic levels by Q3 2021.

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Does anyone know the normal proportion of properties that fail to sell in an auction like this would be like? If you look at the results a lot are "withdrawn"  (because they failed to reach the reserve price).

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8 hours ago, gp_ said:

Does anyone know the normal proportion of properties that fail to sell in an auction like this would be like? If you look at the results a lot are "withdrawn"  (because they failed to reach the reserve price).

If memory serves, 70% sold is deemed a reasonable day

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  • 415 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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