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UK house prices fall at fastest rate since 2009 amid coronavirus crisis


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UK house prices fall at fastest rate since 2009 amid coronavirus crisis

https://www.theguardian.com/business/2020/jun/02/uk-house-prices-fall-coronavirus-nationwide

 

UK house prices fall by most since 2009 as COVID hits- Nationwide

https://www.reuters.com/article/us-health-coronavirus-britain-houseprice/uk-house-prices-fall-by-most-since-2009-as-covid-hits-nationwide-idUSKBN2390NX

I thought it deserved its own thread 

Hpc thread - Nationwide index May 2020

https://www.housepricecrash.co.uk/forum/index.php?/topic/236653-nationwide-index-may-2020/

Edited by Saving For a Space Ship
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If we get monthly drops til September, then its game on.  With the ending of Furlough and redundancies, the restart of repossessions, and the end of a dead summer that will set real panic in sellers mind.

However I'd only give it 5:1 this is just a temporary blip - the Tories will pull yet another f******g prop out of their backsides.

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1 minute ago, msi said:

'real panic in sellers mind'

1.7% drop in May is a heck of a good start, but lets be sensible, you may well be right, with yet more props they may be able to prevent large monthly drops until September. If the current pandemic continues to weigh heavily on the economy which looks highly likely then I think that halt is likely to be temporary. Once the herd gets the whiff of panic its crash time and I can hear the sound of lowing in the background.

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Telegraph has another article which leads on the 80% drop in mortgage approvals, Saying things will get a lot worse after the summer. Really full on Bear now. Sunak won’t be able to rescue this.

https://www.telegraph.co.uk/property/house-prices/house-prices-fall-since-2009-covid-hits/?li_source=LI&li_medium=liftigniter

Quote

The dire figures - the worst since the Bank’s records began in 1993 - came as house prices data from Nationwide showed a 1.7pc slide in prices during May. That marked the biggest fall over a single month since 2009.

 

Edited by HovelinHove
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2 hours ago, PeanutButter said:

Looks promising for all you house buyers. Have you got everything ready if your ideal place comes up at the right price?

I know where I want to live and how much I am willing to pay, but for now I am keeping my powder dry. This is going to take a lot longer to unwind, I have been patiently grafting and building a good deposit, no need to rush :)

 

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1 hour ago, Trump Invective said:

There was a Nationwide guy on LBC a bit ago - sounded deflated, defeated. He knew the game was up, you can only blag it for so long

Why do nationwide care if house prices go up or down?

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2 hours ago, Switch625 said:

I know where I want to live and how much I am willing to pay, but for now I am keeping my powder dry. This is going to take a lot longer to unwind, I have been patiently grafting and building a good deposit, no need to rush :)

 

Are you chummy with the relevant agents? 

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10 hours ago, msi said:

If we get monthly drops til September, then its game on.  With the ending of Furlough and redundancies, the restart of repossessions, and the end of a dead summer that will set real panic in sellers mind.

However I'd only give it 5:1 this is just a temporary blip - the Tories will pull yet another f******g prop out of their backsides.

Wait for the emergency budget on 8 July - and we shall see what Rishi has planned.

60% help to buy from August in London and 40% elsewhere - and carrying on for everyone not just FTBs (as was planned from April) - with the property limit extended to £2m from £600k?

Just call it HBTB - the help bankers to buy scheme! 

Edited by MARTINX9
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45 minutes ago, MARTINX9 said:

Wait for the emergency budget on 8 July - and we shall see what Rishi has planned.

60% help to buy from August in London and 40% elsewhere - and carrying on for everyone not just FTBs (as was planned from April) - with the property limit extended to £2m from £600k?

Just call it HBTB - the help bankers to buy scheme! 

I just don't see it happening. Not any more. 

Although the furlough scheme has been generally supported the biggest criticism was always the cost to the tax payer. They are therefore winding it down. Would they really start a new stimulus scheme while people are being made redundant? It seems both fiscally and politically risky.   

Also, where did this emergency budget come from? I still haven't seen any source other than on here. Rishi was saying the other day on the coronavirus update that he wanted to get back into an autumn budget routine. 

Edited by sammersmith
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10 minutes ago, sammersmith said:

I just don't see it happening. Not any more. 

Although the furlough scheme has been generally supported the biggest criticism was always the cost to the tax payer. They are therefore winding it down. Would they really start a new stimulus scheme while people are being made redundant? It seems both fiscally and politically risky.   

Also, where did this emergency budget come from? I still haven't seen any source other than on here. Rishi was saying the other day on the coronavirus update that he wanted to get back into an autumn budget routine. 

Was in the times and other papers over the weekend. Not sure if that makes its "fact" but would imagine its being talked about at serious levels in the treasury 

 

https://www.willistowerswatson.com/en-GB/Insights/2020/06/uk-emergency-budget-in-july

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1 hour ago, Now or never said:

Will be hilarious watching them trying to peddle additional 'help' to buy during the biggest crash ever!

 

They are smart enough not to do that I think, last time pumping money in was definitely the way to get the result they wanted, not sure if they can this time, too many wheels hanging off at once. Maybe they will go with "housing is more affordable - Vote for us!"?

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4 minutes ago, dances with sheeple said:

They are smart enough not to do that I think, last time pumping money in was definitely the way to get the result they wanted, not sure if they can this time, too many wheels hanging off at once. Maybe they will go with "housing is more affordable - Vote for us!"?

"“I do know that in every economic recovery in modern British history, the housing market has been key.” - Business secretary the other week.

Expect some more ramping policies.

Stamp duty reduction in full for FTB would be my guess.. we will see.

Edited by captainb
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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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