Saving For a Space Ship Posted June 2, 2020 Share Posted June 2, 2020 (edited) 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 June 2, 2020 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Smiley George Posted June 2, 2020 Share Posted June 2, 2020 Quote Link to comment Share on other sites More sharing options...
msi Posted June 2, 2020 Share Posted June 2, 2020 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. Quote Link to comment Share on other sites More sharing options...
Switch625 Posted June 2, 2020 Share Posted June 2, 2020 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. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted June 2, 2020 Share Posted June 2, 2020 Looks promising for all you house buyers. Have you got everything ready if your ideal place comes up at the right price? Quote Link to comment Share on other sites More sharing options...
Bob8 Posted June 2, 2020 Share Posted June 2, 2020 https://www.telegraph.co.uk/property/house-prices/worst-month-since-crisis-house-price-falls-beginning/ Similar vibe and suggesting much the same as debtless manc. Quote Link to comment Share on other sites More sharing options...
Trump Invective Posted June 2, 2020 Share Posted June 2, 2020 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 Quote Link to comment Share on other sites More sharing options...
12fixer Posted June 2, 2020 Share Posted June 2, 2020 I wonder what the comments on 118 will be later on this news, "Good time to buy.." "Just a short term shock.." Quote Link to comment Share on other sites More sharing options...
HovelinHove Posted June 2, 2020 Share Posted June 2, 2020 (edited) 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 June 2, 2020 by HovelinHove Quote Link to comment Share on other sites More sharing options...
Switch625 Posted June 2, 2020 Share Posted June 2, 2020 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 Quote Link to comment Share on other sites More sharing options...
Orb Posted June 2, 2020 Share Posted June 2, 2020 Is mumsnet aware of this yet? ? Quote Link to comment Share on other sites More sharing options...
dugsbody Posted June 2, 2020 Share Posted June 2, 2020 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? Quote Link to comment Share on other sites More sharing options...
Trump Invective Posted June 2, 2020 Share Posted June 2, 2020 https://www.telegraph.co.uk/property/house-prices/worst-month-since-crisis-house-price-falls-beginning/?li_source=LI&li_medium=liftigniter This is incredibly bearish Quote Link to comment Share on other sites More sharing options...
Switch625 Posted June 2, 2020 Share Posted June 2, 2020 54 minutes ago, dugsbody said: Why do nationwide care if house prices go up or down? A lot of skin in the game Quote Link to comment Share on other sites More sharing options...
Switch625 Posted June 2, 2020 Share Posted June 2, 2020 12 minutes ago, Trump Invective said: https://www.telegraph.co.uk/property/house-prices/worst-month-since-crisis-house-price-falls-beginning/?li_source=LI&li_medium=liftigniter This is incredibly bearish Thanks, for once MSM actually chiming with my reading of the situation ? Quote Link to comment Share on other sites More sharing options...
dugsbody Posted June 2, 2020 Share Posted June 2, 2020 1 hour ago, Switch625 said: A lot of skin in the game Don't they just care about the income stream? Or is it mark to market prices for their balance sheet risk? Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted June 2, 2020 Share Posted June 2, 2020 Someone I know has just put their house on the market. ? Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted June 2, 2020 Share Posted June 2, 2020 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? Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted June 2, 2020 Share Posted June 2, 2020 (edited) 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 June 2, 2020 by MARTINX9 Quote Link to comment Share on other sites More sharing options...
Now or never Posted June 2, 2020 Share Posted June 2, 2020 Will be hilarious watching them trying to peddle additional 'help' to buy during the biggest crash ever! Quote Link to comment Share on other sites More sharing options...
sammersmith Posted June 2, 2020 Share Posted June 2, 2020 (edited) 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 June 2, 2020 by sammersmith Quote Link to comment Share on other sites More sharing options...
captainb Posted June 2, 2020 Share Posted June 2, 2020 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 Quote Link to comment Share on other sites More sharing options...
sammersmith Posted June 2, 2020 Share Posted June 2, 2020 4 minutes ago, captainb said: 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 Interesting. Thank you. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 2, 2020 Share Posted June 2, 2020 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!"? Quote Link to comment Share on other sites More sharing options...
captainb Posted June 2, 2020 Share Posted June 2, 2020 (edited) 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 June 2, 2020 by captainb Quote Link to comment Share on other sites More sharing options...
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