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RICS - UK house prices crash to 10-year low!?


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Not sure if this has already been mentioned? 

And I can't quite work out that headline either!? 

Either way this bear feast is turning into an all-you-can-eat buffet...nom nom nom!

Thursday 11 June 2020 8:22 am
UK house prices crash to 10-year low

https://www.cityam.com/uk-house-prices-crash-to-10-year-low/

https://uk.reuters.com/article/uk-health-coronavirus-britain-economy/uk-house-prices-hit-10-year-low-but-recovery-signs-emerge-rics-idUKKBN23H3JF

https://www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/uk-residential-market-survey-may-2020.pdf

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Just now, rantnrave said:

Saw these articles - journo clearly doesn't understand that the report captures sentiment about prices, not actual £££

Ah that makes sense now. But nice of of the media to mess up the interpretation and make the headline even scarier. Lolz.

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9 minutes ago, rantnrave said:

Saw these articles - journo clearly doesn't understand that the report captures sentiment about prices, not actual £££

Oh, I think they do...they want the reader to think...house prices at all time lows, great time to buy.

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1 minute ago, highcontrast said:

Ah that makes sense now. But nice of of the media to mess up the interpretation and make the headline even scarier. Lolz.

Hard to believe reporting that sloppy was allowed to go online.

NB No bear food around here. A Rightmove search on the local area today shows no obvious bargains and that 40% are now STC, up from 33% a week ago. Unbelievable, can only assume people are rushing to buy before the second wave hits and sends prices through the roof. 

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19 minutes ago, highcontrast said:

Not sure if this has already been mentioned? 

And I can't quite work out that headline either!? 

Either way this bear feast is turning into an all-you-can-eat buffet...nom nom nom!

Thursday 11 June 2020 8:22 am
UK house prices crash to 10-year low

https://www.cityam.com/uk-house-prices-crash-to-10-year-low/

https://uk.reuters.com/article/uk-health-coronavirus-britain-economy/uk-house-prices-hit-10-year-low-but-recovery-signs-emerge-rics-idUKKBN23H3JF

https://www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/uk-residential-market-survey-may-2020.pdf

Great comments section as always. Found a new favourite agency name - Doolittle & Dalley - absolute classic.

https://www.doolittle-dalley.co.uk

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30 minutes ago, rantnrave said:

Saw these articles - journo clearly doesn't understand that the report captures sentiment about prices, not actual £££

Shocking but unsurprising.

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"UK house prices slumped to a net balance of minus 32 per cent in May, marking the lowest prices since 2010. "

WTAF.

Poppy Wood - apparently she's an arts journo

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Lovely stuff - some London highlights for me:

John King, FRICS, Wimbledon, Andrew Scott Robertson, 020 8971 6780, www.as-r.co.uk, jking@as-r.co.uk - Since our return from lockdown, the level of new applicant registrations has increased week on week, sadly not matched by new instructions. Protecting current pipelines has been key with 20% fall through’s due to Covid-19.

 

Richard Taylor, MRICS, London, London’s Surveyors & Valuers, richard@lcsv.co.uk - The pandemic will colour the market for the foreseeable future. It’s effects has yet to be fully understood or seen. Until market conditions stabilise from this significant event, we should expect some continued uncertainty.

 

William Delaney, AssocRICS, Central London, Lawrence Ward & Co, 02073379600, william@ lwlondon.com - Any ongoing sales that we had that were stalled during the lockdown will be aborted. The Central London property market depends heavily on confidence, which is completely absent. Some agents are predicting a tsunami of pent- up demand from buyers!

 

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Meanwhile on the Guard: "Covid-19 predicted to cause leap in demand for UK homes with gardens"

Yeah, a leap. Because some random event is going to change one from being a flat owner or whatever to suddenly want a garden. Do these people think humans are robots?

 

 

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21 minutes ago, Trump Invective said:

Meanwhile on the Guard: "Covid-19 predicted to cause leap in demand for UK homes with gardens"

Yeah, a leap. Because some random event is going to change one from being a flat owner or whatever to suddenly want a garden. Do these people think humans are robots?

 

 

Not 'has' caused a leap, but 'predicted to'

In the past, of course, people who lived in a flat never aspired to moving up to a place with a garden...

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6 hours ago, Trump Invective said:

But what has Covid 19 got to do with it?

Imagine you’d just spent 10 weeks locked down in a first floor flat, or worse still forced to self isolate. That luxury retirement apartment for example is starting to look like a luxury prison! You may now be thinking ‘what if there’s a second wave’? I noticed the rics letting surveyor For Dorset described an increase in enquiries due to people “fleeing” the cities!

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6 minutes ago, MarkD said:

Imagine you’d just spent 10 weeks locked down in a first floor flat, or worse still forced to self isolate. That luxury retirement apartment for example is starting to look like a luxury prison! You may now be thinking ‘what if there’s a second wave’? I noticed the rics letting surveyor For Dorset described an increase in enquiries due to people “fleeing” the cities!

We'll see! There's dreams of a more rural existence, and there's the reality

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23 minutes ago, Trump Invective said:

We'll see! There's dreams of a more rural existence, and there's the reality

1. Settle in the country.

2. Complain to the parish council about animal noises at 6 a m in summer, church bells on Sundays and practice for same on a Wednesday night.

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I'm so bored with seeing sentiment this, volumes that.

When is this going to be reflected in reality? My search, around Epping Forest area, prices actually seem to be up rather than down. 

My guess, not until interest rates go back up and mortgage lengths go down.

 

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11 hours ago, Bluestone59 said:

1. Settle in the country.

2. Complain to the parish council about animal noises at 6 a m in summer, church bells on Sundays and practice for same on a Wednesday night.

I love living in the country but be prepared for spending lots of time maintaining a large garden and buying tools, a ride on lawnmower and maybe a tractor.  Be prepared for livestock ignoring fences and chomping on your flowers and veg.  If your a precious flower stay in town as it’s hard work but worth it.  

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Now why won't they lend right now? Could it be because they are afraid of houses being with less than the mortgages they've lent? 

 

England's first-time buyers with 10% deposit struggle to find mortgage

https://www.theguardian.com/money/2020/jun/12/england-first-time-buyers-with-10-per-cent-deposit-struggle-to-find-mortgage?CMP=Share_AndroidApp_Copy_to_clipboard

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2 hours ago, dugsbody said:

I'm so bored with seeing sentiment this, volumes that.

When is this going to be reflected in reality? My search, around Epping Forest area, prices actually seem to be up rather than down. 

My guess, not until interest rates go back up and mortgage lengths go down.

 

May be being affected by a net flight to more spread out rural (ish) location

I'm pretty sure urban areas are tangibly falling

 

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37 minutes ago, Si1 said:

May be being affected by a net flight to more spread out rural (ish) location

I'm pretty sure urban areas are tangibly falling

 

Epping Forest isn't exactly rural. I'm talking around Woodford, Wanstead etc. Prices are still nuts. 

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3 hours ago, dugsbody said:

Epping Forest isn't exactly rural. I'm talking around Woodford, Wanstead etc. Prices are still nuts. 

At least you get a garden there. Don't forget loads of youngish professionals who bought in more central locations move that way for space/family and still a reasonable commute. 

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  • 417 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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