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House Price Crash Forum

Nationwide Jun 2020 House Price Index


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This thread has absolutely nothing to say about Boris Johnson or Dominic Cummings so is clearly irrelevant to House Prices And The Economy?

Seriously...hoping for another 1% monthly drop as a minimum. Can’t be too far off year on year negative soon before the new Great Recession has even started.

Prices should be toast in 6 months time once all the redundancies flow through the system.

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17 minutes ago, Burbujista said:

The annual house price change number has a negative sign in front! A little victory that can officially announce the start of a new trend.

The initial number has a negative number in front of it.

The revised number will be much bigger.

Banks little scam is to frig the data to make the increase always positive, no matter hjow small. Then, revise the number down later.

 

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Really need the media to hit this hard.
Ultimately it’s sentiment that’s so important.

Only when estate agents, buyers and sellers are all bricking it (mortar everywhere) will quality reductions start happening.

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4 minutes ago, neon tetra said:

Really need the media to hit this hard.
Ultimately it’s sentiment that’s so important.

Only when estate agents, buyers and sellers are all bricking it (mortar everywhere) will quality reductions start happening.

EA are not programmed to be honest.  They will cling on to the historic tales of ‘house prices always go up’, as the titanic sinks.  High street EA are finished.  Vendors selling their homes will use on-line to save money.

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They have managed to create a new section of quarterly averages (averaging last three months) to try to spin a manipulated idea of house prices still rising by 2%... If you average the last 3 months compared to the average of the same 3 months last year.... that’s just a cheeky way to dilute the drop that has occurred this month...

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47 minutes ago, hpcnnh said:

So it's still "growth" then.

 

I think half the population don't know what a -ve sign means. However, negative growth is possible, But the word 'slowed' cannot be used to indicate something stopping and going in the opposite direction. 

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36 minutes ago, xxxx said:

EA are not programmed to be honest.  They will cling on to the historic tales of ‘house prices always go up’, as the titanic sinks.  High street EA are finished.  Vendors selling their homes will use on-line to save money.

Lol.  So predictable.  Good times for them are over.

Estate agents: it's not a crash

Britain’s estate agents are insisting that the property market isn’t about to collapse.

They’re arguing that the 3.2% drop in prices during May and June is a ‘reset’, and that demand will pick up now that the economy is reopening - and house viewings are allowed again. 

Lucy Pendleton of estate agents James Pendleton, argues the market is showing resilience, given the scale of the pandemic.

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Sentiment is a massive issue. It will take many months (like 6 months) of decreases before people finally think house prices dont always decrease. But it will only take 1 month of an increase before people will say it's all going to increase forever. Fingers crossed we don't get a plus in coming months.

 

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3 minutes ago, xxxx said:

Lol.  So predictable.  Good times for them are over.

Estate agents: it's not a crash

Britain’s estate agents are insisting that the property market isn’t about to collapse.

They’re arguing that the 3.2% drop in prices during May and June is a ‘reset’, and that demand will pick up now that the economy is reopening - and house viewings are allowed again. 

Lucy Pendleton of estate agents James Pendleton, argues the market is showing resilience, given the scale of the pandemic.

Even though redundancies are growing, and furlough hasn't ended. we're through the worst of it!!! ******.

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1 minute ago, Sausage said:

Even though redundancies are growing, and furlough hasn't ended. we're through the worst of it!!! ******.

Do they seriously think things are going to improve?  I have sh*t loads of data that predicts exactly where this is going.  And upwards it isn’t.

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One other factor not being considered to my knowledge, is how people are coping with furlough payments (i.e. 20% pay cut).  The answer must be debt, either CC & loans, or borrowing from family.  My neighbour (low earner) bought himself a second hand Car for £7k just before lockdown... was very pleased that they let him have finance over 5 years ... total cost .... £13k!  Although he wasnt furloughed (he is now), it just shows a certain attitude to debt.

If furloughed peopled with excess debt come to mortgage or re-mortgage, those debts will affect sale prices.

 

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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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