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Asking prices since last the mini-budget


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I can't prove this yet as the property lion database wont have enough information yet but it looks like that INITIAL asking prices have gone crazy since the mini budget while London current asking pries are going down the pan quickly.

Property Lion is going to do a full run Aug/Sept/Oct just to keep an eye on what's happening.

Will keep you posted.

 

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17 minutes ago, TheCountOfNowhere said:

I can't prove this yet as the property lion database wont have enough information yet but it looks like that INITIAL asking prices have gone crazy since the mini budget while London current asking pries are going down the pan quickly.

Property Lion is going to do a full run Aug/Sept/Oct just to keep an eye on what's happening.

Will keep you posted.

 

Yep. On average buyers benefit to the tune of 1-3% from stamp duty so greedy sellers are whacking 10% on. The banks will ultimately decide. If they see a crash of 15% they won’t loan more than 80% of the value of the property. They won’t change until they see how bad the post furlough carnage is going to be. 

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12 hours ago, HovelinHove said:

Yep. On average buyers benefit to the tune of 1-3% from stamp duty so greedy sellers are whacking 10% on. The banks will ultimately decide. If they see a crash of 15% they won’t loan more than 80% of the value of the property. They won’t change until they see how bad the post furlough carnage is going to be. 

https://amp.theguardian.com/business/2020/jul/13/nationwide-to-offer-low-deposit-mortgages-after-stamp-duty-move?__twitter_impression=true

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27 minutes ago, First time on the ladder said:

Read the small print. No change really. All they are doing is allowing some young idiots to go into negative equity if they can afford the repayments.

Quote

However, the mortgages come with a range of terms and conditions. To qualify, would-be first-time buyers must be buying a house that is at least two years old, and must not be relying on a deposit that has been entirely gifted by family. They cannot be on the government’s furlough scheme and will be subject to strict affordability checks.

Mortgage terms will be limited to 25 years, which will rule out any buyers who would need to increase the length of their loan in order to make the monthly repayments possible.

and the corker:

Quote

Nationwide will cap lending on flats at 75% for newbuilds and 85% for subsequent buyers.

 

Edited by HovelinHove
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According to mumsnet we need to take advantage of the capital gains tax cut and move right now or miss the boat forever. Never mind the greatest recession/depression of our lifetimes, the looming unemployment numbers etc etc. The only way is up. 

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I expect a lot of mad panic buying post lockdown as people want to escape their London shoebox for a house in the country with a garden before we enter lockdown again in the winter following the second wave?

Don’t blame them - but they of course need a willing buyer for their London shoebox with no garden!

A temporary boom followed by a collapse later or the start of another boom amidst 4 million newly unemployed who can say?

Edited by MARTINX9
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1 hour ago, MARTINX9 said:

I expect a lot of mad panic buying post lockdown as people want to escape their London shoebox for a house in the country with a garden before we enter lockdown again in the winter following the second wave?

Don’t blame them - but they of course need a willing buyer for their London shoebox with no garden!

A temporary boom followed by a collapse later or the start of another boom amidst 4 million newly unemployed who can say?

Pretty much mirrors what I expect - seems to be backed up by this story in the Guardian today too

https://www.theguardian.com/money/2020/jul/15/stamp-duty-cut-fuels-surge-of-interest-in-london-commuter-belt

As you say though, moving to the countryside only works if you can sell your property in the city.

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Yeah I've seen recently on houses in certain areas I'm looking in (Manchester) where the price from Feb this year to last nights value has had around 10k - 12k put on them. Crazy.

One agent has been sending a fair few emails with listings so maybe they want you to panic and pay way over the odd before furlough disappears.

I do know of someone in the north of the city who sold within a week and around 30k over asking. This is madness surely.

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3 hours ago, Postman said:

According to mumsnet we need to take advantage of the capital gains tax cut and move right now or miss the boat forever. Never mind the greatest recession/depression of our lifetimes, the looming unemployment numbers etc etc. The only way is up. 

It's all noise till furlough scheme ends.

That hive-mind is actually showing signs of breaking on housing to be fair to them.  Took a while....

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3 hours ago, MARTINX9 said:

I expect a lot of mad panic buying post lockdown as people want to escape their London shoebox for a house in the country with a garden before we enter lockdown again in the winter following the second wave?

(...)

Funnily enough, I'm seeing quite a lot of houses that might appear attractive to those buyers coming to the market.

{1 - 1.5million, substantial village homes with big gardens / some land.)

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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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