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Average house price SOARS to a record £323,530


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No more I told you so...

Average house price soars to a record £323,530 as sellers cash in on huge demand during stamp duty holiday

  • Prices rose by 1.1 per cent and are now £16,818 higher than same time last year
  • Experts expect growth to continue until new year and it could peak at 7 per cent
  • Market enjoyed 'mini-boom' due to pent-up demand and removal of stamp duty

https://www.dailymail.co.uk/news/article-8853487/Average-house-price-soars-record-323-530-sellers-cash-demand-stamp-duty-holiday.html#newcomment

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Spare us the Daily Heil articles with bolsheet asking price VI progaganda  

 

Edit: Put 'asking prices' in the title at least  

 

The average asking price of a home has soared to a record £323,530 as sellers capitalise
on unprecedented demand during the stamp duty holiday.

 

Edited by Saving For a Space Ship
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Meh, offered prices in Huggyland have remained level year on year at £0.00 and will continue to remain there until the shoot straight up to £80-£100k (if they're lucky 😉 )

Brexit, Covid, US/China war, debt crisis/other financial rubbish can hurry up. I'm excited to see what will put the brakes on the insane train.

I used to think/hope it was Brexit that would do the deed, but now we have Pooh's Covid ball coming in from left field, I reckon Brexit will simply give me one more bedroom or an extra 1/8th acre of garden compared with CORONAGEDDON!

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Spare us the Daily Heil articles with bolsheet asking price VI progaganda  

The DM outed Saracens rugby clubs cheating for a decade good investigative journalism.

Others may argue that the Mirror and Guardian are just left wing propaganda I assume.

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The full effects of either have not been felt yet, have they?

Covid is here still, possibly for the foreseeable and the trade deal with the EU hasn’t been finalised yet.  

So if a trade deal with the EU is finalised you are expecting them to crash then? And what if a Covid vacination is rolled out next year? That will cause a crash?

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The full effects of either have not been felt yet, have they?

Covid is here still, possibly for the foreseeable and the trade deal with the EU hasn’t been finalised yet.  

It's been the case for quite some time that "Bad news is good news" for nominal asset prices.

This is no different.  We know the response to economic woes will be warp speed printing presses and state-supported ultra loose lending to create more credit in the general economy. 

 

 

 

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This is no different.  We know the response to economic woes will be warp speed printing presses and state-supported ultra loose lending to create more credit in the general economy. 

 

Yes, probably. Like I’ve said all along: If Covid and Brexit don’t make prices drop, nothing will. I don’t think there’ll ever be a proper crash in my lifetime. But that also depends on what each of us thinks constitutes a crash. 

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Tim Bannister, Rightmove’s director of property data... warned that though many buyers seemed willing to pay record prices, “agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking”.

https://www.theguardian.com/money/2020/oct/19/average-asking-price-for-homes-in-britain-hits-record-high

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“agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking”.

Translated "the British public are a greedy bunch and better be careful what they wish for"

Serious question. Has the 'valuation' or setting an asking price for homes in England always been down to the owner/seller?

Would making the vendor liable for a survey and proper valuation (performed by a qualified surveyor) before being able to put the house on the market, improve things and help keep a lid on prices?

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Translated "the British public are a greedy bunch and better be careful what they wish for"

Serious question. Has the 'valuation' or setting an asking price for homes in England always been down to the owner/seller?

Would making the vendor liable for a survey and proper valuation (performed by a qualified surveyor) before being able to put the house on the market, improve things and help keep a lid on prices?

If someone wants to value their home at £200k or £400k or £600k their choice. Just as its the choice of the buyer to decide how much he wants to pay.... Nobody forces someone to bid. 

Alternative would be an auction system and that does exist for buyers if they wish to get price discovery that way

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We already know this thanks to UK Property Lion.

 

We also know London house prices are falling 6% so far and the volumes have doubled in a year.

Did the Daily House Price Ramper tell folks that ?

Edited by TheCountOfNowhere
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So if a trade deal with the EU is finalised you are expecting them to crash then? And what if a Covid vacination is rolled out next year? That will cause a crash?

I’ve no idea. I don’t think the big crash will ever happen (not whilst I’m alive anyway). I feel, and hope, there could be a reduction in price though. But, until the dust has settled from recent events, no one can really start saying they were right either way. How long that dust takes to settle is anyone’s guess. 

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So £323,530 is now the price of an "average" house.

An average salary is what..........£30k per year, double this to £60k for a couple, which means that a couple would need to borrow nearly 5 and a half times their joint salaries to buy an average house.

Oh dear.  There was a time where an average house could be bought for 3 times one average salary, but in 2020 everyone likes being robbed blind it seems. 

So, with most salary cash now going on housing costs and monthy bills, it's no surprise that there isn't much left to keep the economy afloat. 

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1 hour ago, Social Justice League said:

So £323,530 is now the price of an "average" house.

An average salary is what..........£30k per year, double this to £60k for a couple, which means that a couple would need to borrow nearly 5 and a half times their joint salaries to buy an average house.

Oh dear.  There was a time where an average house could be bought for 3 times one average salary, but in 2020 everyone likes being robbed blind it seems. 

So, with most salary cash now going on housing costs and monthy bills, it's no surprise that there isn't much left to keep the economy afloat. 

My sympathies lie with single people working for an average salary. 

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  • 439 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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