MonsieurCopperCrutch Posted October 19, 2020 Share Posted October 19, 2020 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 Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted October 19, 2020 Share Posted October 19, 2020 (edited) 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 October 19, 2020 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
rantnrave Posted October 19, 2020 Share Posted October 19, 2020 Ah, asking prices have soared. EAs and vendors feeling very bullish Any update on how first time buyers and lenders are feeling? Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted October 19, 2020 Share Posted October 19, 2020 (edited) . Edited October 19, 2020 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Chunketh Posted October 19, 2020 Share Posted October 19, 2020 Ah, asking prices have soared. EAs and vendors feeling very bullish Any update on how first time buyers and lenders are feeling? Annoyed and planning to have a 25% deposit as a requirement. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 19, 2020 Author Share Posted October 19, 2020 But we were promised by many on here that Brexshit and Covid would sort out the houseprice madness. Quote Link to comment Share on other sites More sharing options...
Huggy Posted October 19, 2020 Share Posted October 19, 2020 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! Quote Link to comment Share on other sites More sharing options...
richmondtw Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 If houses prices are soaring and the market is doing so well, why are banks tightening their lending then? From the same publication: https://www.dailymail.co.uk/news/article-8850057/Home-buyers-stump-40-cent-deposits-TSB-Barclays-stop-handing-mortgages.html Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 But we were promised by many on here that Brexshit and Covid would sort out the houseprice madness. 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. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 19, 2020 Author Share Posted October 19, 2020 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? Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
Locke Posted October 19, 2020 Share Posted October 19, 2020 27 minutes ago, ForGreatLager... said: the trade deal with the EU hasn’t been finalised yet. I read that BoJo just walked away. Is that not correct? Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 I read that BoJo just walked away. Is that not correct? Yes, up until the second he does one of his characteristic U-turns, and walks right back. 😉 Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted October 19, 2020 Share Posted October 19, 2020 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 Quote Link to comment Share on other sites More sharing options...
Former postman Posted October 19, 2020 Share Posted October 19, 2020 Yes, up until the second he does one of his characteristic U-turns, and walks right back. 😉 Quote Link to comment Share on other sites More sharing options...
Huggy Posted October 19, 2020 Share Posted October 19, 2020 But that also depends on what each of us thinks constitutes a crash. 80-90% peak to trough ❤️ Anything else is just extremely disappointing! Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 80-90% peak to trough ❤️ Anything else is just extremely disappointing! Hardcore. Pure filth! 50% is a correction, anything on top is a bonus crash. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted October 19, 2020 Share Posted October 19, 2020 “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? Quote Link to comment Share on other sites More sharing options...
captainb Posted October 19, 2020 Share Posted October 19, 2020 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 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 19, 2020 Share Posted October 19, 2020 (edited) 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 October 19, 2020 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
ForGreatLager... Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
Orb Posted October 19, 2020 Share Posted October 19, 2020 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. Quote Link to comment Share on other sites More sharing options...
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