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New all time high for the index...rejoice! It's a Xmas miracle.

A Halifax spokesman said "We'll fight this pandemic with higher house prices, Covid will start to fizzle out when it sees the asking price of an average 3-bed semi in Coventry. We firmly believe a concerted effort by us bankers and our loyal debt-slaves, sorry, borrowers will see this disease put to bed by Xmas. "

 

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Even the VI's report on rising prices finishes with a warning though. Nationwide's Chief Economist says.....

Housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”

Looks like this could also be a hint of a wish for the Stamp Duty holiday to be extended?

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Even the VI's report on rising prices finishes with a warning though. Nationwide's Chief Economist says.....

Housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”

Looks like this could also be a hint of a wish for the Stamp Duty holiday to be extended?

EAs are all over lobbying for the Stamp Duty cut extension:

https://propertyindustryeye.com/backlog-of-sales-could-cost-homebuyers-dear/

https://propertyindustryeye.com/agents-urged-to-support-calls-to-extend-stamp-duty-holiday/

https://propertyindustryeye.com/backlog-could-see-thousands-miss-out-on-stamp-duty-holiday/

https://propertyindustryeye.com/it-is-critical-that-the-government-reviews-this-stamp-duty-holiday-says-tax-expert/

Obviously during a massive squeeze on public finances, a product growing in price at 5%+ a year needs an extended tax cut...

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Even the VI's report on rising prices finishes with a warning though. Nationwide's Chief Economist says.....

Housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”

Looks like this could also be a hint of a wish for the Stamp Duty holiday to be extended?

In essence the stamp duty holiday is already finished going by how long sales are taking to get to completion.  Friend of ours sold (SSTC) a inherited property in Mid September to a cash buyer (property in Scotland). 

They are still waiting on the sale to complete due to Covid related delays in all areas of the process (land register/WFH/furloughed staff) - latest estimate is end of December!  And this should be the quickest type of sale to process.

Based on this experience, a buyer now is going to be lucky to complete by the end of March, especially with the Christmas/New Year period coming up.

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Hmmmm, not really showing a slowing yet. 

Anecdotally the house across the road from me has just gone on the market. I'm amazed at the asking price tbh... it's nicer than my place and does have a slightly wider plot with a double garage but it's north facing and has a bit of an unsightly plot next to it and is very overlooked (three storey house next to it).

It's on for £200k more than I paid for mine a couple of years ago. 

First close comparable on my road so I'll report back on what happens. 

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What is even the point of saving for a deposit when house prices outrun the rate at which you can save money. Surely this is unsustainable. 

National average figures have comedy value only now with Transactions being so low and the variety of housing types. All it is now is a lagging sentiment indicator - think Comical Ali in Gulf War I telling us how Iraq was holding against the US after 'shock n awe'.

Actual trends are now regional and local. As others have said, overpriced sale is suddenly hanging for 'unknown' reasons, banks are pulling mortgage offers, redundancy notifications kick in Q1, with the new FY there will be some hasty revisions on company and fund balance sheets....AND Rishi needs his tax take to increase.

 

https://www.youtube.com/watch?v=iDVuQi4gdtk

 

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WHAT IS THE SENTIMENT TRACKER?

Since before COVID-lockdown began, we've tracked consumer sentiment, based upon leads generated via Live Chat on property websites. We're only tracking enquiries with a transactional 'intent', ie. to sell, buy, let or rent - a clear indicator of customer desire to get on with business even under COVID-19 restrictions.

We took the average level of leads generated over the 62 weeks prior to lockdown on 23 March 2020, right back to 1 January 2019. That included a fairly dampened market, suffering from Brexit uncertainty, pre-election paralysis and then the Boris Bounce, so a good yardstick for difficult market conditions.

Our graph below, which is updated on a weekly basis, shows the pre-COVID-19 average at 100%, and clearly illustrates the market swings of the previous 15 months, followed by a Coronavirus crash.

https://info.yomdel.com/property-sentiment-tracker

900893408_Yomdel20Property20Sentiment20Tracker20-20291120.thumb.png.b57fa79f44232c054b9490f92c92ede7.png

 

1142075470_Yomdel20Property20Website20Tracker20-20291120.thumb.png.af2365a5e6f4809bff565fc671c4517c.png

 

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WHAT IS THE SENTIMENT TRACKER?

Since before COVID-lockdown began, we've tracked consumer sentiment, based upon leads generated via Live Chat on property websites. We're only tracking enquiries with a transactional 'intent', ie. to sell, buy, let or rent - a clear indicator of customer desire to get on with business even under COVID-19 restrictions.

We took the average level of leads generated over the 62 weeks prior to lockdown on 23 March 2020, right back to 1 January 2019. That included a fairly dampened market, suffering from Brexit uncertainty, pre-election paralysis and then the Boris Bounce, so a good yardstick for difficult market conditions.

Our graph below, which is updated on a weekly basis, shows the pre-COVID-19 average at 100%, and clearly illustrates the market swings of the previous 15 months, followed by a Coronavirus crash.

https://info.yomdel.com/property-sentiment-tracker

900893408_Yomdel20Property20Sentiment20Tracker20-20291120.thumb.png.b57fa79f44232c054b9490f92c92ede7.png

 

1142075470_Yomdel20Property20Website20Tracker20-20291120.thumb.png.af2365a5e6f4809bff565fc671c4517c.png

 

Interesting, but the more writing on a graph the less you should pay attention. 

What they describe as the pre general election dip is also covering the seasonal plummet in December. The general election bounce would make a lot more sense if it had started on 13th December when the results were known, not at the start of January when the property market always jumps. 

December is always dead, it's what will happen next month and in Q1 that will give a better indication of where things are going. 

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Interesting, but the more writing on a graph the less you should pay attention. 

What they describe as the pre general election dip is also covering the seasonal plummet in December. The general election bounce would make a lot more sense if it had started on 13th December when the results were known, not at the start of January when the property market always jumps. 

December is always dead, it's what will happen next month and in Q1 that will give a better indication of where things are going. 

The data tracks one week with the same week from the previous year.

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The data tracks one week with the same week from the previous year.

That isn't what it says, it states compared to the 62 weeks average pre covid? So it's not a year on year movement but rather the variations across the board. 

I wouldn't read too much into the slide approaching December at this stage. 

It also tracks website visits and chat activity for people all locked down/working from home etc and despite all of this it's still higher than the 62 weeks average pre covid activity rate which is unusually high in December. 

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