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House prices fell £9000 last month


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Some brutal numbers here:

England

In England, the July data shows on average, house prices have fallen by 4.5% since June 2021. The annual price rise of 7% takes the average property value to £270,973.

The regional data for England indicates that:

  • no region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -1.3%
  • the North West saw the lowest monthly price growth, at -7.6%
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1 minute ago, rantnrave said:

Some brutal numbers here:

England

In England, the July data shows on average, house prices have fallen by 4.5% since June 2021. The annual price rise of 7% takes the average property value to £270,973.

The regional data for England indicates that:

  • no region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -1.3%
  • the North West saw the lowest monthly price growth, at -7.6%

God bless UKPropertyLion

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45 minutes ago, rantnrave said:

image.png.829696adda1a773624670efac375236c.png

If you work through the numbers, it's actually worse than you would intuit, because rises mean than falls are more significant. The larger the rise, the more precipitous the position.

If a price rises by 50% then falls by 50%, it is at 75% of the original figure

 

image.png.9cbc7ff17114c67636117b70c6a23f1a.png

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41 minutes ago, rantnrave said:

image.png.829696adda1a773624670efac375236c.png

Can't see how this translates on the ground.  Prices in the areas we are looking are still up up and up! House in say Radstock (Somerset) 2020 value £220,000 tops (done up) now selling (yes selling) at £280,000 with multiple viewings and their crappy ! This one came on this week :O( 

https://www.rightmove.co.uk/properties/113432912#/?channel=RES_BUY

As you can see along that terrace £220,000 would be a good price for a done up property and the one linked above needs EVERYTHING doing to it.  This is the story everywhere we look and still they sell within 10 days. So where are these figures coming from when everything we might be interested in is still £50,000 + over what it would have sold for in 2020.

 

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39 minutes ago, rantnrave said:

Can't find news of these figures in any MSM by the way...

Both Halifax and Nationwide monthly reports are generally everywhere before you've finished your cornflakes.

Just shows the MSM for what it is when it comes to HPI, ran and operated with people up to their necks in property. I really hope some of these people are taught a lesson and made to feel some pain.

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37 minutes ago, rantnrave said:

Quite

Another performance like that next month and prices will be back to where they were before the first lockdown.

WHERE is this happening. Every day I trawl through properties on the market for £50,000 more than they would have been at the start of this year let alone last year! TOTALLY depressing as they go STC within a week. OK if you are selling this market but we sold in the old market and been stuck since. Wish I could believe this would translate into £50,000 coming off but can't see it happening when there are so few properties and so many people after them. 

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4 minutes ago, Dweller said:

WHERE is this happening. Every day I trawl through properties on the market for £50,000 more than they would have been at the start of this year let alone last year! TOTALLY depressing as they go STC within a week. OK if you are selling this market but we sold in the old market and been stuck since. Wish I could believe this would translate into £50,000 coming off but can't see it happening when there are so few properties and so many people after them. 

the final price they sell for will a lot of the time be less

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6 minutes ago, hurlerontheditch said:

the final price they sell for will a lot of the time be less

EVERYTHING we phone up about still has bidding wars even though the properties are already £50,000 + over what the value 2020 and early 2021. I guess if people are selling for £50,000 more then they can afford £50,000 + more but does the market need FTB because at the level we are looking these £280,000 properties at £220,000 (in 2019) were first time buyers homes. 

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Just now, winkie said:

House prices fell inline with the stamp duty saving.....buyers lost sellers gained.😉

Weird that.

Now let the 18% fall we were promised commence !!!

There is a ruddy great hole in the housing market now and given the extreme prices I doubt many will be buying

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