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Oliver Sutton

Rics Survey

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Aboutproperty

Findings from the organisation's monthly housing market survey show some 64.1 per cent more surveyors reported a fall in prices than a rise during February – up from 54.8 per cent in January.

This figure is close to the historical low of June 1990 when 64.5 percent more chartered surveyors reported a fall in house prices.

Surveyors reported prices declined at a faster pace than in the previous month across all regions in England and Wales, except for the north.

Falls in the price balance are being driven by weakness in the demand for property rather than new supply coming onto the market, argues Rics

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Findings from the organisation's monthly housing market survey show some 64.1 per cent more surveyors reported a fall in prices than a rise during February – up from 54.8 per cent in January.

90% by end of summer ;)

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I thought this data wasn't released until tommorow ?! The Times was tipping the data to show a small decline to about 56% - how wrong could they be. Hope this piece of good news generates some headlines.

Anyway now that prices are falling at their fastest since 1990 I feel its a good time to remind ourselves of some of the BS that emanated from the VIs / economists as to why a crash wouldnt occur:

1. Interest rates are low - prices wont correct unless IRs go above 8% ( I think that one came from the Woolwich BS).

2. We have a shortage of housing so prices will always go up.

3. House prices never fall unless there is a recession ( David Smith ).

4. House prices won't fall because unemployment is low.

5. Prices won't fall because sellers won't have to make forced sales.

6. Prices won't fall becuase BTLs will snap up 'bargains' if prices dip.

Have I forgotten any ?

Edited by Bearfacts

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Surveyors reported prices declined at a faster pace than in the previous month across all regions in England and Wales, except for the north.

So the price of that farmhouse in the Orkney Islands rose £10 then..? :unsure:

Edited by SHERWICK

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Guest Bart of Darkness
Nah they are talking about 'Enfland' where ever that is....middle earth? :lol:

:lol:

It's a magical, far away land where the rules of logic and common sense that keep our house prices buoyant (as cited by Bearfacts) don't apply.

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http://www.aboutproperty.co.uk/news/house-...036;1211128.htm

The stock of unsold property on surveyors' books jumped by 8.5 per cent on the month and by 48.6 per cent on the year - the highest annual growth rate since December 1989.

Estate agents now have an average of 92 properties on offer, up from 84.7 in January.

Also the sales to stock ratio is at the lowest level since September 1996 - as stock of

property on the market continues to surge.

Need to slash prices to clear stock.

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I thought this data wasn't released until tommorow ?! The Times was tipping the data to show a small decline to about 56% - how wrong could they be. Hope this piece of good news generates some headlines.

Anyway now that prices are falling at their fastest since 1990 I feel its a good time to remind ourselves of some of the BS that emanated from the VIs / economists as to why a crash wouldnt occur:

1. Interest rates are low - prices wont correct unless IRs go above 8% ( I think that one came from the Woolwich BS).

2. We have a shortage of housing so prices will always go up.

3. House prices never fall unless there is a recession ( David Smith ).

4. House prices won't fall because unemployment is low.

5. Prices won't fall because sellers won't have to make forced sales.

6. Prices won't fall becuase BTLs will snap up 'bargains' if prices dip.

Have I forgotten any ?

7. Massive immigration from Eastern Europe who will be eager to join in and prosper from our growing economy, which is the strongest in the Western World, one million quarters of economic growth, etc, etc :lol:

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While there is very little new supply coming onto the market, it is unlikely there will be significant price drops in the short term but the build up of unsold stocks will encourage buyers to negotiate lower asking prices.

So little new stock means there won't be drops, but the extra unsold stock will mean lower prices.

Masterful logic at work !

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  • 297 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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