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Converted Lurker

Let's Party Like It's 1999....or ..er 'ang On, I Mean 1990

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RICS press release as gloomy as Ive ever read :blink: , click at footer of article for the full report;

Surveyors reporting house prices falling at historical levels in February, unsold stock piles at levels not seen for a decade

The balance of Chartered Surveyors reporting house prices falls increased to near historical levels in February and stock piles rose to levels not seen for a decade, says RICS' UK Housing Market Survey...

The RICS house price balance dropped for the seventh month in succession signalling more than half a year of negative market sentiment.

64.1% more Chartered Surveyors reported a fall than a rise in house prices, an increase from 54.7% in January.

This figure is close to the historical low of June 1990 when 64.5% more Chartered Surveyors reported a fall in house prices.

However, Scotland tells a different story. The net balance of surveyors reporting price rises surged from 7% to 25% - a significant jump in the current economic climate, indicating that Scotland still remains the most buoyant market in the UK.

Although monthly data can be volatile, this relatively healthy trend is broadly consistent with economic data coming out of the country.

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

Edited by Converted Lurker

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Thanks for the link, good to see the report in full and my favourite quote

SOUTH EAST

Hove – East Sussex

Geoffrey Holden Esq FRICS

Parsons Son & Basley

Buyers are still holding back and the sales

that have been agreed are put together

after some heavy negotiations. :D

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64.1% more Chartered Surveyors reported a fall than a rise in house prices, an increase from 54.7% in January.

This figure is close to the historical low of June 1990 when 64.5% more Chartered Surveyors reported a fall in house prices.

I'm in a very 1990 mood already. :) Remember Pump Up The Jam? http://www.youtube.com/watch?v=nSKTeKi-zfM

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Guest X-QUORK

Reading some of those EA comments, I'm more convinced than ever that they have absolutely no idea about the wider macro economy. Loads of bleating about the quarter percent cut in IRs not being enough, shows that they fail to understand the BoE rate has decoupled with Libor and is no longer an indicator of lending prices.

Plenty of the old "talking ourselves into recession" rubbish. I guess the trillions of dollars being lost on the credit markets aren't really the problem at all then. :rolleyes:

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not such a party for us north of the border!

Don't worry, ESPC now has more properties on the market than at any time last year (which i think was a record year for sales).

The peak last year happened in May, and i reckon there'll be at least a 30% increase on the peak this year.

Here's a nice graph plotting the last 15 months totals..

Espc_graph.JPG

post-6991-1205236261_thumb.jpg

Edited by Fishy

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Guest An Bearin Bui
RICS press release as gloomy as Ive ever read :blink: , click at footer of article for the full report;

However, Scotland tells a different story. The net balance of surveyors reporting price rises surged from 7% to 25% - a significant jump in the current economic climate, indicating that Scotland still remains the most buoyant market in the UK.

This was a great report that would have made my day had it not been for that fatal sentence about the Scottish market... that put a damper on the whole thing. How on earth can Scotland still be rising? Granted, certain places like parts of Glasgow, Dundee and commuter towns haven't seen the insane rises that other parts of the UK have seen so they probably won't see the insane falls. Edinburgh, Inverness, Aberdeen, Fife and pretty much everywhere else has seen crazy rises, however, that are out of all proportion to local salaries.

I'm bored waiting for a Scottish crash now - not because I necessarily am planning to buy here but just because I want to see the smug smile wiped off the faces of the EAs and Scottish property bulls who keep insisting that a crash won't happen here. :angry:

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This was a great report that would have made my day had it not been for that fatal sentence about the Scottish market... that put a damper on the whole thing. How on earth can Scotland still be rising? Granted, certain places like parts of Glasgow, Dundee and commuter towns haven't seen the insane rises that other parts of the UK have seen so they probably won't see the insane falls. Edinburgh, Inverness, Aberdeen, Fife and pretty much everywhere else has seen crazy rises, however, that are out of all proportion to local salaries.

I'm bored waiting for a Scottish crash now - not because I necessarily am planning to buy here but just because I want to see the smug smile wiped off the faces of the EAs and Scottish property bulls who keep insisting that a crash won't happen here. :angry:

You must accept that the average price in Scotland is less (by 10% iirc) and median wages are basically the same as the rest of the UK. Did you ever tag the comments at the footer of every property ramping article in the Scotsman? :o Never seen anything like it TBH, every article was totally flamed and trashed. I reckon its hapenning just not showing up. Houses have to be affordable, paying the extra 10, 20, 30, 50K hasn't mattered to many, as it was 'other peoples' money', not now, there is none. Seven-eight months later and banks are still hoarding, begging for hand outs, and not lending to each other. Without the fuel the market cannot be fuelled, prices have to return to what folk can afford. :)

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  • 295 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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