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Panicked Sellers Hike Prices

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Panicked sellers hike prices

Property price panic has seen a raft of high-value properties come to market, pushing up asking prices, Home.co.uk research has shown.

City workers cashing in on their investments were pinpointed by the firm's Asking Price Index Report as key drivers of this national trend, with the impact particularly being felt within Greater London.

Indeed 23 per cent of the current stock up for sale in Greater London was rushed to market in the last 14 days.

This has had a significant impact on both the average asking price in the region, which has risen by 3.4 per cent since February to £361,414, and on a wider scale in England and Wales - pushing it up by 1.4 per cent. The average asking price in England and Wales in now £259,026.

The increasingly uncertain economic outlook, driven by fluctuations within the financial markets over the last month and the threat of redundancy, has led a number of investors to cut their losses with the hope of selling up before the Chancellor's changes to capital gains tax legislation take effect.

Home.co.uk's Doug Shephard said that the prospect of job losses pushed by news that various investment vehicles have gone bust had not helped the current gloomy outlook

"City workers are bracing themselves for a tough year and don’t want to risk making painful near-term losses on property - they want out."

The report stated: 'Logically speaking, large increases in property sales listings should not occur when the housing market is in poor shape, but they do and the reason is simple: panic selling.

'Some sales will be forced due to spiralling mortgage costs and others will simply be investors fearing their capital will be tied-up in illiquid assets during a downturn.'

It concluded: 'After 12 years of ballooning house prices and dwindling manufacturing capacity, the UK is looking very vulnerable to a severe economic downturn.'

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Indeed 23 per cent of the current stock up for sale in Greater London was rushed to market in the last 14 days.

SPLENDID , now theres plenty of supply , wheres the demand gonna come from ?? :lol:

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Guest DissipatedYouthIsValuable
SPLENDID , now theres plenty of supply , wheres the demand gonna come from ?? :lol:

I haven't ever heard of this oversupply-causing-increased-prices phenomenon before.

Is the journalist stupid or just a ****?

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It concluded: 'After 12 years of ballooning house prices and dwindling manufacturing capacity, the UK is looking very vulnerable to a severe economic downturn.'

well well well. The cretins and locusts who by and large caused all this now want out, and to take their our money with them. Afraid it won't be as easy as all that as you've pretty much left no-one outside of financial services who can buy your overpriced houses. Your going to have to take a big loss on them i'm afraid.

:rolleyes::rolleyes::rolleyes:

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Well give those city boys credit, they must have tried everything they could think of in the past 12 months to keep property prices up while they secretly bailed out and cashed in their property portfolios on the quiet. Now they have just realised there is absolutely nothing more thay can do except run for the exit sign and try and cash in as much as possible as quickly as possible.

There's nothing a city boy deserves like a good kicking when he/she is down.... oops.. I mean a helping hand!!! :lol:

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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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