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Dr Doom

House Sales Fall By Half

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Peter Rollings, managing director of Marsh & Parsons estate agents, said: "The MPC could have got away with a cut in base rate today, but choosing to hold rates was the safe move with inflation running at over 3 per cent. But next month they must cut rates.

"With the number of property transactions down 50 per cent in central London already, and prices down 15 per cent, a rise in rates would be catastrophic. Inflation might be a threat, but a property market stall would be more damaging long term."

Why on earth do papers waste newsprint printing cack like this ?

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Peter Rollings, managing director of Marsh & Parsons estate agents, said: "The MPC could have got away with a cut in base rate today, but choosing to hold rates was the safe move with inflation running at over 3 per cent. But next month they must cut rates.

"With the number of property transactions down 50 per cent in central London already, and prices down 15 per cent, a rise in rates would be catastrophic. Inflation might be a threat, but a property market stall would be more damaging long term."

Why on earth do papers waste newsprint printing cack like this ?

Sigh, it beats me. Shouldn't he be moaning at the banks, they could drop rates without the MPC, surely? :lol:

And I heard some 5 live money reporter say that the point of IR setting by BoE was to control inflation.

He was new and probably needs to go up the 15th floor for some "re-education".

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"Seema Shah, property economist at Capital Economics, said it was likely the Bank would wait several more months before starting to cut the cost of borrowing.

She said: "Against that backdrop, there is plenty of scope for further house price falls. We expect house prices to fall by 15 per cent this year with an ultimate decline of 35 per cent over the next three years."

That would cut the average cost of a London home from a peak of £320,000 to £208,000, a fall of £112,000, taking prices back to 2002 levels. The decision, though widely expected in the City, is another blow for a property market reeling from soaring mortgage rates and a downturn in transactions.

:lol::lol::lol:

Just imagine if this really does come to pass. The "Can't lose with bricks & mortar" brigade at work would not be able to look me in the eye or try to counter my HPC arguments ever again.

Magic!

Edited by OLDFTB

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  • 401 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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