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Nationwide August Data


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As a leading indicator this isn't too bad for starters:

http://www.propertysnake.co.uk/site/detail/14903886 -16%

http://www.zoomf.com/detail/wavendon-avenu...Y3MQ../

By the time LR shows 15-20% falls, asking prices will have plummeted 40%!

Overriding all of this though is the following: in the coming recession you have to ask yourself who is going to be able to afford a 3 bed terrace at just under £1m? Even £500k looks pricey, IMO.

Monty

You are too right there - these are nice but way, way overpriced at the mo. If the ones near Chiswick Park tube are worth £450k then these, which are not much bigger or better and must be around £550k tops on the same measure I reckon; maybe a lot less for both types if there is a recession and the number of households with a joint income of £150k or so shrinks dramatically.

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All property prices will fall...granted some more than others....they went up fast enough over the last ten years and can fall just as quickly.

Back to reality and affordability...and about time too. ;)

It has been worth waiting for

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As a leading indicator this isn't too bad for starters:

http://www.propertysnake.co.uk/site/detail/14903886 -16%

http://www.zoomf.com/detail/wavendon-avenu...Y3MQ../

By the time LR shows 15-20% falls, asking prices will have plummeted 40%!

Overriding all of this though is the following: in the coming recession you have to ask yourself who is going to be able to afford a 3 bed terrace at just under £1m? Even £500k looks pricey, IMO.

Monty

If you look in the LR records for wavendon ave the highest a terrace has gone for is 930k so currently this property is on the market at +7% so cheers for proving my point!!!!

http://www.houseprices.co.uk/e.php?q=Waven...nue+w4&n=10

Edited by Neitherland
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Did I mention this?

London is now the largest financial and business centre in the world as it has recently overtaken New York City, partly due to strict accounting following the Sarbanes-Oxley Act and a tightening of market regulations in the United States.

Crash in London? Don't make me laugh! :lol:

The whole country is linked when it comes to housing. For example if for some reason the 10 next populous cities outside London ( Birmingham , Leeds , Glasgow , Sheffield , Bradford , Liverpool , Edinburgh , Manchester , Bristol , Kirklees ) all had a 50% HPC then some of the population of London would think of moving out to those area where they could buy a house for far less and the move would make economic sense. This net outwards migration from london would drag prices down in london.

All of the uk is linked when it comes to house prices. If london crashes it will take the uk with it, it the uk crashes it will take london with it.

There is nothing special about london, and just for ref last time london crashed about 30%!

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I think EA's are finding it difficult to adjust to world where potential buyers are scarce and need to be treated with respect, rather than as an irritant- a new set of skills need to be learned here- just propping the door open and hoping someone stumbles in off the street may not be enough.

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I think EA's are finding it difficult to adjust to world where potential buyers are scarce and need to be treated with respect, rather than as an irritant- a new set of skills need to be learned here- just propping the door open and hoping someone stumbles in off the street may not be enough.

and don't forget that the last year when selling houses was hard was 1996, 12 years ago. Most EA were only 10 at that time and so have had no real experience of doing the job properly.

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  • 442 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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