Wednesday, March 5, 2008

UK property is a house of cards

The UK property market is a house of cards

With house prices weakening rapidly, sellers seem to be willing to do anything to close a deal. But the sweeteners thrown in by increasingly desperate housebuilders and property developers have damaging ramifications for the property market.

Posted by damien @ 10:54 AM (817 views)
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4 thoughts on “UK property is a house of cards

  • When I refer to the hsing market as “the crime of the century”, this is what I mean! Just a shame we can’t bring Blair & Brown to court to answer the charges. Now, that would be a right load of old flannel!.

    How does one justify collusion?

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  • All of these little ‘extras’ are simply paid for by an inflated asking price.

    Interesting article, highlights how desparate people are not to drop their asking prices….but why?

    ”Developers don’t want to be seen to be cutting their prices – the housing market, particularly in the buy-to-let sector, is driven by a buyer’s belief that their investment can only increase in value. So rather than cut prices in a visible way, developers prefer to offer discounts in the form of deposits and the like.”

    I think that this belief must be completeyl discredited before things will improve in any major way.

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  • mark wadsworth says:

    Tee hee!

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  • Wasn’t this how it started in America? New kitchens and swimming pools being thrown in as incentives to make a sale go through?

    Roll on the £50 ($100) houses…

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