To think that big house price falls finally on the way?

[qwertyflirty]

After years or price rises, in my area (edge of London), I'm finally seeing price falls of around 15% from peak.

Lots of evidence in recent months of house price falls starting and picking up in London/South East, and usually once they start here, price falls spread elsewhere.

House prices are down on average 17K since July 2017 in London. "The average price of a home for the capital as a whole was £471,986, down from a peak of £488,247 last July."

There is little the government can do to mitigate it this time round, as interest rates are already at record lows. All signs are currently pointing to the top of the market having been reached and prices about to crash.

Such as:

www.theguardian.com/business/2018/apr/18/london-house-prices-fall-average-uk

www.thisismoney.co.uk/money/mortgageshome/article-5733321/Beware-red-danger-signs-house-prices-Young-buyers-borrow-record-sums.html

www.theguardian.com/money/2018/may/12/house-prices-are-on-the-slide-where-will-they-go-now

www.independent.co.uk/news/business/news/house-prices-fall-housing-market-rics-survey-april-a8343561.html

www.propertyweek.com/finance/house-price-falls-continue-in-london-and-spread-to-south-west/5096455.article

www.theguardian.com/commentisfree/2018/may/10/celebrate-house-prices-falling-britain-property-values

ILikeMyChickenFried - I posted it upthread. Search under St Albans.

why post on Mn if you're not interested in believing people who post on it? 🤣

You’ve certainly got an agenda OP. You’re not interested in a discussion just railroading your one narrow viewpoint.

www.telegraph.co.uk/business/2018/05/16/collapse-buy-to-let-lending-landlords-back-market/

Just been reading this, and thought of this thread

Ah no. Ive no idea how to search on my phone. It would have been interesting to see the properties side by side

I am alright jack - I said so very clearly upthread when I illustrated why my own personal recent experience of selling a £1m+ property in west London disagrees with you.

But that's not the point. I objected strenuously to some of the proposed developments and went to various meetings. I'm asking whether you did anything useful/of the sort, or whether you just want to clap your hands and bark like a schadenfreude-filled seal on here.

Againfaster

"why post on Mn if you're not interested in believing people who post on it?"

That's rich coming from you!

There are plenty of people on this thread who have at least as much expertise as you claim to have to, who plainly state that they expect dramatic falls in London property prices very soon.

See the posts from Sally on the previous page.

When there are two conflicting posts on the same topic I am entitled to draw my own conclusions, just as all posters are.

You're going to have to learn to deal with the fact I believe her and not you.

Maybe you need to back up your arguments with something other than hearsay if you want to be believed?

Do you think it's a 'shithole'?

Well it needs entirely redecorating, a new bathroom and something doing with the kitchen.

Kelly's posts were no more or less hearsay than those made by other posters from related industries of course.

No idea why my phone changed Sally to Kelly

Oh - and it says “REQURES MODERNISATION” so heating/electrics as well...

ThroughThickAndThin01

"You’ve certainly got an agenda OP. You’re not interested in a discussion just railroading your one narrow viewpoint."

And you don't?

And you think posters like WeWere0nABreak, Againfaster etc don't have an agenda??

It's a difficult one. We bought off plan about 5 years ago with help to buy and we're thinking about moving to a bigger house soon which would cost a lot more but not sure whether to wait...

@qwertyflirty you do sound really angry about this. You don’t know what will happen either way. You can only have a good old estimate based on available information.

If you want a ‘crash’, cool beans. That’s your prerogative.

Personally I’m hoping for a stabilisation as this would gradually improve affordability without causing an economic shock.

Furano - no it doesn't need new heating and electrics - ENERGY EFFICIENCY RATING B, which is excellent.

THe kitchen could do with new cupboard doors but looks fine apart from that. Agree it could probably do with a new bathroom.

But 95K??!

You'd pay 95K more to get that?!

Here's the other 2-bed house that sold for 95K more in the same street 6 months earlier:

www.rightmove.co.uk/house-prices/detailMatching.html?prop=61073111&sale=88069407&country=england

Nicer décor but not 95K nicer!

I don't want a crash, as as rightly pointed out, that tends to have other impacts and/or results from other crises in the economy.

But equally I don't think things can just continue as they have been. I don't think they will. Electorally, the renter market is just too big and tenants are just too angry and both major parties want those votes. They realise that more tenants will vote on this issue if nothing changes than homeowners will vote on this issue if prices fall.

Yes, current Tory voters will be cross. But the alternative is a future with no Tory voters.

The cheaper house, in my view, needs a complete refurb. I'd want a new kitchen, bathroom, strip all the cladding from the ceilings, put in a more family friendly stair case......

I could easily spend £50k on it, money the second house doesn't need and there's also a premium for not having to live with the upheaval.of all that work

Ideally can't believe you're using 2 houses which condition-wise are polar opposites to demonstrate prices falling

WeWere0nABreak

Why do you think I should have gone to a meeting in an area I don't live anywhere near and objected to the building of flats?

I'm all for the building of flats.

If people want to pay stupid money for them, it's their problem not mine, but in general I am in favour of more building full stop.

Just caught up qwertyflirty yes I do think that house is a bit of a shithole. If they’re happy to leave it in that state for sale pictures then God knows what actually needs doing in the long run. I’d say it’s overpriced massively; and St Albans too! Absolute bastard of a commute if you work a standard 9-5.

ILikeMyChickenFried - I agree with you that the more expensive house is a bit nicer.

I don't agree it's anywhere near 95K nicer - not when the cheaper house costs only 360K.

It's clear that prices for 2 bed houses in that particular street in St Albans have fallen in the last 6 months.

Everyone can only go on their own examples & I posted a number of mine. I know my area & prices have not changed in 3/4 years & are now starting to reduce. This is all before we have had any Brexit impact or rate rises. I don’t believe house prices will crash to the floor & ftbs will still find it hard to get on the ladder. However I do think we are in for some turbulent times not least because we have a social care crisis & a struggling NHS. The days of buying a property & it doubling in a couple of years are gone.

ziggiestardust

"If they’re happy to leave it in that state for sale pictures then God knows what actually needs doing in the long run."

It's really obviously a rental property hence the clutter.

St Albans is insanely over-priced for where it is.

Do you think so qwertyflirty? I was thinking maybe slightly older people? It looks like it hasn’t seen a lick of paint in 30 years. I wouldn’t want to pay any more than £200k for it; look at the front aspect too, you’re limited as to how you can extend that.