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

I think the Tory party are facing an existential dilemma.

Since Thatcher, they have made a big thing of being 'the party of homeowners'. Hence Right To Buy etc.

But the pricing out of increasing numbers of voters - homeowning falling from about 69% to 64%, I think? - means that their potential voters are decreasing.

And that process is picking up speed.

So it is not only Labour that has a vested interest in bringing down house prices and making renting more secure.

Tory voters are always cross though - it's their default position - the current Cabinet might actually do some running of the country if they weren't all so cross with each other.

Following along with interest. We are in Scotland where prices have been static for a decade following a short lived burst of over exuberance between 2000-2008. DH and I bought our first home for the same price as his mate's in Brighton in 1998. Ours has roughly trebled in value, which makes it a stretch for a FT teacher / nurse couple but his mate's has risen 6 fold. Back in 1998 the FT teacher could have afforded either without the nurse. So I think prices need to / will correct most in London and S East but even in the cheapest areas, which Scotland is atm they will continue to stagnate.

Our local market is very patchy and has been for years. No-one sells unless they have to. If priced correctly you sell quickly, due to local pent up demand. Because of the Scottish closed bidding system it is very easy to get sucked in and end up over paying to the extent you pay almost as much for what you thought you could afford as you would for the "out of reach" price bracket. There are still "accidental" and "speculative" landlords waiting to exit from 2008 and every time the market firms they re-market which puts the lid back on prices.

ziggiestardust - I don't disagree. But you wouldn't currently get a 2 bed flat in St Albans under 300K, let alone a house.

My MIL bought a 2-bed flat in St Albans in 2012 - it doubled in price in 4 years!

People are moving out. Check out the price rises in Guildford in the past few years. Madness!

It went from 160-320K in under 4 years.

No way that can last.

qwerty Thatcher provoked the last proper price crash and Blair caused the bubble so I struggle with the logic that it is the Tories and not Labour who will continuously support house prices. Also the areas with the highest / most exposed house prices already vote Labour - London being the most obvious but not the only example.

I wonder if it’s just seeing the growth that’s happened with the suburbs inside the M25 in the past few years?

howabout

Good points well made.

I think lack of housing for sale around my area is keeping property prices up.

Certainly not seen anything that has hung around.
New development of 30 ish houses £950,000-£2,800,000 all bar 2 sold before a brick was laid.

OP haven't you got a job or some housework to do? You've literally been on this thread for 48 hours straight.

I'd love to know your usual username too seen as you are either new or have name changed to be goady.

Are you looking at asking prices or sold price?

You quote 2 figures in your op a fall of 15% then say a fall of £17000 which is nearer 3% in London

“Spinklesinmyelbow - you astonish me!

Property developers claim property prices aren't going to fall. shock

In other news, bears are still shitting in woods and the Pope's not a Protestant yet.”

Wtf are you talking about? What property developers? I haven’t mentioned property developers. They do no feature in my post. You really need to not bother posting about 50% of your posts, they’re total nonsense. You seem to struggle to follow

Nobody saw the 2008 downturn coming either

Actually I did and a fair few others did

The telegraph article on the previous page talks only about BTL mortgages . it doesn't mention about cash buyers

LifeBeginsAtGin - I admit I should be working.

But this thread is far more entertaining!

Oliversmumsarmy

"Nobody saw the 2008 downturn coming either

Actually I did and a fair few others did"

Yeah, me too. I saw it a mile off.

And I can see this one, too.

Are you maybe confusing @sprinkles with @againfaster op? I thought it was @again who had the meeting, but could be misremembering.

Oliversmumsarmy

The falls of 17K are London-wide.

The falls of 15% are in my area only. (Which went up more than most.)

Oh my mistake, it was @sprinkles who had the meeting! Sorry.

TheFatkinsDiet - no, not getting confused.

Search under their names.

It's on page 26 of this thread.

Can't believe anyone lies so blatantly and shamelessly!!

Right, so now you don't care about the lux towers? Then why do you keep citing articles about them? Is that all you've got?!

I have already left London with a profit that's bought a large family home 100 miles away. It won't affect me. It just makes me laugh that you think people questioning you are the ones with an agenda.

And if you don't even live in London, your agenda is even weirder.

(And pointlessly.)

WeWere0nABreak

You know London is a big city, right? And you live in one bit but not near another bit?

And you know I've posted links to lots of articles, right?

WeWere0nABreak - if you "have already left London with a profit that's bought a large family home 100 miles away. It won't affect me." then why do you keep posting on here with increasing desperation?

For someone who claims to be sitting on a large fortune and not to care, you seem to be posting a lot of posts like this.

Not related to sparkles by any chance, are you?