To think a House Price crash is coming

[HoneyIgrewthekids]

I dont know when or where but im starting to notice more and more homes not selling and this is in a previously hot area of London. AIBU to expect a 20-40% crash in the near future.

Exactly. I live very rurally, no jobs but lots of lovely scenic views and lovely old cottages. Which sell for squillions of pounds because people from the big cities either live here and work remotely or commute or buy them up for weekend/holiday homes.

So no jobs/services (we don't even have a bus service) but still VERY expensive properties.

Flats have stagnated in price (in Manchester City centre). Due to an oversupply, landlords not buying as much or even selling up. Also young people don't buy flats as a first step anymore as they are buying at an older age.
www.bbc.co.uk/news/business-48689404

Think family houses in nice areas hold their price though. Flats are notoriously vulnerable to ups and downs in the market.

The thing about house price crashes is that no one ever thinks that they are going to happen- anyone remember black Wednesday?

Britain is hardly a stable country at the moment - if there is a no deal Brexit in Oct as seems to be the plan by the unhinged tories and brexiteer, there is going to be chaos!

And the face that that people earning 40/50k can’t get on the property ladder shows the trouble we are in- that’s the top 10% of earnings in the country!

Greater Manchester here, houses in my town are selling well. The expensive (£500,000+) ones take a bit of time but most go within a few months, some much less. In two years our house is probably worth £40/50,000 more according to recent local sold prices.
Brexit could have an effect but people still need housing too. Probably more of an effect in houses with ridiculously high prices and a smaller reduction in those areas where housing is not as expensive maybe but not 20-40%?!

Stuff seems to be selling where I live and for good prices. (Midlands)

I think London is currently overvalued (having had huge price increases until recently).

Locally in London prices are dropping around 10% of asking price before selling. I can see further drops. Prices are still up over 100% compared to 7 years ago though, so it's just a market correction.

Aren’t they on the rise.

Thought I heard on the news that in London they had started to rise again.

I think everyone was waiting for Brexit and holding their breath till March 29th but as that didn’t happen and subsequent dates came and went I think people can’t last anymore and have started to move on with their lives.

Oliversmumsarmy is a buy to let landlord, so has a vested interest in trying to prop up house prices.

No don’t have any other properties atm. Got rid of them just before the slump.
(Also dp is ill)

Having checked on google it does look like it has started to bottom out and in places started to rise.

I know people want an 80% crash but it really isn’t going to happen.

Plenty of houses selling in my part of the SE but it does seem that the bigger houses 5/6 bedrooms seem to hang around longer than the smaller ones.

One of my DDs lives in an area where the house prices were crazy and way over priced a few years ago, and the market seemed to be flooded with pokey little 2 bedroom terraces for upwards of £400,000.

House prices have certainly dropped there but I suspect that's because the local estate agents were just sticking unrealistic prices on the houses and hoping that gullible buyers would pay up. Once they realised that wasn't going to happen prices dropped quite considerably.

I certainly wouldn't buy one this side of Brexit

I'm near Glasgow and property (houses certainly) is moving quickly here at ever increasing prices. Every time I think houses have hit their limit for this area they get a bit more expensive. Not so sure about new builds, of which there are plenty but from what I hear from colleagues flats seem to be moving very quickly too. (Viewings being cancelled due to very quick offers being accepted.)

The alternative view (and factual as opposed to racist bollocks) is that in rural locations, new builds are desperately needed to provide affordable housing for young local people because of the huge numbers of second homes being bought by British people.

It's interesting how it differs. The 'standard' 2-3 bed houses round here are not going for any more than they were 10 years ago, even with modernisation. Bigger houses are going for more than they were but stay on the market a lot longer.

Houses in our SW London street, in catchment for two good primaries and a very good secondary used to go in a blink - and for a few years at silly prices. Now the few that come on the market languish for ages and the asking prices have dropped by a good 15 -20 % . Selfishly, I would like a further slither down around here so that my DCs could have a chance of buying but that could also mean others caught in negative equity. I remember that from last time around - people trapped in the same house though divorcing because they could not afford to sell.