Has the market slowed down because of eu referendum?

[lavenderpekins]

Just that really.. Wondering your thoughts.

We're trying to sell and buy at the moment (se)

"Britain's property market on the cusp of a crash" (see above link)

I don't think it's just the housing market. Dh has had hardly any work this year (decorator) and his friends in the construction industry are worried. The likes of toolstation, brewers, etc are 25% down on sales in the first quarter of this year.

Dh kept his business going through the last recession and he said he's as quiet as he was in the lead up to the last recession

my car insurers had a try at 70% inflation with my renewal today. Fortunately I have the time to shop around!

everybody check your renewal prices!

chelle I don't think it's just the housing market either. I'm worried the signs are there for an almighty recession just like 2007/2008. Housing is a huge bubble. Personal debt is higher than before. You read and hear of redundancies every day, one the news, via friends, and even on MN ive noticed it. Oil is very cheap, never a good sign. The lists goes on. Oh and BHS has gone, similar to Woolies going? And with interest rates so low there aren't many tools to help if there is a downturn.

I'm worried! I'm not ready for another recession, although we are better placed than we were for the last one.

Oh, and its cyclical. We're overdue.,

Its a seller's market round my way still. Houses are sold within hours of going online. Seems people don't want to sell more than anything.

Which region or city is that?

through interesting you say that - I mentioned to dh that bhs is like woolies all over again

We are both self employed and so incredibly underprepared

Was there an "almighty recession in 2007/2008"?

If you kept your job (and most people did) then I don't think anything changed cos the government started printing money and pretending they were in control and everything was alright.

There really hasn't been much suffering has there (apologies for anyone who really did suffer). We, as a country, are borrowing so much money and owe so much ...it really can't go on.

Our only industry seems to be selling overpriced houses.

Hmmm maybe it wasn't an 'almighty' recession. We suffered, as did a number of our friends. And the government have propped it all up with qe,,and low interest rates.

No tools left for the next time so that might becthe'almighty' one!

"Was there an "almighty recession in 2007/2008"? "

I thought there was so I just looked up my DC pension scheme valuations (looking at the "growth" line, disregarding change in value due to contributions)
In calendar year 2007 it dropped by 27%
In calendar year 2008 it dropped by 22%
In calendar year 2009 it rose by 24%
So from my POV, yes

Depending on fund mix, others will have done better or worse. I haven't got a chart for FTSE100 or all-share to hand.

Totally agree ThroughThickandThin although I'm amazed at the people who are completely blinkered and don't realise what an absolute mess the country is in.

www.nationaldebtclock.co.uk/

SW London - lots of viewings, but nothing is actually selling. Buyers and just waiting and seeing. This is in sales of 2 bed flats and sales of 3+ bed houses.

WellTidy - I'm in SW London too and think the market got sticky here long before EU rumblings. I know three people who were selling Victorian family homes last year (post-election), two took slightly unsatisfactory offers and one friend couldn't even get to that stage - I do wonder if prices have peaked here although it's still talked up as red-hot. I've noticed a lot more price reductions on my rightmove alert. I also live fairly close to the Nine Elms/Battersea Power Stn developments which rumour has it are in trouble so I wonder what the knock-on effect from that will be.

WellTidy and lalalonglegs - I'm SW London too. Daughter looking for flat (Richmond Borough) over the weekend and the EA told us that it was "a buyers' market" He said that because of what was happening at the very high end in the centre it was affecting greater London.

I don't quite understand that as I thought that would push buyers out here - but that's what he said. Daughter will obviously wait for the much overdue house price crash.

Showing my age, but I remember when everybody was rushing to complete before the double MIRAS was scrapped, and this fuelled a sudden surge in house prices in 1988, followed by the inevitable hiatus. I think many people rushed to complete on their BTLs and second homes before April. One person buying a BTL allowed people to move up along the whole chain. This isn't happening now.

This, coupled with the referendum, the dreadful economy (obviously overlooked by the politicians, who have cynically stoked the housing market with various schemes), etc and I also think there'll be a crash now. But who knows? Where I am - Herts commuter belt - houses were selling before reaching the estate agent, but now they are hanging around.

Frika - so many people who moved into my area (Wandsworth borough) work in finance that I wonder if they can see trouble ahead. They're certainly not buying at the moment. The top end of the market suffering, I can understand as it is so dependent on foreign money and, with the Far East tanking and the oil rich nations now selling at knock-down prices, it's got a lot harder to find people with a spare few million to chuck at an apartment with the "right" address. The bottom end is going to slacken off now BTL is harder to stack up financially so, even with a remain vote, I can't see the market really taking off - perhaps it will perk up briefly after a remain result but I think there are black clouds gathering.

I'm in SE London and oddly despite it having been manic for a long time, over the last couple of weeks it has slowed right down. Barely anything coming on except for a few ex BTL places (incidentally I am shocked at the condition some tenants have been living in). But I've also seen huge price reductions. I'm not sure if that's because they were being over valued or if they're just not selling.

An EA said to us yesterday that he's having to work a lot harder now as people aren't willing to just chuck silly money at things at the moment but vendors are still expecting it so things are taking a long time to sell.

I'm in SE London and oddly despite it having been manic for a long time, over the last couple of weeks it has slowed right down. Barely anything coming on except for a few ex BTL places (incidentally I am shocked at the condition some tenants have been living in). But I've also seen huge price reductions. I'm not sure if that's because they were being over valued or if they're just not selling.

An EA said to us yesterday that he's having to work a lot harder now as people aren't willing to just chuck silly money at things at the moment but vendors are still expecting it so things are taking a long time to sell.

Austin Reed has gone now too. It really is looking reminiscent............