UK house prices falling as property experts predict more gloom ahead

[qwertyflirty]

Continued from:

www.mumsnet.com/Talk/am_i_being_unreasonable/3250736-To-think-that-big-house-price-falls-finally-on-the-way?pg=1

As I predicted at the start of the last thread, two weeks ago, house prices are continuing to fall nationally month by month and in London and the SE we are now seeing annual falls.

www.independent.co.uk/news/business/news/uk-house-prices-property-may-nationwide-index-mortgages-a8376961.html

www.cityam.com/286273/london-house-prices-see-worst-annual-slowdown-nearly-decade

Experts predict these price falls will continue as sales volumes fall (which always precedes a dip in prices), given the interest rate rises on the horizon, low wage growth and increases in the cost of living.

The prices in the cheaper parts of the UK are still rising and I suspect those parts that didn't rise much or even fell in recent years will be largely unaffected. But logically, if your house price doubled in the last few years and local wages went up by say 10% in the same time, then those price rises are ultimately unsustainable.

It's definitely a buyers' market at the moment in London and the SE.

"London property experts say buyers are “sensing blood in the water”, with sellers forced to cut prices steeply"

www.theguardian.com/business/2018/may/23/uk-house-prices-fall-by-02-for-march-says-land-registry

Around here there are a lot of houses that stick on the market for a year or two, but they are the more expensive ones £1M+

Standard price around here and going within a couple of weeks.

cloud you wouldn't show up in the stats as they measure current outstanding debt.

I do think the lack of properties on the market is contributing to keeping the house prices steady or rising

If anything the forecast that prices are crashing has had the effect no one is putting their homes up for sale so instead of crashing the lack of properties means the prices are rising

I'll believe it when i see it.

God op are you still at it? Not managed to buy then yet?

We've literally only just paid it off though Howabout and so previously we would have shown as having an interest only mortgage with no investment vehicle to pay it off. Yet we were always easily going to pay it off early and in the process save ourselves many thousands. There will be lots of other people out there in the same position.

Ah, Bluntness, you're still at it I see.

Not managed to sell then, yet, then, I take it?

Lol.

samanthasung - we are seeing it. It's being reported every month. All you have to do is click on any of the links.

If you're in a cheap area that hasn't risen you may well see nothing at all. But if your area doubled in price in a few years, then you shouldn't be utterly shocked if it then loses some of those unearned gains too.

I've not noticed anything of the sort in this region. A friend of ours is a estate agent and they say there has been no fall in house prices since brexit

we are seeing it. It's being reported every month. All you have to do is click on any of the links

The only place you are seeing these falls are in the news papers?

I commented on a previous thread about a news report that a vendor of a house had knocked £1million off the asking price and a flat in Cletkenwell that had been reduced by £4million to show the market was crashing.
The house was put up for nearly £2million. Same houses in the cul de sac £800,000.

Flat had been up for £8million. Top price flat is usually around £3.5 million in that area so reducing by £4million would have made it still very expensive.

qwerty you need to remember never to believe everything you read you have to do your own research

I am baffled as to why you think that the Daily Mail, the Guardian, the Independent, the FT and the other newspapers I have linked to are all likely to suffer from "an inherent bias" in favour of reporting falling house prices. They cover the whole political spectrum and include the most respected voices on economic affairs. What evidence do you have that they are all, collectively, lying about the direction of house prices in London and the SE??

I think you may have misunderstood the point. Lots of things you say there are true.

However, house prices stay the same just isn't as interesting headline. So they will interpret data the way that best sells papers.

Show me some links to actual, unbiased, unlinked sources (not newspapers, or estate agents) and I might get on board with your scaremongering point of view.

For reasons that I won't go into, this topic does not affect me. I find it a bit ridiculous that you assume everyone who does not agree with you would stand to lose out were this an issue.

Not managed to sell then, yet, then, I take it?

On this you've also misjudged. I don't want to sell. I love my home. We only moved here four years ago and I fell in love with it as soon as I saw it. We will probably stay here for the next ten to fifteen years then downsize after retirement and move somewhere else not on the commuter belt. Ideally on the coast.

You however do want to buy, and can't afford to do so unless prices drop.

Why do people extrapolate what’s happening in London and assumes it’s the same countrywide? We’re in a nice suburb in a big city in the north of uk. The market round here has gone bonkers in the last year after a pretty slow gradual rise since the crash of 2008

Our house sold last week within 5 days of going on the market for a price considerably higher than we had hoped and circa £50k more than this time last year. There is way more flex up here due to the lower price: income differential.

samanthasung - I assume you're not in London or the SE then.

As discussed, elsewhere in the country, prices are still rising.

Bluntness - I have (deliberately) never posted on here about my own situation.

If it makes you happy to assume I'm a priced-out FTB, then feel free, I couldn't really care less about whatever fantasy version of me you've constructed in your head, and can't imagine why anyone else would care either.

In reality, I'm not the story and this was never a thread about me. It's about house prices.

For reasons best known to you, you are absolutely bloody desperate to turn it into a thread about me.

I'm unsurprised, though, to discover that you're reliant on rising house prices to pay for your pension.

WhatMakesYouHappy

"Show me some links to actual, unbiased, unlinked sources (not newspapers, or estate agents) and I might get on board with your point of view."

If you actually read any of the links, you'd see that they do indeed quote from and link to the "actual, unbiased sources" you seek - Nationwide, Halifax, ONS etc stats showing you exactly what prices houses have actually sold for.

Or you can google for the original press release and data tables from those bodies yourself if you actually, genuinely think the FT, Telegraph, Guardian etc are just making up the stats and attributing them to the Nationwide, Halifax, ONS, etc!

Jesus.

There's none so blind as those who will not see.

I'm unsurprised, though, to discover that you're reliant on rising house prices to pay for your pension

Who is that aimed at? Surely not me? I'm not relying on escalating house prices paying for my pension, my pension is sound. And actually very good. My mortgage is about twenty percent of the value of my home. So I can sell up and take a hit if I chose to.

We will move when we retire because our garden is three acres, it will become to much for us as we get older.

Here you go.

Read them for yourself, if you don't trust those pesky journalists for radical left-wing organisations trying to crash the housing market, like...er...the FT, Telegraph, BBC, Independent, Mail etc etc.

www.nationwide.co.uk/about/house-price-index/headlines
"Prices fell 0.2% month-on-month"

www.halifax.co.uk/media-centre/house-price-index/
"House prices in the latest quarter (February-April) were 0.1% lower than in the preceding three months (November-January), the third consecutive decline on this measure "

www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/previousReleases
"The lowest annual growth was in London, where prices decreased by 0.7% over the year. This is the lowest annual growth in London since September 2009, when it was negative 3.2%. London has shown a general slowdown in its annual growth rate since mid-2016. "

Bluntness100 - yeah, right.

So you've stalked me from thread to thread, you've posted non-stop personal attacks on me for daring to suggest house prices in areas that had risen a lot might also then fall - but you're totally financially secure.

Sure you are.

Curious that your only contributions to this or the previous thread have been to boast about how rich you supposedly are and to attack me for supposedly being poor.

Not a dicky bird about the actual topic of the thread, mind.

Here's a challenge - can you manage a single post that is actually about house prices in London/the SE, and not about your fantasies about me?

@qwerty what would you suggest for someone who is renewing their mortgage product in the next few months having done huge renovation works and therefore increasing price of the property any way. Would you do a 2 or 5 ur fixed term?

^ I'm in London or the SE

The ONS link is a good one OP, good to see some accurate sources. Doesn't talk about falling prices though, does it, just lower growth?

None of the other posters have attacked you. They have asked you why you keep starting threads about this topic which seem only to aim to scare people and force them to agree with you, and why you make assumptions about them and then berate them when you don't agree with their opinion.

Can you tell us why? What is your aim with these threads? To "make people aware before their biggest purchase of their lives" (paraphrase)? Aware of what?