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

Outer reaches of North London.

So few houses on the market (count on one hand) in our immediate neighbourhood.

Double figures only for the local town.

Prices might not be going up but they are all selling quite quickly (few weeks)

The only ones that are sticking have a huge red flag with regards to their position.

That is why you have to do research of an area and not rely on dramatic headlines.

Dramatic head lines in our area would be 60% of houses remain unsold.

We only had 5 houses up for sale. 2 sold immediately. The 3 others are new builds and one other which have been built in the most unfavourable positions.

Whilst in theory the new builds are the same as the other new builds that have gone the position of the last 2 is causing problems

Of course, the newspapers are always right and never publish articles that are not intended to get attention and stir up discontent, especially the Daily mail which is totally unbiased about everything.

Prices fluctuate, always have.

ToadOfSadness - so you think the Nationwide, Halifax, ONS etc are all falsifying their figures for some reason?

What reason is that then? And why have they only recently started pretending that prices are falling? Who is behind this conspiracy and why?

Please tell.

But even they, as I quoted, are now showing annual falls in London. For the first time in nearly a decade

Are you trying to say prices have fell in one area so therefore they must fall everywhere else.

You are not researching the reasons behind any adjustment in prices. London is a huge city and whilst overall there might be a slight adjustment down for less than 1% you have to look at the individual areas.

Whilst some areas are going down others are going up and some are not changing.

You seem to look at the whole country as opposed to individual areas.

In my own area prices during the last crash circa 2008, remained the same. Prices didn't go down or up. Mainly because there were no houses for sale. (In the 20 years I have lived here there have been, apart from the new build development, recently finished only 6 houses sold, one being my own home.

my thesis is that prices are currently starting to fall in London and the SE but are still rising elsewhere

So why OP have you entitled the thread UK house prices falling...

Purposefully catastrophic and attention seeking?

Obviously a journalist judging by the dramatic headline followed by the content that states something different.

I’m in Sheffield Hallam. Where Nick Clegg got booted out last year!

Really high prices, it’s meant to be the richest area outside London.

I’m not rich though☹️

Hmm interesting and I tend to agree that while house prices themselves may not have fallen yet (we’re still making a decent profit on our starter home in a London commuter town) it’s not as much we were initially told we would get, and is similar to what we would have got a couple years ago. Agree that the fast paced growth of the last few years has ended, but at price we now are we’re continuing to get viewings and had an asking price offer so I think we’re now priced right for the market. So yes, growth slowing, but I genuinely can’t see a dramatic crash any time soon as fundamentally there’s still less homes than people who want them...

Prices definitely falling around here (pricey SW London). Gently rather than crash and frankly they were uber ridiculous before, so now are merely ridiculous

Not sure what your point is OP?

If prices are coming down in London, this is a good time to buy.

We are doing nicely on property by buying precisely at times like this when people like OP or the press go on about how prices are coming down. We bought our intermediate house after 9/11 and then our forever house a few years after the 2008 financial crisis. Prices dipped stagnated a bit and then continued up and up perilously.

I doubt you'd ever see 20-30% dips in London. People waiting for that have been so priced out of the market it is not funny.