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