Bloomberg News: U.K. House Prices Are on the Longest Losing Streak Since Financial Crisis

[FabulousSophie]

Good news for buyers, property is getting cheaper:

U.K. House Prices Are on the Longest Losing Streak Since Financial Crisis

"U.K. house prices fell for a fifth month in a row in July, the longest stretch of declines since the financial crisis."

www.bloomberg.com/news/articles/2018-08-12/u-k-house-prices-are-on-the-longest-losing-streak-since-crisis

Analytical I don't think many elderly really have an option to sit tight, if they cannot cope alone in a big house, carers cannot cope with their needs, and their family cannot accommodate them.

I think you need to define elderly first. We might consider downsizing in about 7 years when I am 60 and dh is 65, so we can live somewhere in a small town and can drop to one car. Hardly elderly. If however what I want is not available for the proce I am willing to pay for it, then I won't move. we can always convert a downstairs reception to a ground floor bedroom and part of the utility room to a wet room. Problem solved, and we stay in our large house.

We're in the South West, our area has been experiencing a ridiculous boom over the past 3 years. This year houses have been selling before they get to market for more than the asking price, locally the market needs a correction.

However, I'm aware that we're in the comfortable position of neither buying nor selling. I feel for people in a more vulnerable position. In previous recessions I know this isn't considered to be a recession we could easily have been vulnerable ourselves.

scaryteacher At 53, you are obviously not elderly! About a fifth of the uk population is 65 years and over, and that percentage is growing rapidly. Humans are not immortal, and they cannot take their houses with them if they cannot get their asking prices.

Fabulous No, but they can out them in trust for future generations, or leave them to someone. The point was that you can adapt your house for your needs, and not move. If every one of my age does that, there won't be large family homes coming on the market from downsides.

Exactly. The government or whomever is pulling their strings can make the house prices do whatever they want.

scaryteacher It's a familiar story. Many old people, when they get frail or ill want to stay in their own homes, but round the clock personal or nursing care at home is prohibitively expensive, unless there is a family member who is willing and able to provide it, possibly for years on end. Eventually the family insists the old person goes into care, and then the local authority insists the house is sold to pay the care fees.