House prices to fall 14% next year

[GreenestValley]

www.thetimes.co.uk/article/house-prices-forecast-to-drop-by-14-next-year-lbj77clv2

What does everyone think? I’m looking to buy my first home and this makes me very nervous. Stamp duty reduction is obviously a benefit but if prices drop by this much waiting would be a far better choice... Eek. Anyone else in same position?

Haha, I thought this was a recent thread until one of the posts said Furlough is coming to an end and I thought "who the hell is still on Furlough?!" then the penny dropped.

As an aside I'm so glad not to hear the word Furlough any more.Those were weird times.

Thank you everyone for you comments and wishes.

@AshRJ I agree that all this is media driven just to create confusion. I hope you find a buyer for your house soon!

Thanks @Viorela hope so too! especially as we’d already started packing and with a young child it’s hard to keep things clean and tidy!😁

Here in trendy east london...they still fighting over purpose built 2 bed flats...they sell in hours...waiting lists for them....buyers seem to have a lot of cash to splash...expensive cars, buggies, clothes, sitting in the cafes all day....all mid 30's with children...they getting the cash somewhere....!!

Great investigation work, managed to observe the in and out of flat for sale, check real estate booking system, the envelop that goes to seal bid, just have to confirm origin of funds now.

Thread is an excellent demonstration as to why any house price forecasts even from reputable sources like The Times can be safely ignored :D

@GreenestValley what did you do in the end? Wait or buy then? Hope it worked out either way.

ZOMBIE THREAD
So experts were wrong by massive amount.
Price Trend just keep rising, sometimes faster sometimes it pauses.
Buy a home for your family and enjoy it - Not an investment. Join that trend, neither you nor I can alter it.

I wonder how much the Times is selling that crystal ball for

There’s another thread going on am I being unreasonable about how apparently elon musk is predicted the demise of the entire tech industry.

even a broken clock is right twice a day.

Sad thing is people do listen to this and then find they are stuck finding more money for a deposit or priced out.

I have a friend who was selling and she’d have EAs suggesting price reductions (apparently they read papers).. then she sold at above asking price. Interestingly they tried to get her to do a commission scheme based on how much they sold the house for…. So had she reduced it .. they’d have gotten more commission for selling what was her original price..

Yes but one of my friends is an estate agent and the amount of commission they get is buttons like literally 40 quid for every house they sell and then they get taxed on the 40 quid.

People need also to consider the rise in interest rates, if you wait the house may be cheaper, but it may be much more difficult to get a mortgage, the interests rates are going to be much higher and people will be desperate to not sell.

Ouch!! Def not great! The % commission this guy gets isn’t so bad but that’s only if he manages to sell a house a month.

Very true

As interest rates rise, the market will slow, and prices will drop. It’s happened before under the Tories and we’re drifting towards it again.

@JesusInTheCabbageVan
I wonder how much the Times is selling that crystal ball for

^

This!