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Tory DOOM™: Property

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    Tory DOOM™: Property

    Sellers forced to cut asking prices by £25k as housing market cools. Where are the biggest falls occurring?

    The subdued state of the UK housing market is resulting in homeowners accepting offers well below asking price, with 32pc of properties currently on the market having been marked down.

    The latest figures from property portal Zoopla show that the average reduction in property asking prices is £24,947, or 8.42pc, with homes in the Isle of Man recording the largest discounts, at £41,212 on average.

    https://www.telegraph.co.uk/property...-market-cools/

    DOOMed™!

    #2
    'bout time too.

    I'd like my kids to be able to afford a place of their own one day.

    ... and I don't care how many estate agents have to suffer in the process.

    Comment


      #3
      Masterly use of the DOOMed brand name!

      I wonder why property prices are dropping. Could it be tougher rules on foreigners buying UK property, or the prospect of those being introduced?

      Or is it just that most people are increasingly skint these days?
      Work in the public sector? Read the IR35 FAQ here

      Comment


        #4
        I think it's likely that the bubble has popped a bit. I've just found some paperwork from a house I was going to B2L about 3 years ago. It was a 1 bedroom starter home. annoying the seller pulled out at the last minute, but the asking price was ~ £160k. Houses in the same street are now going for £260k.

        This is a 1 bedroom starter home just inside the M25. I've been saying for a while I don't know where all the money is coming from.
        And the lord said unto John; "come forth and receive eternal life." But John came fifth and won a toaster.

        Comment


          #5
          Hopefully we're seeing a long overdue correction in house prices and no more government meddling.

          Though when a significant number of MPs are landlords it's like expecting turkeys to vote for Christmas expecting them to do what's best for the nation rather than their own interests.

          Hopefully the falls are due to mortgage valuers seeing the current prices are not sustainable without significant wage increases in real terms (don't hold your breath folks globalisation will kill you) and are knocking back numpties offering near full asking price to protect their own arses.

          The past decade (and more) trend for private landlords (Borrow to Let) buying up all the traditional starter homes wouldn't necessarily be a bad thing if the UK had tenants rights more in line with mainland Europe where home ownership is less of a 'right of passage'. See my point above about MPs why they won't be in any rush to improve tenant's right at the expense of landlords.

          The saving grace being that all the younger generations stuck living with their parents or in squalor (i.e. student accommodation) are now voters, or soon will be, so the self serving government will have to concede something if their desire to remain in power exceeds their desire to fleece the plebs. Corbyn can't lose.

          Though like leasing cars and phones it's all about the monthly payments and while they remain affordable, even if it eats up a significant percentage of a typical wage, it may take a 'black swan' event to change things significantly for the better.

          I'm sure it's obvious that if people are spending most of their wage on shelter then there's less to spend in the wider economy and with the UK based on consumer spending the sooner housing becomes more affordable in line with historical averages the quicker the economy will prosper. See other countries that have recently gone through a 'house price correction' and are now 'booming' for proof if you don't believe me.
          Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

          Comment


            #6
            Originally posted by Hobosapien View Post
            Hopefully we're seeing a long overdue correction in house prices and no more government meddling.

            Though when a significant number of MPs are landlords it's like expecting turkeys to vote for Christmas expecting them to do what's best for the nation rather than their own interests.

            Hopefully the falls are due to mortgage valuers seeing the current prices are not sustainable without significant wage increases in real terms (don't hold your breath folks globalisation will kill you) and are knocking back numpties offering near full asking price to protect their own arses.

            The past decade (and more) trend for private landlords (Borrow to Let) buying up all the traditional starter homes wouldn't necessarily be a bad thing if the UK had tenants rights more in line with mainland Europe where home ownership is less of a 'right of passage'. See my point above about MPs why they won't be in any rush to improve tenant's right at the expense of landlords.

            The saving grace being that all the younger generations stuck living with their parents or in squalor (i.e. student accommodation) are now voters, or soon will be, so the self serving government will have to concede something if their desire to remain in power exceeds their desire to fleece the plebs. Corbyn can't lose.

            Though like leasing cars and phones it's all about the monthly payments and while they remain affordable, even if it eats up a significant percentage of a typical wage, it may take a 'black swan' event to change things significantly for the better.

            I'm sure it's obvious that if people are spending most of their wage on shelter then there's less to spend in the wider economy and with the UK based on consumer spending the sooner housing becomes more affordable in line with historical averages the quicker the economy will prosper. See other countries that have recently gone through a 'house price correction' and are now 'booming' for proof if you don't believe me.
            All very true, although if property prices drop then that is reflected in falling values of banks' and building societies' assets (of their existing mortgagors), but if their assets fall too far then that might hamper their ability to lend further, if they are to remain within their required debt to capital limits.

            Oh what a tangled web we weave, when first we open the floodgates to mass immigration, in part to prop up property prices by creating a scarcity.
            Work in the public sector? Read the IR35 FAQ here

            Comment


              #7
              Good news is that Bhan luxury flats over 1500 sq ft will be increasing value at exponential rates!

              Comment


                #8
                Originally posted by AtW View Post
                Good news is that Bhan luxury flats over 1500 sq ft will be increasing value at exponential rates!
                And bedsits over kebab shops?

                Comment


                  #9
                  So is Brexit delivering cheaper homes for everyone?

                  Comment


                    #10
                    Originally posted by tomtomagain View Post
                    'bout time too.

                    I'd like my kids to be able to afford a place of their own one day.

                    ... and I don't care how many estate agents have to suffer in the process.
                    If you think Estate Agents will suffer, you're living in some sort of parallel universe.
                    His heart is in the right place - shame we can't say the same about his brain...

                    Comment

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