The Official UK house prices DOOM thread

[courtg9000]

Do you operate in any of the residential markets I mentioned above?

As I said originally. I don't do residential unless it is shifting entire portfolio's where the vendor will only sell as a whole. I have several of these from £300K up to £20 milion worldwide mainly on advertising. I do commercial stuff.
Commercially I have something in Greece on just on to advertising.
I have several things in Spain. from £14k - £1,000,000
I had discussions about a golf course in Portugal but no instruction or the relevant yet.
If you are after residential portfolios in these locations I might be able to help.

[Hobosapien]

News piece on at lunchtime says the residential property market is booming with Rightmove having its busiest period ever (measured since lockdown eased and estate agents able to do more business), driven by people looking to move out of London and other cities for various reasons discovered during lockdown, and the likely change to more WFH so may as well work from somewhere with a decent garden.

It may be short lived and requires someone to be willing to buy in a now less desirable location at a higher price than the more desirable properties they'll be fighting over in the sticks, but it shows that no matter the predictions, reality is all that matters.

Maybe they'll find buyers abroad if the government attract 'key worker' immigrants from HK and other places with various visa/points system incentives. Alternatively, maybe the government will buy all those expensive city properties for the homeless and other social dependents. Seems the only prediction worth making is that things are going to change.

[TheGreenBastard]

Commercial property and my contracting and business interests these days are in this sector.
Residential interests are limited to homes I live in.

The sector has been getting back to work since yesterday. Indeed I have been very busy.

There has already been softening in these markets. For example there are office buildings in Reading that are likely to have seen visits from members of this forum (indeed some of you may have worked in said buildings) that have had values slashed. The total value of these buildings are now below £100 million.

The value of my database has just dropped to a smidge below £2,000,000,000

I think a residential drop or even a bloodbath is inevitable.

Do you operate in any of the residential markets I mentioned above?

[courtg9000]

Commercial property and my contracting and business interests these days are in this sector.
Residential interests are limited to homes I live in.

The sector has been getting back to work since yesterday. Indeed I have been very busy.

There has already been softening in these markets. For example there are office buildings in Reading that are likely to have seen visits from members of this forum (indeed some of you may have worked in said buildings) that have had values slashed. The total value of these buildings are now below £100 million.

The value of my database has just dropped to a smidge below £2,000,000,000

I think a residential drop or even a bloodbath is inevitable.

[TheGreenBastard]

Hopefully Portugal, Greece and Spain get ruined so I can buy a nice remote working retreat.

[scooterscot]

Cash waiting at the bottom!

The bottom is probably around 18 months away for a combination of reasons beyond those mentioned in the article. Those include, boomers needing the money as their pension fails to pay out so they are forced to accept lower offers. Younglings are cash strapped with student loan debt up to their eyeballs, together with a side order of rising interest rates, it is a perfect storm. Hopefully we'll enter a period of deflation for the topping on the cake - so exciting.

[ladymuck]

And you said you hated my DOOM threads?

I'm a fickle female.

I don't think I actually said hated. Probably despised.

[AtW]

Bring on the dooooom!

And you said you hated my DOOM threads?

[DealorNoDeal]

I can see unemployment reaching 4m when the furlough scheme is withdrawn.

There will be a lot of repossessions like in the late eighties, and buyers will be very thin on the ground. Both of these forces will exert a big downward pressure on prices.

I wouldn't be surprised to see falls in some areas/sectors of the market in the region of 30%.

[PCTNN]

Bring it on.

Papa wants a cheap house in 6 months.

[ladymuck]

Bring on the dooooom!

[DimPrawn]

There goes my retirement. Me 'ouse is me pension. Bricks n Mortar, you cannot lose!

[AtW]

U.K. House Prices Drop Most Since 2009 Under Virus Lockdown

Property values dropped 1.7% in May, the biggest decline since February 2009, Nationwide Building Society said Tuesday. Separate Bank of England figures showed borrowing plunged in April, with consumers repaying a net 7.4 billion pounds ($9.3 billion) of credit, the most since comparable records began in 1993.

https://www.bloomberg.com/news/artic...&sref=o1Dqf087

DOOMed!