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sancho panza

Housing market hits a brick wall as sales plunge across the UK by up to 29%

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Spamming the PIE EA brigade as per usual

 

Dow theorists look away.Price rising on falling vol.

http://www.propertyindustryeye.com/housing-market-hits-a-brick-wall-as-sales-plunge-across-the-uk-by-up-to-29/

'Property sales were down by a fifth across the UK during March, and plunged by almost 30% in London.

New Land Registry data paints yet another gloomy picture of the market, showing that the number of transactions completed in March across the UK fell 20.3% annually to 73,977.

The biggest falls were in London where sales were down 29% annually to 6,180, and in the south-west with a 24% decline to 6,640.

Overall sales in England were down 21.8% to 58,203 on a yearly basis, while transactions in Scotland declined 16.1% to 7,861.

Northern Ireland recorded a 12.4% decline to 4,545 sales and the Welsh market fell 13.8% annually to 3,368 sales during March.

The Land Registry data also shows house prices growing at the slowest rate since August 2013, up 3% annually in May to £226,351.

This was a slowdown from the 3.5% annual growth recorded in April.

Average prices rose just 0.1% on a monthly basis to £226,351.

The largest annual growth was in the east midlands, with prices up 6.3% to £190,216 on average.

London saw the steepest annual fall with average prices down 0.4% to £478,853.

Commenting on the figures, Andy Sommerville, director at Search Acumen, said: “The slowing UK housing market has now effectively hit a brick wall.”

Jeremy Leaf, north London estate agent, said: “These figures are interesting, as this is the most comprehensive survey of UK house prices, and confirm what we have seen in others and on the ground.

“In other words, property prices cannot be sustained indefinitely by low stock and mortgage rates. Lower demand is forcing vendors to be more realistic, with fewer, more nervous buyers who are prepared to shrug off Brexit concerns.”'

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Denial and delusion in the comments.

What the gubbermint need to do is reenable EA's and the banker class to refloat the housing market on even more unaffordable price to salary multiples at the same time as steering the banks back to the iceberg

Typhoon

Would someone give these stats to the government who appear to have blindfolds and ear muffs on.

Think of the £ billions of lost revenue for them from vat and income/corporation tax from the multitude of property market connected businesses.

They need to wake up to the reality that, the total **** up of Brexit apart, their actions on stamp duty levels for the upper end of the market, the extra 3% on buy to let and second homes, and  their bit by bit removal of tax relief for landlords, are massive spokes in the wheel of the property market.

Soon their unemployment figures will rise as, agents, solicitors, surveyors, mortgage companies and a host of other businesses related to and heavily dependant on an active property market, downsize their work forces

 

AgentV

One of the biggest problems with falling levels of properties for sale, is the number of people that ‘test the buying side first’. If they can’t find somewhere they would potentially like to move to, they decide not to put their own home up for sale.

Low stock levels are becoming self fulfilling….it feels as though we are now entering almost a ‘Perfect Storm’

 

Estate_Agent_Memes

Our pipeline is the highest its ever been (very slow coming through though) and properties are selling within hours!?

I genuinely think”national” figures should always be separate and ignore the London “bubble.”

 

Woodie0636

Does any of you read what it says or do you just comment on the doom it says house prices only went up. By 3% in over the year I would like 3% on my money last year when I tried to sell my house to HBF just before we signed contracts I was told that my house price had fallen by £10000 in two months can some bright spark tell me what percent that is on£185000 over a year my house would have been worthless house prices are rising but not by so much that is a good thing for buyers but not so good for sellers correct.dont just comment on the headlines read it all.

 
 

 

 

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Markets have teo numbers - number of transactions and price of transaction.

Transaction numbers fell off cluff in 2002 as prices went above what owners coukd afford.

The market got a boost as the insanity io btl within Browns credit boom exploded.

80% of those btl buys 2002 to 2018 will have to be dumped, in a very short period.

MMR basically sets a top.

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9 hours ago, sancho panza said:

article states volume dropping not prices.

Mentions London prices falling. But its been claimed for a long time now on tos that volumes dropping will result in a hpc or price falls. Im seeing the opposite.

Need forced sellers and with zirp means theyre few and far between.

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6 hours ago, Banned said:

Mentions London prices falling. But its been claimed for a long time now on tos that volumes dropping will result in a hpc or price falls. Im seeing the opposite.

Need forced sellers and with zirp means theyre few and far between.

In terms of Dow theory drops in volume normally mean a big move either way is inbound.

People on ToS  sometimes won't accept the price action for what it is.

Forced sellers will be BTLers getting tax bills but at the mo prices are flat or up yoy

Edited by sancho panza

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2 hours ago, sancho panza said:

In terms of Dow theory drops in volume normally mean a big move either way is inbound.

People on ToS  sometimes won't accept the price action for what it is.

Forced sellers will be BTLers getting tax bills but at the mo prices are flat or up yoy

Hopefully im thinking theyll need to go after those with 1 or 2 btls ie bring s24 in for basic rate taxpayers. Theyll panic more as theyve less income to subsidide the mortgage with. 

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I don't want to rain on your parade but every house for sale on the development I manage has sold within two or three months of being put up for sale. Prices are not as high as they were last year, typically asking prices are only up to 5% lower for flats, the asking prices for houses are the same as last year. 

Most sales are landlords selling to first time buyers. So perhaps some sanity is returning to the housing market.

Anyway I'm looking to move to the South West so if the reported figures above are correct I could be in a better position.

BTW I'm not trying to wind anyone up just giving my anecdotal evidence. I'm ambivalent on house prices now, if they fall then all well and good because my cost to change becomes lower. 

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9 hours ago, sleepwello'nights said:

I don't want to rain on your parade but every house for sale on the development I manage has sold within two or three months of being put up for sale. Prices are not as high as they were last year, typically asking prices are only up to 5% lower for flats, the asking prices for houses are the same as last year. 

Most sales are landlords selling to first time buyers. So perhaps some sanity is returning to the housing market.

Anyway I'm looking to move to the South West so if the reported figures above are correct I could be in a better position.

BTW I'm not trying to wind anyone up just giving my anecdotal evidence. I'm ambivalent on house prices now, if they fall then all well and good because my cost to change becomes lower. 

The housing market is a bit more dynmaic and deadly than other markets.

 

Most people dont buy a house. They take on a financial commitment to pay down debt over 20-30 years.

Thats a big difference.

If you have a new estate being bouhgt by people operaing beyondtheir financial ability then itll crash as they run out f money and go bust.

I say this who's seen 5 coule who bouuhgt between 2008 and mortgage regulation go bust due to paying too much for a house.

 

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28 minutes ago, spygirl said:

The housing market is a bit more dynmaic and deadly than other markets.

 

 

I think its less dynamic. A large number of housing transactions are for discretionary reasons, trading up/down, moving to a more desirable area, moving closer to work/friends/family.

I know prices are dictated at the margins but quite often if someone is unable to sell their house then they stay put. I know in the past when we've decided to move for whatever reason if we haven't been able to sell in a reasonable time frame we've readjusted our plans and not moved.

Even job related moves are often assisted by the employer, this removes a lot of pressure to reduce the price to sell. Especially since the late 90s when rules on letting were relaxed.

I'm not arguing whether any of this is good or bad, its how I see it. Lots of commentators do remark that the housing market is more sticky than other markets. 

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Just now, sleepwello'nights said:

I think its less dynamic. A large number of housing transactions are for discretionary reasons, trading up/down, moving to a more desirable area, moving closer to work/friends/family.

I know prices are dictated at the margins but quite often if someone is unable to sell their house then they stay put. I know in the past when we've decided to move for whatever reason if we haven't been able to sell in a reasonable time frame we've readjusted our plans and not moved.

Even job related moves are often assisted by the employer, this removes a lot of pressure to reduce the price to sell. Especially since the late 90s when rules on letting were relaxed.

I'm not arguing whether any of this is good or bad, its how I see it. Lots of commentators do remark that the housing market is more sticky than other markets. 

No no no.

Even EAs are relatively honest about what drives housing transactions -debt, divorce and death.

 

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Just done a quick tally and I’ve moved House five times since I’ve been with the wife. (Sixteen years)

 

..unfortunately she keeps moving with me.

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On 24/07/2018 at 12:14, Wig said:

Just done a quick tally and I’ve moved House five times since I’ve been with the wife. (Sixteen years)

 

..unfortunately she keeps moving with me.

Pfff. Amateur. My 5-year-old has had 5 homes!

We don't 'own' though.

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4 minutes ago, Noallegiance said:

Pfff. Amateur. My 5-year-old has had 5 homes!

We don't 'own' though.

But your making sure 5 parasitic cunts can own so youre doing your bit.

When i was a lad thatd be deemed a disgrace now its the norm. 

My kid lived in 3 by aged 5 ... Always remember some old bag turning us away at the door when we turned up with my then 1 year old. Hope she is getting abused in a care home.

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