House prices show biggest fall in 6 years - RICS

Graham_Devon

House prices saw the biggest dip since 2012 in April, as the upper and middle-priced tiers of the property market prove particularly challenging, surveyors have reported.

The Royal Institution of Chartered Surveyors (Rics) said a net balance of 8 per cent of surveyors reported prices falling rather than rising in April - the most negative figure since November 2012, albeit only a slight decline.

Price falls in London are heavily weighing down the overall price growth reading across the UK.

Rics said that in London, a balance of 65 per cent of surveyors saw prices fall over the month rather than rise - the weakest reading since February 2009.

Falling prices were also still being reported in the South East of England, and also in the South West of England for the first time since May 2013.

Meanwhile, house prices continue to rise in Northern Ireland and Scotland, the report said

https://www.independent.co.uk/news/business/news/house-prices-fall-housing-market-rics-survey-april-a8343561.html

Biggest question really is whether this is the start of a short-mid term trend. Price falls in London seem to be getting deeper, with the South East and South West now following.

Personally? Didn't see this happening without interest rates increasing to be honest.

michaels

It is interesting as normally if a property can't sell for what the vendor 'thinks it is worth' - based on the recent maximum - then they decide not to sell f they don't have to and with low interest rates and high employment there is not a lot of 'have to'.

Thrugelmir

michaels wrote: »

It is interesting as normally if a property can't sell for what the vendor 'thinks it is worth' - based on the recent maximum then they decide not to sell f they don't have to and with low interest rates and high employment there is not a lot of 'have to'.

A property eventually will need to be sold for one reason or another. This then determines the market rate. For those that subsequently follow. Hanging on isn't always an option. Likewise upscaling may not seem as attractive if the there's no profit to be made.

AG47

This is just the start, the ball rolling down the mountain will pick up speed as interest rates correct back up to normal levels

PasturesNew

I've been noting the value of mine on Zoopla since I bought it, not as its value, but to see the "market movement" ... and it dropped £11k this month! It did that in February too though.

I'll be selling mine some time this year ... so don't really want to sit in a stagnant market loitering for a buyer. .... but might have to. At least it'll be decluttered I'll be almost fully packed by the time I invite the agents round to give me a value.

westernpromise

AG47 wrote: »

This is just the start, the ball rolling down the mountain will pick up speed as interest rates correct back up to normal levels

Unfortunately you still won't be able to buy even if that happens, because your Bitcoin "investment" has crashed by 57% in six months. The troughs are lower and so are the rallies - heading to zero rapidly, because a Bitcoin, unlike a house, has no actual use.

triathlon

westernpromise wrote: »

Unfortunately you still won't be able to buy even if that happens, because your Bitcoin "investment" has crashed by 57% in six months. The troughs are lower and so are the rallies - heading to zero rapidly, because a Bitcoin, unlike a house, has no actual use.

Do not get me started on that :rotfl:
We are supposed to take good financial advice from people investing and counting on the success of Bitcoin, it's like these people are hell bent on trashing their lives and taking as many people down with them.

HPC.com should be investigated, how many lives has it ruined, the property market will slow up a little this year, but they will still be double what they are today and with a bigger population, and those people will still be whinning, more so when I put their rents up:rotfl:

John_Jones

AG47 wrote: »

This is just the start, the ball rolling down the mountain will pick up speed as interest rates correct back up to normal levels

But interest rates are not looking to go up very much at all any time soon.

Arklight

Definitely dropping around here. The standard 1960s 2.5 bedroom terrace / semi was creeping up to £300k, they're now going back to £260-£270k.

Good, very good.

triathlon

Arklight wrote: »

Definitely dropping around here. The standard 1960s 2.5 bedroom terrace / semi was creeping up to £300k, they're now going back to £260-£270k.

Good, very good.

Well if that's true I would snap one up asap. In the next year I intend to raise rent on average 10% on all my properties because the demand is there. Don't wait for the massive fall in prices that is never going to come

westernpromise

A 25% drop would save me around £560k including the stamp duty on the upgrade I'd like to do, so I'd love it to happen, especially as rents would go up as people flood to renting to avoid capital falls - hence more rental income.

Won't happen, of course.