Estate agents seeing "blood in the water"

Graham_Devon

Quite a headline I thought!

House prices in London tumbled in March, with the annualised rate of inflation dropping to minus 0.7%, the steepest fall since 2009, according to official Land Registry figures for March.

The falls in the capital contrast with continued rises across the rest of the UK, with the overall rate of house price inflation at 4.2%, with the highest rise in Scotland at 6.7%.

Property experts in London said buyers are “sensing blood in the water”, with sellers forced to cut prices steeply to ensure a sale.

Jonathan Hopper of Garrington Property Finders said: “London is paying a painfully high price for its stellar run of price rises and a correction is now under way in several parts of the capital.”

https://www.theguardian.com/business/2018/may/23/uk-house-prices-fall-by-02-for-march-says-land-registry

Jack_Johnson_the_acorn

Graham_Devon wrote: »

Quite a headline I thought!



https://www.theguardian.com/business/2018/may/23/uk-house-prices-fall-by-02-for-march-says-land-registry

It's sensing rather than seeing. As in they predict rather than they can see.

London prices sky rocketed in the past 5 years so it's to be expected. In my area NW prices are really picking up. Anything listed in decent condition in a decent area is being snapped up.

bobbymotors

Graham, Graham, Graham.

Bite the bullet and buy a place to live and then you can enjoy life instead of googling 'house prices falling' all the time.

Because it doesn't matter: why? Because 10 years from now a property anywhere in the south east that is £300k will be worth £450k, that's why

The alternative is to carry on renting and own nothing.

your money, your choice.

antrobus

Estate agents seeing "blood in the water"

Since it's their own blood, I can't say I'm bothered that much.

Thrugelmir

Not a good news week so far. Fortunately people seem hungover from the Royal Wedding to care at all.

shirlgirl2004

London is definitely in a slightly different property cycle to the rest of the country. Last I read the decline had halted for London although statistics differ depending upon source. If they haven't finished stalling I believe they will soon. The rest of the country is either still rising (especially the north) or beginning to stall. It won't be long until the rest of the country has a blip but it won't be the crash some are hoping for.

chucknorris

shirlgirl2004 wrote: »

London is definitely in a slightly different property cycle to the rest of the country. Last I read the decline had halted for London although statistics differ depending upon source. If they haven't finished stalling I believe they will soon. The rest of the country is either still rising (especially the north) or beginning to stall. It won't be long until the rest of the country has a blip but it won't be the crash some are hoping for.

In our experience (our parts of) London have been falling (circa 4-8%) for about 18 months. I'd like to sell most of mine soon (we sold 2 properties last year), but I'll stay in the market if prices fall further, but current values are acceptable.

Jack_Johnson_the_acorn

chucknorris wrote: »

In our experience (our parts of) London have been falling (circa 4-8%) for about 18 months. I'd like to sell most of mine soon (we sold 2 properties last year), but I'll stay in the market if prices fall further, but current values are acceptable.

Wirral/Cheshire/ Merseyside are seeing massive increases at the moment.... Tiny 3 beds in an ok area were selling for £135k I'm now seeing them up for £170k.... 4 bed detached previously selling for £190k are now upto £260k+ all this in the last 18 months.

chucknorris

Jack_Johnson_the_acorn wrote: »

Wirral/Cheshire/ Merseyside are seeing massive increases at the moment.... Tiny 3 beds in an ok area were selling for £135k I'm now seeing them up for £170k.... 4 bed detached previously selling for £190k are now upto £260k+ all this in the last 18 months.

Glad to hear it, hopefully at some point London might bounce back when the differential between London and elsewhere reduces. I'm not relying on it, but obviously the more in our pension pot the better. The difference will all probably end up going to friends and the Dog's Trust anyway, but that is a good place for the money to go to. It won't actually affect our retirement.

kinger101

I think "tumbled" is more than a slight exaggeration for a 0.7% annual fall. Their problem of course isn't falling house prices, but reduced volume, and increased competition from online agents.

shirlgirl2004

chucknorris wrote: »

In our experience (our parts of) London have been falling (circa 4-8%) for about 18 months. I'd like to sell most of mine soon (we sold 2 properties last year), but I'll stay in the market if prices fall further, but current values are acceptable.

Now isn't the time to sell, prices will be on the up before the year is out.