30% fall in property if no deal brexit

zagubov

There are foreign buyers who would like an address and property in a country like this, as they are making good earnings in dictatorships whose leaderships could turn on them at any moment.

We're not prone to coups or military takeovers, we're wary about extraditing residents to countries with dodgy justice systems and we're not prone to vulcanism, seismic shocks, tsunamis or hurricanes.

To be blunt, there;s so much foreign interest in buying British property that locals are disadvantaged and should have better-protected access to homes and accommodation.

RealElement47

triathlon wrote: »

Speaking as some that has made huge profits from property I will give my insight rather than yet another finger in the air guess of the usual "30% fall innit mate" yet again. From what I am hearing UK property is becoming more tempting from foreign money by the day as the £ weakens, but that is just factual rather than your hope and a prayer.

Which foreigners? Certainly not the Chinease,
China's currency is falling more than the GBP and they are selling their properties in the UK now while prices are still high, and they are doing very well with the currency exchange now the yuan is so low compared to the pound.

All currencies are in a race to the bottom.

RealElement47

MobileSaver wrote: »

When will we see these 30% drops? 1st November? By Christmas? I just want to make sure I'm ready to pick up some bargains when it happens so any insights you can pass on would be appreciated.
...

Ask Mark Carney, it was the BOE who said 30% crash if no deal, and that's just for starters.

I think it will take years to reach bottom, and many more years to recover.

This is normal, just history repeating itself.

MobileSaver

RealElement47 wrote: »

Ask Mark Carney, it was the BOE who said 30% crash if no deal

No, he did not, the BOE reported on what they would do if prices did drop by 30%. It was an over the top stress test to ensure the financial system could cope, it was not a forecast.

Why do you continue to post on financial matters when you clearly have no idea what you are talking about?

RelievedSheff

RealElement47 wrote: »

Which foreigners? Certainly not the Chinease,
China's currency is falling more than the GBP and they are selling their properties in the UK now while prices are still high, and they are doing very well with the currency exchange now the yuan is so low compared to the pound.

All currencies are in a race to the bottom.

You clearly have not been to Sheffield and seen the new china town being built as we speak. All Chinese investment.

snowqueen555

People still need houses, I don't see any huge drops unless there is a real global catastrophe that shakes the economy.

AG47

snowqueen555 wrote: »

People still need houses, I don't see any huge drops unless there is a real global catastrophe that shakes the economy.

People still needed homes in every single property correction of the last several decades.

It’s just history repeating, there will be another correction in house prices that is certain. Only thing that is uncertain is when the next one will be.

The perma prop bulls who deny there will be another correction sometime in the future are full of crap.

lisyloo

There are no perma prop bulls, if there are name them.
There is no one on here that says there will never ever be a crash.

What we do say is - you can’t time it (I’ve been waiting since 2001) and it would come accompanied with job losses, tighter LTVs etc. So won’t help ordinary people struggling to buy a home. Those investors in a position to capitalise with cash ready are not the same people.

Herzlos

AG47 wrote: »

People still needed homes in every single property correction of the last several decades.

Go back to those corrections and look at what caused them - I bet job losses and mortgage restrictions were two of the most common themes.

westernpromise

Herzlos wrote: »

Go back to those corrections and look at what caused them - I bet job losses and mortgage restrictions were two of the most common themes.

Yep, resulting in lower bids for property, and fewer sales, since at depressed prices the only people selling are those who have to.