There are so many probate properties just sat on the market, over priced considering how much building work costs these days, with inheritors refusing to drop the price. Most are at least 50k overpriced if not more.
SevenNites on
This is not good, if the house prices collapse it’d be end of the UK economy, we need more demand and less supply.
65% of UK population are home owners, and their children will inherit their property wealth.
marc512 on
Well my area saw an average increase of £3k. So that’s good for the sellers… I guess I’ll keep waiting for an actual price drop.
SearchImpossible8995 on
The stamp duty reduction expired in April so that’s probably caused a bit of a drop as buyers pay a chunk to the government instead of sellers. Further to that, people are skint and pay hasn’t kept up with inflation. The older generation who lived through insane tax-free increases all their life think that trend will continue forever so their expectations of what they can get are way out of whack. I expect we’ll either see many years of the same nominal house prices while inflation makes them more affordable to the average worker, or there’ll be a crash soon, if it hasn’t already begun.
hgjayhvkk on
I’ve been ringing the alarm bells for a while now.
Context. I sold my parents home last year and the market was very active in SE. I am now a FTB and when I compare the market to now. Its literally the opposite. Not as many listing and properties on market for much longer.
My theory is unemployment has ticked up in a way that has really impacted the market (boe cut rate because of it, even though inflation is rising) and theres Less desire to overpay. Now it looks like govt is about to raise income tax which will further reduce spending power.
I am even looking for rental but I noticed London prices and outside London prices are virtually the same lol. I literally have to work from another country for a little while just to find nice affordable place to work lol
UK is cooked because so much wealth is tied to housing. And when you look back, whenever there’s been fears of a housing collapse, the govt stepped in. But now their hands are tied. Lol.
Apart_Nectarine_904 on
Nobody can afford the larger houses and it’s these that aren’t selling, the 6 and 7 bedroom detached houses. Nobody has the money to upsize to a house that big, and they are overpriced when they haven’t had any work done to them in 30-40 years.
TheRadishBros on
This is probably the best case scenario if it maintains over the coming years. Stagnation in prices and a real-term drop, while not putting new buyers in negative equity.
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There are so many probate properties just sat on the market, over priced considering how much building work costs these days, with inheritors refusing to drop the price. Most are at least 50k overpriced if not more.
This is not good, if the house prices collapse it’d be end of the UK economy, we need more demand and less supply.
65% of UK population are home owners, and their children will inherit their property wealth.
Well my area saw an average increase of £3k. So that’s good for the sellers… I guess I’ll keep waiting for an actual price drop.
The stamp duty reduction expired in April so that’s probably caused a bit of a drop as buyers pay a chunk to the government instead of sellers. Further to that, people are skint and pay hasn’t kept up with inflation. The older generation who lived through insane tax-free increases all their life think that trend will continue forever so their expectations of what they can get are way out of whack. I expect we’ll either see many years of the same nominal house prices while inflation makes them more affordable to the average worker, or there’ll be a crash soon, if it hasn’t already begun.
I’ve been ringing the alarm bells for a while now.
Context. I sold my parents home last year and the market was very active in SE. I am now a FTB and when I compare the market to now. Its literally the opposite. Not as many listing and properties on market for much longer.
My theory is unemployment has ticked up in a way that has really impacted the market (boe cut rate because of it, even though inflation is rising) and theres Less desire to overpay. Now it looks like govt is about to raise income tax which will further reduce spending power.
I am even looking for rental but I noticed London prices and outside London prices are virtually the same lol. I literally have to work from another country for a little while just to find nice affordable place to work lol
UK is cooked because so much wealth is tied to housing. And when you look back, whenever there’s been fears of a housing collapse, the govt stepped in. But now their hands are tied. Lol.
Nobody can afford the larger houses and it’s these that aren’t selling, the 6 and 7 bedroom detached houses. Nobody has the money to upsize to a house that big, and they are overpriced when they haven’t had any work done to them in 30-40 years.
This is probably the best case scenario if it maintains over the coming years. Stagnation in prices and a real-term drop, while not putting new buyers in negative equity.