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Sorry but a 30% drop is just dinner-table bollocks when there is such a shortfall in supply and demand.
Malaysian and Chinese investors might exercise caution in Battersea and One Hyde Park but homebuyers in the UK don't have Swiss bank accounts with siphoned government money to call on.
Cut in interest rates still on the cards - meaning cheaper lending and even more people trying to get on the ladder.
Even the NAEA's gloomiest forecast is that London could see losses up to £7,500 on average over the next three years, compared to where they otherwise would have been. Nationwide they predict values could fall by £2,300 over same period. But as long as shortfall in housing stock remains, prices will continue to rise regardless so all it means is a slower rate of increase, rather than a fall in real values.
And again, if the Bank of England were forced to cut rates, all these projections are moot anyway.
Rent by all means but don't expect not to be fucked by B2L Henry's for the privilege of paying off their mortgage. Prices will continue to rise. Perhaps not as fast as they might have. But every fucker wants land in London (for some mad reason) and they're not making any more of it.>
Glad you're so certain. I'm not. Agree that 30% would be unprecedented and is at the extreme end of wildly varying current opinions but I still maintain there's a real risk that things will dip in the next few months and I don't want to either take the hit or sit and wait it out in a flat that's too small for my family.
The market where I am seemed to slow in the run up to the referendum and has stagnated since we accepted an offer in January. Prior to that prices had boomed up 60% in two years to end of 2015 and then seemed to back off a bit. We couldn't get what others got the previous summer and since Jan they seem to be backing off a bit more. Granted this is probably more a case of a localized spike getting smoothed out but others trying to sell in our building right now are convinced that they "should" be getting more than they are being offered (around what we accepted) and are affecting surprise that several of these unsatisfactory offers are now pulling out.
So yes a 30% crash prediction (not mine I hasten to add) may be a little melodramatic given the long term supply/demand situation but brexit jitters are real and having an impact right now. We want out so we're going to push to complete on the sale we've had agreed for half a year and fuck off.
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Dooks-Fatberg
This too.
Sorry but a 30% drop is just dinner-table bollocks when there is such a shortfall in supply and demand.
Malaysian and Chinese investors might exercise caution in Battersea and One Hyde Park but homebuyers in the UK don't have Swiss bank accounts with siphoned government money to call on.
Cut in interest rates still on the cards - meaning cheaper lending and even more people trying to get on the ladder.
Even the NAEA's gloomiest forecast is that London could see losses up to £7,500 on average over the next three years, compared to where they otherwise would have been. Nationwide they predict values could fall by £2,300 over same period. But as long as shortfall in housing stock remains, prices will continue to rise regardless so all it means is a slower rate of increase, rather than a fall in real values.
And again, if the Bank of England were forced to cut rates, all these projections are moot anyway.
Rent by all means but don't expect not to be fucked by B2L Henry's for the privilege of paying off their mortgage. Prices will continue to rise. Perhaps not as fast as they might have. But every fucker wants land in London (for some mad reason) and they're not making any more of it.