Some YouTube with graphs and figures here.
The title is rather click-bait but the content is fairly balanced - the TLDR is that the market seems to be cooling (stable rather than negative at the moment) with the possibility of a small decline on the way (but not guaranteed).
It's more of a buyers market just now, interest rate hikes, less mortgage products out there, more risk, etc, etc, later this year rates will more than likely come down, so expect a downturn just now, but it'll catch back up later end of the year i'd expect.
There's a huge difference between a downturn and a collapse, i can't see a collapse any time soon in the housing market, it's the foundation of our capitalism in the west.
I mean that £750,000 is a silly amount of money for a house that is a pretty average-looking family home
Righto I thought 180msq was a pretty big house. Fair enough
Righto I thought 180msq was a pretty big house. Fair enough
Big, but hardly massive. 7x7m over 3 floors which seems to be the default layout on newbuild estates here, and a decent garage would do it. 4 bed house, couple of en-suites, a bathroom, open plan kitchen/diner and an office or snug would fill that and you'd not walk in and go "this is massive".
A 2up 2down Victorian terrace is 85m according to google, so it's only just over 2x of those.
Is everybody forgetting about inflation? Even nominally stagnant prices effectively mean a 10% drop. Round here (Otley) plenty are still being listed for daft money but they're not moving. Last year anything in a reasonable location and not too stupidly priced sold in days, often at significantly over asking.
Prices are plummeting’ is a very bold statement.
Really?
Where?
How would you define ‘plummeting’?
I’ll hold off from saying it’s factually incorrect
The national average from Halifax has dropped an average of 1.2% per month for the last 3 months. Annualised that's a 14% or a £36,000 drop for the average property. £3k per month is over double the average take-home wage in this country. I'd call that plummeting.
Compared to the price of normal goods, or wages, they're dropping even faster, in the region of 20-25% annually. Ouch.
Colleague in work has been viewing flats in London for a while
Her mortgage offer went to sh!t post truss, but prices have dropped 10% on some places they've viewed, certainly in London looks like there's people holding out for prices that few can afford
It's a mess
