8 Reasons UK House Prices Are Collapsing in 2024
- 23% gap between new asking prices and sold prices (v long term norm of 16%) https://propertyindustryeye.com/what-happened-to-the-uk-property-market-last-week-2/
- 5,000 price reductions per day, or 110,000 per month according to Propety Log https://x.com/propertylog/status/1770071285642457190?s=20
- Record new seller enquiries in 2024: https://www.rightmove.co.uk/news/articles/property-news/home-valuations-hit-new-record/
- Honest agent “buyers market” comment v misleading RM HPI: https://www.rightmove.co.uk/news/content/uploads/2024/03/Rightmove-HPI-18th-March-Final.pdf and Wandsworth ONS figs: https://www.ons.gov.uk/visualisations/housingpriceslocal/E09000032/#house_price
- Propertymark stock levels up 80%, appraisals up 129% https://propertyindustryeye.com/property-industry-reacts-to-rightmove-house-price-index-20/#:~:text=Our%20member%20agents%20have%20reported%20an%2080%20per%20cent%20increase%20in%20the%20number%20of%20new%20properties%20available
- Bank of England Mortgage Approvals downward trend: https://www.bankofengland.co.uk/boeapps/database/fromshowcolumns.asp?Travel=NIxSUx&FromSeries=1&ToSeries=50&DAT=RNG&FD=1&FM=Jan&FY=2013&TD=31&TM=Dec&TY=2024&FNY=&CSVF=TT&html.x=94&html.y=31&C=10Z&Filter=N
- Mortgage arrears highest for 7 years and trending up: https://www.ft.com/content/cb058251-e021-4b4b-a7a5-cb8ac3566e78
- ONS Real Wage growth is positive, for now, but GDP per head is falling: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/march2024 and https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ihxw/pn2