5FF 1 Dec 2023 Fact 1: Bank of England October Mortgage approvals up. (They couldn’t have got much lower). https://www.bankofengland.co.uk/statistics/money-and-credit/2023/october-2023 Zoopla Nov HPI. – 6 year supply high. £18,000 average discounts from asking price. https://www.zoopla.co.uk/discover/property-news/house-price-index/ Used car market crashing 4.2% in one month https://cardealermagazine.co.uk/publish/used-car-price-crash-continues-with-trade-values-falling-4-2-again-in-november/293687 Government botches leasehold reform legislation. https://www.thetimes.co.uk/article/bill-to-ban-leaseholds-doesnt-ban-leaseholds-ministers-admit-g9mvh27dw New legislation for property listings announced … Continue reading Festive Final Five Fact Friday of 2023
5FF 24 Nov 2023 – The week of Jeremy Hunt’s Autumn Statement
Nationwide Building Society begs for a government bailout for first time buyers and savers. 20 Nov 2023 NATIONWIDE CALLS FOR MORE SUPPORT FOR FIRST-TIME BUYERS AND SAVERS Nationwide wants greater government support [aka free money] for first-time buyers and savers ahead of the Chancellor’s Autumn Statement as rising costs delay owning a home and building… Continue reading No, Nationwide. That’s what got us into this mess.
There’s one thing that’s not in dispute: A fall in transaction volumes is bad for everyone who needs or wants to move house. It’s also bad for the multi-layered industry that makes it’s living from these transactions. A painful but cathartic rebirth of the moving industry is underway. Whatever happens to house prices as 2024… Continue reading 2024 will bring about the end of estate agency as we know it, in a good way.
Halifax confirms it expects house prices to continue falling until 2025, despite the one month rise in it’s average house price index https://www.halifax.co.uk/assets/pdf/october-2023-house-price-index.pdf RICS survey for October shows buyer demand and sales activity in ‘deeply negative territory’ https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/10._WEB_October_2023_RICS_UK_Residential_Market_Survey_tp.pdf MHWC provides mathematical proof that house prices go down when the ‘average’ price goes up https://docs.google.com/spreadsheets/d/1tm4EzSBXTifKIRjPAoTUGW7td62SrPKee4jELjUxgzk/edit?usp=sharing RICS… Continue reading 5 Fact Friday 10 Nov 2023 Mortgage Arrears jump 7% in Q3 2023
It’s significance is a matter of opinion, open to debate. By Charlie Lamdin The existence of a discrepancy between the Land Registry’s House Price Index figures, and the raw (unweighted, unmanipulated) median figures is a verifiable fact illustrated nicely by @alexgroundwater ‘s graph. You can check the raw data for yourself here: https://landregistry.data.gov.uk/app/ppd/ The discrepancy… Continue reading “The Discrepancy” in house prices is a fact.
There are lies, damned lies, and the Office for National Statistics. In the latest release, the ONS reported annual house prices to August 2023 actually ROSE 0.2%. https://www.gov.uk/government/statistics/uk-house-price-index-for-august-2023/uk-house-price-index-summary-august-2023 But the data in the image, taken from raw Land Registry data, shows annual average house price falls of -12.6%. Is there a cover up? Average House… Continue reading House Price Fall Cover-Up?
The house price “correction” if you want to call it that, is only just getting started. The “corrections” being applied will include correcting for: 1. 12+ years of artificially low interest rates 2. The effects of £1trn of QE now being reversed 3. The unwinding of the effects of Help to Buy on wider house… Continue reading The UK’s House Price Correction has only just begun.
Video of this: https://youtube.com/live/6I3p90LHE5QAudio podcast: https://www.buzzsprout.com/2109129/13728278 Confused mortgage comparison site says average house prices will fall £50k in 2024. https://thenegotiator.co.uk/house-prices-will-drop-50k-by-end-of-next-year/ Nationwide BS. Yoy unchanged -5.3%https://www.nationwidehousepriceindex.co.uk/reports/house-price-growth-remained-weak-in-september Rightmove rents https://www.rightmove.co.uk/news/content/uploads/2023/10/Rental-Trends-Tracker-Q3-2023-FINAL.pdf Roof falls in on house building as interest rate rises slash demandhttps://www.thetimes.co.uk/article/84662714-6368-11ee-aae8-b941e584b333 Halifax September House prices yearly falls accelerate https://www.halifax.co.uk/assets/pdf/september-2023-house-price-index.pdf
1. 1990’s: Deliberate Overvaluing used as a new and effective tactic by certain agents, to grab market share, exploiting seller optimism bias. 2. 2000’s: Other agents, losing market share, were left with no choice but to copy, compounding the problem. 3. 2010’s” “Help to Buy”, QE, low interest rates and other stimulus artificially inflates pricing,… Continue reading The 4 Pillars of the Overvaluing House Price Pyramid.