Mmmmm …… No real discussion of the recession, Interest rates no longer falling, GDP static, many reductions on Rightmove. It’s affordability that sells property, not optimism, I would say; and that’s only going to get worse. EAs are shooting themselves in the foot with their eternal optimism! If they were ALL realistic on price the market would move much quicker and they would actually do more business IMHO.
I think the optimism comes from the fact that the supply / demand equation will not equalise in any meaningful way. Immigration and wage grow, when combined with new building at about 1/3 of what is needed isn't sustainable and is keeping prices high. Now rates are coming down this will only heat up the market. Very frustrating for those who want to get on the property ladder.
One could say that it’s not EA’s being unrealistic but vendors comparing their house sale now with their neighbours who sold 12-18months ago and got a stronger price. EA’s win the instruction at the vendors expects price and then come down to meet realistic price level.
phil. with the abolishment of FHL scheme in the budget and the cliff edge of effective CGT increasing from 10 to 24% next April. What impact will this have on the micro markets in Holiday hotshots bearing in mind that demand from Holiday Let oncestors will fall and local wages can't afford current prices?
The housing market it what is it. There are chronic issues related to the process, which are at odds with all other developed markets creating huge costs and inefficiency, as well as worry and uncertainty. Who is lobbying to change the way in which properties change hands in the U.K. to remove this archaic system of offer, contract, settlement...
Propertymark actively lobby government on various policies. There is also the 'Home Buying & Selling Group' who are also pushing for change on how we transact properties.
The last 5 years of house price growth has been utterly mental. Immigration running out of control whilst building stalls. The current downturn in the market is welcome. As a first time buyer to be this year I'm just looking at the reductions with glee. But ultimately we need long term solutions to stop house prices continuing to run away from wage growth. Developers need to stop talking about govt "help" for first time buyers that involve seriously low deposit mortgages (or even 100% ones) and buying schemes like help to buy. Of course they want this because it boosts demand that otherwise wouldn't be there. The reality is that the average home is far higher than 4.5 times the average salary. until that changes we get nowhere
I don't this this will end anytime soon. Not enough building work, increases in salaries, reducing mortgage rates all point to house price growth. Very confronting for first time buyers, perhaps we are turning into a 'renting nation' like many other European nations.
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Mmmmm …… No real discussion of the recession, Interest rates no longer falling, GDP static, many reductions on Rightmove. It’s affordability that sells property, not optimism, I would say; and that’s only going to get worse. EAs are shooting themselves in the foot with their eternal optimism! If they were ALL realistic on price the market would move much quicker and they would actually do more business IMHO.
I agree 👍
Thanks for sharing your opinion on this
I think the optimism comes from the fact that the supply / demand equation will not equalise in any meaningful way. Immigration and wage grow, when combined with new building at about 1/3 of what is needed isn't sustainable and is keeping prices high. Now rates are coming down this will only heat up the market. Very frustrating for those who want to get on the property ladder.
One could say that it’s not EA’s being unrealistic but vendors comparing their house sale now with their neighbours who sold 12-18months ago and got a stronger price. EA’s win the instruction at the vendors expects price and then come down to meet realistic price level.
phil. with the abolishment of FHL scheme in the budget and the cliff edge of effective CGT increasing from 10 to 24% next April. What impact will this have on the micro markets in Holiday hotshots bearing in mind that demand from Holiday Let oncestors will fall and local wages can't afford current prices?
Thanks for this... cautious optimism sounds about right
Jobs don't get fixed for 50 quid any more, 120-150 is more like it.
15%increase in property coming to market.yo have been living under a rock more than 100% increase in our area
The housing market it what is it. There are chronic issues related to the process, which are at odds with all other developed markets creating huge costs and inefficiency, as well as worry and uncertainty. Who is lobbying to change the way in which properties change hands in the U.K. to remove this archaic system of offer, contract, settlement...
Propertymark actively lobby government on various policies. There is also the 'Home Buying & Selling Group' who are also pushing for change on how we transact properties.
@@MoveiQ thanks for that, good to know!
"Promosm"
The last 5 years of house price growth has been utterly mental. Immigration running out of control whilst building stalls. The current downturn in the market is welcome. As a first time buyer to be this year I'm just looking at the reductions with glee. But ultimately we need long term solutions to stop house prices continuing to run away from wage growth. Developers need to stop talking about govt "help" for first time buyers that involve seriously low deposit mortgages (or even 100% ones) and buying schemes like help to buy. Of course they want this because it boosts demand that otherwise wouldn't be there. The reality is that the average home is far higher than 4.5 times the average salary. until that changes we get nowhere
I don't this this will end anytime soon. Not enough building work, increases in salaries, reducing mortgage rates all point to house price growth. Very confronting for first time buyers, perhaps we are turning into a 'renting nation' like many other European nations.