UK Housing market - late 2018

sminicooper

Experienced member
1,148 326
Been watching my local housing market (prosperous Midlands town) and I see signs of difficulty. If I were a conventional estate agent I would be starting to get bothered.

This time a year ago saw the end of a summer where prices reached all-time highs and were being realised. Similar properties now have been asking just a bit lower since the start of this year's summer and have not been selling well. Asking prices have now been reduced by about 5% but there are still loads of good quality houses just not selling – and even where vendors are slashing their prices to realistic levels the stuff isn't shifting. Even the "new build" companies are offering incentives to buy – which has not been typical practice here for a long time. Much of the property money coming into the town previously has been from London where a hovel sold there gets you a fairly decent property here. From all accounts the London market has quietened down also.

So I'm wondering: is this just a local spot of bother or is it symptomatic of something more widespread and serious?
 
Last edited:

counter_violent

Legendary member
9,664 2,463
Been watching my local housing market (prosperous Midlands town) and I see signs of difficulty. If I were a conventional estate agent I would be starting to get bothered.

This time a year ago saw the end of a summer where prices reached all-time highs and were being realised. Similar properties now have been asking just a bit lower since the start of this year's summer and have not been selling well. Asking prices have now been reduced by about 5% but there are still loads of good quality houses just not selling – and even where vendors are slashing their prices to realistic levels the stuff isn't shifting. Even the "new build" companies are offering incentives to buy – which has not been typical practice here for a long time. Much of the property money coming into the town previously has been from London where a hovel sold there gets you a fairly decent property here. From all accounts the London market has quietened down also.

So I'm wondering: is this just a local spot of bother or is it symptomatic of something more widespread and serious?
I expect it's the Brexit effect, where uncertainty is stopping people from making decisions and commitments. Same effect across business.

Lead story in the guardian today see's the EU stepping up no deal plans.

https://www.theguardian.com/politics/2018/oct/31/eu-prepares-for-a-no-deal-brexit-amid-lack-of-progress-on-talks
 

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