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joebean

House prices dip

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House prices are, apparently, on the way down. My basic understanding of economics tells me that prices are a result of supply and demand. If prices are on the way down, it must follow that demand is too.

Meanwhile, we need more houses to meet the demand, according to Government "planning". Somebody, somewhere is getting this all wrong... or is it me?

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3 minutes ago, joebean said:

House prices are, apparently, on the way down. My basic understanding of economics tells me that prices are a result of supply and demand. If prices are on the way down, it must follow that demand is too.

Meanwhile, we need more houses to meet the demand, according to Government "planning". Somebody, somewhere is getting this all wrong... or is it me?

Also a sign of investor confidence.

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All fake news.

Signed

H Quayle, C. Thomas, L Skelly

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20 minutes ago, joebean said:

House prices are, apparently, on the way down. My basic understanding of economics tells me that prices are a result of supply and demand. If prices are on the way down, it must follow that demand is too.

Meanwhile, we need more houses to meet the demand, according to Government "planning". Somebody, somewhere is getting this all wrong... or is it me?

It’s good that they’re dropping. Artificially ridiculous house prices are the biggest reason why people are put off moving here.  

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Posted (edited)
22 minutes ago, joebean said:

Meanwhile, we need more houses to meet the demand, according to Government "planning". 

More houses is to meet the demand of politicians' ego.

The mix of power and politics is addictive. At some point, an eager politician realises how small the Island is, how relatively miniscule their electorate actually is. They need more people to power and politicise over. More houses and more taxes. More, more, more. Plus of course, that is the basic model of capitalism.

Edited by gettafa

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26 minutes ago, joebean said:

House prices are, apparently, on the way down. My basic understanding of economics tells me that prices are a result of supply and demand. If prices are on the way down, it must follow that demand is too.

Meanwhile, we need more houses to meet the demand, according to Government "planning". Somebody, somewhere is getting this all wrong... or is it me?

I'm not sure they are dropping.

The average may a little but that will be because of bigger ticket properties dropping more which has been the case for a few years.

I'd say the rank and file mass shifting 2 and 3 bed houses are perhaps 10% below their highest levels.  

The bigger challenge I see is the regeneration of town based properties.

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There are two bungalows in my area for sale. Top price is being asked for both despite the fact that both will require a healthy dose of TLC 

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1 minute ago, Grounds Keeper Willy said:

Well clearly data published by the papers is showing that they are. 

Where is the data coming from?

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Asking prices is one thing - what they actually sell for is obviously the reality?

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32 minutes ago, thesultanofsheight said:

It’s good that they’re dropping. Artificially ridiculous house prices are the biggest reason why people are put off moving here.  

No it isnt

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Posted (edited)
6 minutes ago, Patient centred said:

No it isnt

Yes it is. I think it’s fine if prices are going down it makes it easier for people to move here. The biggest blocker to relocation is house prices here compared to the north of the UK. I know so many people who have come over but decided not to relocate as they couldn’t reconcile prices here with being normal and wouldn’t take a big mortgage on just to live here. 

Edited by thesultanofsheight
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23 minutes ago, Neil Down said:

Where is the data coming from?

I'm not really sure.There's an annual house price survey, but that doesn't usually come out till May or so.  There's a good reason for that because the delay in registering some sales can mean that it takes several months before the data are all in and a final figure for the year can be produced.  There's graphs of number of sales and price changes in the Quarterly Economic Report, but I wouldn't expect the Oct-Dec one out till February.  The previous one was published in November, so it is hardly 'news'.

That said it wouldn't surprise me.  If you look at those November graphs the number of sales and percentage increase has been going down over the last year and you only have to look in many estate agents windows and see the number of sold cards to realise that the there hasn't been much turnover recently.  I suspect the economic uncertainty in the UK and fear over its effects here have meant people are unwilling to either sell of buy and those who have to sell or are willing to risk buying are settling for/demanding reduced prices.

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Hasn't the £30,000,000 house sold yet? That'll boost the average up an the govt will say everything is rosey.

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