Property Bubble about to Burst – Fact or Fiction?
Once again my morning read gives us warnings over the UK property market with rumours that prices are falling and sales are slowing which could lead to a well needed price correction especially within London and surrounding regions, but could also stretch out to where prices are currently going mad ie Manchester.
The Daily Mail Online’s latest property report headlines with “house prices fall at the fastest rate since the financial crisis and sales tumble by 65 per cent“…
Is this a knee jerk reaction or a sensible prediction? Maybe just scare mongering? Either way, many of the UK will know, be them house owners or those wishing that they were, that house prices are at peek price levels, certainly last few years values have risen for no solid reason which leaves the same margins in downward trends should prices fall to readjust.
It is not confined to just the astronomical prices in London from Mayfair penthouses to ex council houses of over £300,000 in Dagenham, across the UK such as Oxford and Wycombe are also see house prices fall.
With estate agents now starting to tell those looking to sell property that they need to tempt in buyers with realistic valuations rather than put it on the market for 10% more than the same house which just sold five minutes ago, then we know we might be in for a correction in house prices and if of course the UK government deliver to the will of the majority of people who voted on leaving or not leaving the EU – Then Brexit will also take on its effect which will no doubt lead to property prices falling again. Even the business of being a landlord is a lot less profitable than it was just a few short years ago, more taxes to pay, more fines to bear and with reduced immigration likely thanks to Brexit then more property portfolios could hit the market.
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