“Annual house price growth turns negative in February, Nationwide”

Mar 1, 2023 | Housing market

Negative growth. What a great and typical piece of economists’ jargon. I think they mean house prices actually fell last month. Not a surprise, as they seem to have continued to increase exponentially, defying supply-and-demand logic, given the number if new developments on every brown and green field and the huge hike in mortgage interest rates. Anecdotally, however, the picture is very different. Those trying to buy tell me they’re having to joino queues to view eligible properties, and that there’s still no chance of getting the house you want unless you offer over the asking-price odds. So I guess that’s the danger of averages and statistics, that, depending on the type and location of the place you’re trying to buy or sell, some are indeed damn lies Not much will really change until and if people start to lose their jobs; and that’s really not the way we want homes for our kids to become more affordable.

Read more here

brown and white houses under blue sky during daytime
What’s going to happen to house prices?

What’s going to happen to house prices?

OK, hands up, I’ve consistently said house prices can’t go up, certainly at this rate, forever. And I’ve been consistently wrong. So far. I’ve spoken to two clients this week, one buying, one selling, who’ve had to pay or been paid over the asking price.