Knight Frank property pessimism
I am emailed the Knight Frank May bulletin on the property market outlook.
Bleak. Bleak. Bleak.
The UK housing market is experiencing its most significant slowdown since the early 1990s. On almost every measure across the prime and mainstream markets and the new build sector, the market has shown worsening performance since September last year. The weak sentiment in the housing market is reflected across the wider economy, with consumer confidence, as measured by the NOP Index, at its lowest level since 1993.
Mortgage approvals in March were almost 50% below the long term average.
Memo to self: BUY EVEN MORE LILIES!!!
HelloAmericans
2 Comments
Reader Comments (2)
Disclaimer - I'm not a qualified economist, just an opinionated blogger. I also don't know much about finance either.
Nevertheless ...
Inelastic commodities such as food and oil have increased in price, thus producing unavoidable pressures on the household budget. Tax increases and tight monetary policy also mean there is less money at the end of the month.
Given the inflationary rises we have had since 2001 for house prices, my money is on this being a genuine property bear market.
http://www.housepricecrash.co.uk/
But even in a bear market, if you have a nice property in a nice location, then your lillies idea just might do the trick.
Turn this on its head, and present your lovely home as a wonderful opportunity to purchase a property at a discount in a falling market.
Any help?
What I am trying to say, is that all the pointers are towards this being a genuine bear market.
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2008/03/08/phowtosell108.xml
In that case, your target customer is someone who wants to take advantage of the falling prices. That's who your buyers are now.
If you bite the bullet, and price realistically, maybe you will get someone really excited that at long last they can afford a house of your type.
Good luck.