Housing market update

Unsurprisingly, it would seem that "House sellers are cutting prices at the fastest rate for five years in a further sign that the property market is set for a serious slowdown. Asking prices have fallen by 3.2 per cent since November, according to data from Rightmove, a website that gathers information on nine out of 10 houses on the market."

House prices will drop by a lot more over the next three to five years.

At least the government is doing all it can to help... Well no. not really "The roll out of the Home Information Pack (Hip) scheme to all homes in England and Wales has been blamed for exacerbating the problem by causing a flood of smaller properties on to the market... Rightmove also blames the introduction of Hips to properties with one or two bedrooms last week for making the situation worse, by adding a glut of supply in the market. Usually these small homes make up 38 per cent of the market, it said, but in the past month they have made up 48 per cent as sellers rush to avoid paying between £300 and £600 for a Hip. "There is a history in the property market of no sale, no charge. But Hips changed all of that, and this was the last chance to put your house on the market without any cost," Mr Shipside said. The Council of Mortgage Lenders is forecasting that while prices may only dip a little, house transactions will drop by 20 per cent."

This government have no idea how a free market works, why should they when their leader truly believes that he alone knows how everything should work and will interfere in markets so they can function to his timetable. The man is a fool and a fraud and my only pleasure as my house decreases in value by the day will be watching his fat face become saggier and saggier as the blame is laid on him.