Eventually, the market corrects itself, you know?
If people can afford to pay their utility bills, there is going to come a day when house prices go down.
If you explode the interest rates, people are not going to buy houses. The prices will go down.
The downturn in the British real estate market has accelerated as home prices in August fell at their sharpest annual rate since the global financial crisis, mortgage lender Nationwide revealed on Friday.
Housing prices slumped by 5.3% in August in what turned out to be the steepest annual drop since July 2009. This has been driven by soaring mortgage costs, which reduced demand from buyers, the lender said. In August alone prices fell by 0.8%, bringing the average property value down to £259,153 ($329,000) or around £14,600 ($18,500) below their peak in August 2022.
“The softening is not surprising given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels,” said Robert Gardner, the chief economist at Nationwide.
Residential home prices peaked in August of last year following the pandemic, lifted by greater demand, previously low interest rates, and temporary tax incentives. However, they have dropped sharply since then as soaring rates added pressure on UK households already struggling with the cost-of-living crisis.
I don’t know what retard told people that they should put all of their money in their house, but I’m sure he was probably Jewish.
It’s a nonsensical social convention which has created mass economic distress among the middle classes.