Are house prices about to plummet?
The News Agents
Global
4.1 • 5.4K Ratings
🗓️ 1 August 2023
⏱️ 38 minutes
🧾️ Download transcript
Summary
House prices have fallen an average of 4% in the last year due to rising interest rates and the knock on effect on mortgages.
How low will they go and does anyone think we're on the cusp of a housing crash? We ask esteemed economist Roger Bootle.
Also - we’re in Ukraine which has been hitting back - drone attacks on Russian apartment blocks in Moscow. Putin calls it “terrorism“.
What does this tell us about the Ukrainian offensive? We speak to Andrew Harding, foreign correspondent and author of Small, Stubborn Town; Life, Death and Defiance in Ukraine.
And how the Great Crested Newt is playing havoc with Boris Johnson’s plan for a swimming pool.
Editor: Tom Hughes
Senior Producer: Gabriel Radus
Social Media Editor: Georgia Foxwell
Video Producer: Will Gibson Smith
The News Agents is a Global Player Original and a Persephonica Production.
Transcript
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| 0:00.0 | The Newsagents podcast is brought to you by HSBC UK, opening up a world of opportunity. |
| 0:09.0 | This is a global player original podcast. |
| 0:12.6 | Readers of the London Evening Standard might have been forgiven for being a little bit concerned by one of the headlines in today's paper, |
| 0:21.0 | which says house price tipping points is London heading for a property market apocalypse? |
| 0:28.5 | Yeah, apocalypse. |
| 0:29.6 | And that comes after news, the latest news on house price data across the country, |
| 0:34.6 | which show that house prices are now falling at the fastest rate for 14 years |
| 0:40.2 | since 2009. And you all remember what happened then? Yeah, we're talking about the financial crash, |
| 0:46.2 | of course. And that's why we're looking at a fall of nearly full percent year on year |
| 0:53.0 | because of rising mortgage costs. |
| 0:55.9 | Every time the interest rates go up, they affect many people's mortgage rates |
| 1:00.2 | and the high your mortgage rate, the less able you are to afford a bigger and more costly house. |
| 1:07.3 | So that is why we're looking right now at a place that we rarely see in this country, to be honest, which is the beginning of house prices tumbling. |
| 1:18.6 | So today, let's work our way back from apocalypse through crash to big drop and maybe soft landing. |
| 1:26.5 | We're trying to work out what this fall in house prices means for everyone. |
| 1:31.2 | Does it imply there'll be more stock to go around for first-time buyers, |
| 1:35.3 | trying to get on the ladder for the first time, |
| 1:37.5 | or will this just make everyone a bit poorer? |
| 1:40.4 | Welcome to the newsagents. |
| 1:45.0 | The Newsagents. |
| 1:47.1 | It's Emily. |
| 1:48.2 | It's Lewis. |
... |
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