How much further could house prices fall?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 13 October 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

House prices will continue to fall, says an influential poll of estate agents.

The latest survey by the Royal Institution of Chartered Surveyors found that buyer demand is declining and fewer homes are coming to the market.

Meanwhile, Halifax’s latest house price figures show a £14,000 drop compared to the recent peak in August 2022 and 4.7 per cent fall in the year to the end of September, the largest since 2009.

So, how much further could they fall and are buyers in danger of trying to time the market? Will there be a big pause before a general election next year?

Georgie Frost, Simon Lambert and Lee Boyce discuss the age old favourite of house prices.

This week has also seen the Bank of England sound the alarm over 35 year mortgages – should we be concerned?

Skipton Building Society launches a headline mortgage rate of 3.35 per cent. What’s the catch? It comes as its rival Nationwide has new best buy home loan rates. Could mortgage deals continue to fall?

And we look at the top up-and-coming areas for first-time buyers: Does your area make the cut? Spoiler: it features Hull, Middlesbrough and Ipswich.

DIY investors went on a gilt-buying spree in September - shunning the stock market and savings accounts.

The UK government bonds were paying as little as 0.125 per cent last month – so why were they getting involved?

Hargreaves Lansdown is launching a basic, no-frills pension for those who want an easy way to invest for retirement but aren’t quite sure how to get started.

They are the first Sipp provider to give details after regulators said they had to offer customers a 'default' option by the start of December. Will it make Sipps sexy enough to the self-employed?

Shrinkflation, bogus loyalty card savings and variable prices in supermarkets... we’re fed up with the lot of them. Are you?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Simon Lambert today is Lee Boyce.
0:08.5	And coming up another week, another load of property news. House prices will continue to fall, say estate agents, concern over the number of homeowners taking on super long mortgages.
0:19.2	Skipped and Building Society causes a stir on Twitter or X, whatever you want to call it.
0:23.7	Nationwide cuts rates again and the top up and coming areas for first-time buyers.
0:28.5	Does your area make the cut?
0:30.5	Also today investors go on a gilt buying spree.
0:33.1	Hargroves announces a basic ready-made pension ahead of new rules, and shoppers grow sick and tired of retail pricing tricks.
0:41.5	Don't be gate you're out-to-date with all the latest breaking money news.
0:43.9	Just go to this ismoney.co.com.com.com.com.
0:46.5	Don't forget, you can stay on top of what's going on in the markets by tuning in to the Digest and Invest Podcast by Itara.
0:58.1	Go to your regular podcast platform and listen on the go. Digest and invest by Itara,
1:04.3	the podcast for those interested in trading and investing. But first, lots of property news this week,
1:10.8	Halifax's latest house price figures show a 14 grand drop compared to the recent peak in August 2022 and a 4.7% fall in the year to the end
1:15.1	of September the largest since 2009. Meanwhile, the latest survey by the Royal Institution of
1:21.9	Chartered Surveyers found that buyer demand is declining, fewer homes are coming to market,
1:26.5	and house prices will likely continue
1:28.7	to fall. Welcome, lads, you know I love a good house price figure, but actually all of these
1:34.6	at the moment are pointing in a very similar direction, which makes change. So tell me,
1:40.5	Simon, welcome, about the Ricks Survey, the Royal Institution of Chartered Surveyers.
1:47.0	The Ricks Survey is perhaps one of the less scientific of the House Price Surveys, if you could ever refer to a House Price Survey as scientific. I believe I may have possibly used the wrong word there and someone will be sure to correct me.
2:03.0	But what it does is it asks estate agent surveyors, so estate agents who are members of the
2:09.2	Royal Institution of Charter's Saffaers, what is going on in the property market near them?
	...

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