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Crest Nicholson's share price has tumbled by over 12 per cent as property prices stall and rising costs hamper margins.
The Chertsey-based housebuilding group admitted it was finding it 'difficult' to sell its most expensive homes, having already edged out of the inner London market to focus on increasingly popular, and sometimes cheaper, locations on the outskirts.
Building on fears concerning the state of Britain's housing market, Crest Nicholson said that while it saw average selling prices increase by 5 per cent to £439,000 in the last six months, this marked a 'peak level for the business.' Full/source articleSEE ALSO - Where next for house prices?UP NEXT - Average house price reaches record high DON'T MISS - Is now time to head for the hills or buy?NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Very interesting info, thanks Vanessa.
I always find reports of connected industries very important for sentiment and market reality, and if the builders are struggling, it means other related industries are or will struggle.
I am still seeing EA's in my locale over pricing, and then 2 months or less later the Reduced signs come up on Rightmove searches, still over-priced I might add.
If people can't source the funds required to buy then it mattsrs not what price is put on a property.
If the price that is affodable is less than the alleged value then the value is wrong.
An asset only achieves a value if there are those to afford that value.
If that value is beyond the reach of the average buyer then the value of the property will have to reduce to make it affordable on the credit and funds that the average person can afford.
This is why so many accidental LL are created.
Who wants to take a hit on the value of a property when it doesn't have to occur when there is such a strong demand for rental accommodation?
That is why very recently over 800000 residential properties came onto the lettings market due to the inabikity of the vebdirs to sell at the price they wanted.
The big question tbough is how many of those now Accidental LL who will invariably have resi mortgages would have
Obtained CTL from their lender
Changed the property insurance
Obtained a CP12
Have an electrical certificate no more than 10 years old.
Have installed relevant CO and fire detectors
Are declaring their mortgage intefest for S24 purposes
Are informing HMRC at all!!