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House Price predictions…can they be right?

Posted by admin on January 25, 2017
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You will sometimes see various reports released in the press relating to House Price predictions for the coming Months,Years.  But have you ever wondered how so called experts can predict such information. The Housing market has changed drastically in the past decade and the varied factors that are occurring are so different to past changes. So what has changed? The method of buying and selling is the same, the process has not altered, the way we finance property has not differed, we earn more, house prices in ratio to borrowing is no different to past records. When property price predictions are released, they tend to value the market across the board , so if we hear house prices have increased or about to increase by 3% then every property owner assumes their home has increased by 3%….Wrong……The Housing market has developed into what we call a “Street Market” meaning only certain streets are seeing activity and others are simply struggling to even produce a viewing. These are known as “Hotspots” and hotspots are affecting the overall market by giving a false impression of what is really happening in the marketplace. This is why predictions on House Prices are so far off the mark that reports differ from week to week. Buyers are now more savvy yet they all think the same and want the same hence only certain streets are in demand for reasons such as post code buying for School catchment, re sale value and image! Experts can only predict prices changes when the whole market is moving at the same pace an din reality this is something that is never going to happen.

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