The HIDDEN Destruction Of The UK Housing Market (UK House Price Crash)

The HIDDEN DATA behind the UK HOUSE PRICE CRASH that will cause HOUSE PRICES to FALL EVEN FURTHER as we head into 2024. Data released today suggests the UK housing market is in BIG TROUBLE, however, many mainstream media outlets won't report on this latest data, leaving potential buyers and sellers in the dark about the future of the property market!

Regular viewers of my channel will be aware that the UK housing market crash started last summer, however, the vast majority of buyers and sellers are unaware of what is really happening. The only thing that gets covered in the news is popular house price indexes which are often lagged or misleading, unless they take time to do their own research they will struggle to make informed decisions.

The latest mortgage approval data from the Bank of England shows that new mortgages for property purchases have fallen drastically, to levels comparable to those seen during the global financial crisis. During that period house prices fell approximately 20% and many believe that things could be even worse this time around.

Although headline mortgage rates have come down slightly over the past month or two, the best mortgage deals are often unavailable to the majority of borrowers.

Remortgages to new lenders are at the lowest level since 1999 as struggling home owners are unable to pass the finance application and affordability checks required when switching lenders. Instead, they are forced to remain with their current lender - often at much higher rates than the market leading.

Approximately one-third of property purchases are cash buyers, which leaves 60-70% of the remaining transactions requiring a mortgage. With average mortgage rates still climbing for both remortgages and new mortgages, there is still a lot more pain to come for mortgaged homeowners over the next year or two.

This increase in mortgage repayments and reduction in the number of mortgages should be a key consideration when making house price predictions and forecasts, however, most buyers and sellers won't take this into account.

For the past year or two, many have been asking the question "is the house market going to crash?", I think the only question that now remains is just how much will house prices fall.

What do you think - how much will house prices drop in 2024? Let us know in the comments below!

Видео The HIDDEN Destruction Of The UK Housing Market (UK House Price Crash) канала Honest Money