0:00
Everyone in this country seems to think
0:01
that house prices always go up. Um they
0:04
don't make land anymore, so it can only
0:06
go one direction, but
0:08
new stats out today actually showing
0:10
that London house prices have fallen.
0:12
Well, house prices in the rest of the
0:14
country are still rising, but in the
0:15
capital, uh expensive houses in central
0:18
London, even like a little bit further
0:20
out, they're falling because they're
0:21
just too expensive. So are a lot of
0:23
young people who are desperately trying
0:24
to get on the property ladder now
0:26
finding that maybe their properties
0:27
aren't shooting up in value as they're
0:29
used to for their parents.
0:30
Yeah. And they're more likely to look
0:31
for a house in Manchester, Newcastle,
0:33
somewhere outside of London cuz it's
0:35
just it prohibitive costs of moving
0:38
stamp duty, general moving costs, high
0:40
deposit. You need a financial financial
0:43
aid to get on the housing ladder in
0:45
London and you're sort of more like to
0:46
be able to get onto it in a different
0:48
part of the country. When was the last
0:49
time house prices in London actually
0:52
They fell over the summer by small
0:54
percentages. So 0.1%. June, July, they
0:57
were down. People are quite worried
0:59
about the budget all summer. So that
1:01
hasn't really helped house prices
1:03
either. A lot of uncertainty in the
1:05
market, which hits house prices quite
1:07
Speaking of the budget, obviously the
1:09
mansion tax was a big point uh of
1:12
discussion in the run-up to the budget.
1:13
uh is that's going to add pressure
1:16
downward pressure on properties in
1:19
London, those expensive 2 million pound
1:21
What people are saying at the moment is
1:23
the people it's really going to impact
1:25
are the sort of middle class Londoners
1:27
who bought a house for say like 2300,000
1:30
25 years ago and suddenly over the last
1:33
you know that period of time it's just
1:34
shot up and now all their money sort of
1:36
tied up in assets. They don't have
1:38
another sort of £3,000 a year to spend
1:40
on a council tax sarge. Do you think
1:42
there's going to be a lot of sort of
1:44
baby boomer generation people who are
1:46
going to have to move out of those
1:47
houses in London and downsize now?
1:49
It's a good question. I think we'll have
1:50
to wait and see because there are still
1:52
a lot of barriers to downsizing in the
1:53
market as well. You still got stamp duty
1:55
sort of general moving costs and a lot
1:57
of people don't want to downsize. So, I
1:59
think that's an open question as to how
2:01
it'll affect the market. The tax isn't
2:03
quite as bad as people had feared. There
2:04
were there were a lot of sort of quite
2:06
significant ones floating around. So I
2:07
think there's a little bit of relief
2:09
that it's not going to sort of, you
2:10
know, force people to sell up
