Britain’s red-hot property market may be about to cool

The listing website Rightmove said the appraisals that estate agents were doing had reached the highest level since January. It said there had been a 14 per cent surge in homes coming onto the market in the past two weeks alone.The figures strengthen the case for a slowdown in the market, which so far has defied a recession and the pandemic to deliver a record surge in the cost of buying a new home.

“The high number of valuation requests we’ve recorded is a positive sign of more potential choice to come,” Mr Bannister said.is probably past its worst, but the market remains a long way from a full recovery. Weekly sales data from CRIC show that some big cities, including Shenzhen and Guangzhou in southern China, generated year-on-year growth at the end of June.

Such data suggested “a mild recovery, rather than the V-shaped rebound in 2020”, Barclays’ Hong Kong-based credit analyst, Wilson Ho, wrote in a note this week. Sales in smaller cities were weaker compared with larger ones, he added. That had prompted developers in some rural areas to accept garlic, wheat and even watermelon as housing deposits in recent months., according to official data, making this the longest slump since China created a private property market in the late 1990s.

Ah. Head in the sand people. The market peaked end of February and is way off now.

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