Comment on ‘The market is dead’: why aren’t flats in England selling?

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blackn1ght@feddit.uk ⁨1⁩ ⁨day⁩ ago

That’s ultimately the answer and how the game is supposed to work. Lower the prices enough and someone will buy.

But people don’t want to then sell their property for £50k+ less than they paid for it, and I can understand their reluctance. So rather than just accept a lower price, they take the property off the market and just wait things out. Only those desperate enough will lower their price significantly, but I’d imagine those people would be a rarity.

So now you end up with house prices that don’t really fall in any meaningful way and social mobility is hurt, which has wider implications.

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