[dropcap]S[/dropcap]tar Sports have unleashed betting on the UK housing market which make average property prices odds-on to fall in 2016 at 8/13. In recent days the Royal Institute of Chartered Surveyors predicted a short-term slow down to due uncertainty over Brexit, but Star Sports believe there are bigger factors impacting on the stagnating housing market. Jamie Loughead, Head of Politics at Star Sports, comments:
“As a bookmaker, we chose to pay out on Remain winning the referendum in May, almost a full month before the vote because it’s a near-certainty. The currency markets know this, the property market knows this, I find it bizarre that RICS should find referendum uncertainty a justifiable reason for the inevitable long-term slow down in house price values. We remain confident that house prices will drop from this point in 2016, to January 2017- making it’s 8/13 house prices will reduce, and 6/5 that they will increase.”
He continued “I suspect RICS is motivated by its membership to let the EU Referendum be the scapegoat for the stagnating property market, rather than the longer-term fundamental issues underpinning stagnation: Fundamentals underpinning the stagnation- BTL stamp duty, inaffordability, restrictions on overseas ownership, and the recent government incentivisation to invest in stocks and shares through the lower of capital gains tax and the tightening of affordability ratios from 4.75% down to 4.45%. So we’re more than happy to be offering 6/5 UK house prices increase from where they currently are, at an average of £204,368, come January 2017””
UK average house prices to decrease in 2016 8/13
UK average house prices to increase in 2016 6/5
Settlement based on Nationwide Price Index Updates, which on 11/06/16 stated UK average house price as being £204,368. Increases/decreases calculated based on difference between £204,368 and Nationwide Price Index Update average in January 2017. Star Sports decision is final.