Not A Pretty Picture For Uk House Prices Says Itv

[djgilbo]

[Si1]

baby boomers in negative equity after 10% drop in asking price

I wonder what they spent the money on?

they're selling their debt again...

[Venger]

No sympathy for them. They've got no shame parading their financial ignorance on television. Acting the victims, when they're actually the guilty.

No one forced them to upsize and buy that house which is now worth less than they like. They haven't had to rent for years with concern for purchase value, given they happily accepted the notion of ever rising house prices.

Now on the edge of negative equity, according to their sob story. Pathetic. Negative equity at their age. And most like years of being assisted by lower mortgage repayments after interest rates being floored. When will the media do their interest pieces from any of the younger, and not so young, priced out renters' perspectives.

[Venger]

Fairly sure this is their 5 bedroom detached. Offers over £290,000 http://www.rightmove.co.uk/property-for-sale/property-38607098.html

Really need 5 bedroom detached after house prices have risen so strongly year on year for years, and put yourself at so much risk with just a little market slide? Of course you do because you deserve it.

4 bed on the same road seems to be on its way to selling.

http://www.rightmove.co.uk/property-for-sale/property-20345328.html

[billybong]

..the growth of house prices is the lowest for 3 years...

[Xurbia]

I wonder what they spent the money on?

Comedy eyebrows by the look of it. He's probably a circus performer or similar.

[AvoidDebt]

The four p's - price, promotion, presentation, ponzi.

[Buccaneer]

They bought new at the peak of the boom and now they say that they can't sell.

Wrong!

Looking at detached houses on their estate several have already been resold; typically for about 40k less than the original price.A five bed detached sold for 295k in 2009 (down from 340k).

All they have to do is to drop the price to a market clearing level and it will sell quickly.

Looks worth every penny of 225k.

The reality is that the house was overpriced to start and they couldn't afford to buy it.

No sympathy.

[Mrs Bear]

Fairly sure this is their 5 bedroom detached. Offers over £290,000 http://www.rightmove.co.uk/property-for-sale/property-38607098.html

Really need 5 bedroom detached after house prices have risen so strongly year on year for years, and put yourself at so much risk with just a little market slide? Of course you do because you deserve it.

4 bed on the same road seems to be on its way to selling.

http://www.rightmove.co.uk/property-for-sale/property-20345328.html

That sitting room makes me shudder. Bland, soulless, zero warmth or character.

[monks]

GREAT POST! - I referred to it on the main Nationwide thread...

2.33 (Talking about the drop in price) "We haven't got that sort of money to play with"... BUT SOMEONE ELSE HAS, HEY???? HMMMMMMMMMMMM

[monks]

I am 90% sure the "expert" on the sofa is a different character to the one who appeared at 7.05am for the same story... the other guy is very bearish, with an almost grim overtone in his delivery

[monks]

The four p's - price, promotion, presentation, ponzi.

PROFIT was noticeable in its absence

[Oliver Sutton]

Seen how low the ceiling is?

Lots of new-builds like that. Another way to cut costs.

[LiveinHope]

"We can't afford to take a £50,000 drop in price"

They marketed at 339k, it's now at 295,

They haven't yet taken a 50k drop in price, they have just taken a ~50k haircut on the profit they were hoping to make "because prices always go up"

At 295k they are just approaching -ve equity territory

I have ZERO sympathy for people like this, they deserve to get burned like Icarus

The house looks like the typical soul less mass produced bling box that a keeping up with the Jones' couple would buy: THE DREAM

I'd be very happy to see them end up here:

Here's a cracker

They're dressed as if to appear on QVC too, says it all (apologies to anyone who has the same dress)

Edited August 2, 2012 by LiveinHope

[Tired of Waiting]

No sympathy for them. They've got no shame parading their financial ignorance on television. Acting the victims, when they're actually the guilty.

No one forced them to upsize and buy that house which is now worth less than they like. They haven't had to rent for years with concern for purchase value, given they happily accepted the notion of ever rising house prices.

Now on the edge of negative equity, according to their sob story. Pathetic. Negative equity at their age. And most like years of being assisted by lower mortgage repayments after interest rates being floored. When will the media do their interest pieces from any of the younger, and not so young, priced out renters' perspectives.

+ 1

The nice thing is: those of us who have been saving for a deposit have now much more assets than these undeserving, reckless air-heads. Meritocracy is returning, slowly but surely.

[Tired of Waiting]

The four p's - price, promotion, presentation, ponzi.

[(Blizzard)]

Bought at the top of the market, list to sales price at 30%, two years on the market and still trying to sell. Is it any wonder we got into this mess? There is no answer to the negative equity trap apart from lenders reducing principal. You can bake as much bread as you like, it won't sell the home if people can't get loans, or the price is unrealistic.

Yes there is.

The bank could allow them to transfer their negative equity to another house.

They get to move, the bank's situation is unchanged.

The family continue overpaying for the house, but they were happy to do that in 2007, so why care now?

The bank are stuck with an under-collateralised loan, but they were stuck with that anyway, so why would they care?

[Si1]

Fairly sure this is their 5 bedroom detached. Offers over £290,000 http://www.rightmove...y-38607098.html

Really need 5 bedroom detached after house prices have risen so strongly year on year for years, and put yourself at so much risk with just a little market slide? Of course you do because you deserve it.

4 bed on the same road seems to be on its way to selling.

http://www.rightmove...y-20345328.html

who the f8ck needs 5 bedrooms ?

[FIGGY]

Do you know what, i do feel sorry for these people.

Here is a link to that sold price and previous listings. They have never tried to sell it for more than they paid and they made a mistake. They havent tried to flip they are just normal people going about their lives.

It could have hapened to almost anyone

http://www.zoopla.co.uk/property/52-longstork-road/rugby/cv23-0gd/5805845

Edited August 2, 2012 by FIGGY

[rockhopper]

@venger - thanks for finding those .

from the flags in the 4 bed pics, it looks like a current estate .

I am surprised at the size of the downstairs rooms , especially the kitchen/dining room.Much larger than

I would have expected .

However especially noticeable on the 4bed version is the usual lack of storage in the non-master bedrooms .

The key aspect on the pricing is that if prices have fallen , then the place they want to move to should also

have fallen , so where's the problem? (agree with Blizzard on this).

[nickincash]

I'm confused about whether the house is for sale or to let. They can't have it both ways. I wouldn't want to rent it under these circumstances.

[FIGGY]

who the f8ck needs 5 bedrooms ?

To state the obvious someone with 4 kids, someone with 3 kids who has also put their parents up as they cant afford to go into a home, someone with 2 kids who has to put both there parents up and they havent slept in the same room for 30y etc.

[fluffy666]

Seen how low the ceiling is?

Lots of new-builds like that. Another way to cut costs.

I was thinking..

- Tiny garden. 5 bed house = 3-4 kids, there's barely room to stick them all outside and lock the patio.

- No attic. Might be a blessing in disguise, admittedly, not being able to file and forget stuff..

- The downstairs rooms are not particularly big. Lounge is an awful shape for, well, lounging..

- It's not inside the M25, which is about the only thing that would justify the price.

[(Blizzard)]

Do you know what, i do feel sorry for these people.

Here is a link to that sold price and previous listings. They have never tried to sell it for more than they paid and they made a mistake. They havent tried to flip they are just normal people going about their lives.

It could have hapened to almost anyone

http://www.zoopla.co...v23-0gd/5805845

The one-sidedness of these stories - the implicit assumption that the new buyers should be bailing people out of their mistakes, and on aggregate, that the next generation of families and businesses should bail out the former generations - makes me very angry.

That doesn't mean I don't feel sorry for the family. It's a sick world when people are put in this situation just to get somewhere to live.

Only by modern UK standards is that anything other than a basic family house.

The first losers from the bubble have been the priced-out, but they won't be the last.

[LiveinHope]

Do you know what, i do feel sorry for these people.

Here is a link to that sold price and previous listings. They have never tried to sell it for more than they paid and they made a mistake. They havent tried to flip they are just normal people going about their lives.

It could have hapened to almost anyone

http://www.zoopla.co.uk/property/52-longstork-road/rugby/cv23-0gd/5805845

So I was a bit wrong in my post, although I think they did try to first sell for more than they paid, but I agree, just marginally 339k vs 330k

However, would you feel the same sympathy for someone who overpaid on a painting and then it proved to be worth less a few years later ?

What is wrong with expecting people to 'understand what they are doing' with the biggest financial decision they will make.

I bet it would be a hell of a lot different if they had to hand over physical hard earned cash, rather than electronic credit

So I don't have sympathy. Why should I ?

Edited August 2, 2012 by LiveinHope