When Will Property Prices Start Rising Again?

[jfk]

Another mumsnet classic...

Link: here

So next week we are putting our house back on the market for the third time in the last 18 months, fingers crossed. We bought this house back in 2005, but my husband now works 30 miles from where we now live and we would prefer to live near or around the Market Harborough area, we are now in Cambridgeshire.

On both occasions when we put the house of the market we were surprised at how low the Estate Agent valuations were, but we were still slightly up on what we paid for it, which is really all we want or need to move.

But still we have not yet had an offer at the price we paid, I am slightly peeved off at the Estate Agents for being lazy, but I sure it is not all their fault as I know the market is pretty awfull right now.

Can someone please give me a little hope that the housing market is going to pick up this

[Diver Dan]

Another mumsnet classic...

Link: here

Property market picking up != rising prices.

[Jolly Roger]

Yes we are serious sellers, but we are not going to give it away.

[The Knimbies who say No]

Another mumsnet classic...

Link: here

Hi Pootles, I have looked on nethousprices and the last one that sold similar to mine was in 2008 was roughly the price we want now. You would have thought that in four years since that one sold prices would have risen. As for the Estate Agent, loads of little things basically, all they have really done is shop window and a few times in the local rag, you just get the feeling that they are not interested unless we drop 20% and make it an easy sell for them.

Hi Hormonal, Yes we are serious sellers, but we are not going to give it away.

Some have suggested taking a loss and renting, again similar reasons to above(why I will not become a landlord). I know people that rent, and it makes me go cold. I know it is wrong but renting has a temporary feel to it, like staying in a hotel but worse,

So many are suggesting prices could fall more than they already have, now that has made me feel even worse, I wish I had not asked the question now.

I really cannot see prices falling anymore though, if that was going to happen and it would have happened by now.

[Eddie_George]

Assuming it's an extra 50 mile round trip trip to Market Harborough from where they're living, they're paying at least around £1500 extra in petrol/diesel per year and 2500 extra miles on the clock.

In addition, house prices are probably much cheaper than in Cambridgeshire.

[jfk]

Yup all the classic signs of the delusional seller - putting it back on the market at stupid high price (this IS cambridge after all), not giving it away (the line that made me LOL) etc etc.

In fact Mrs JFK called me up from work to tell me about this thread, it's a classic.

[“Nasty Piece of work”]

An 100% idiot, will probably go on to moan that her spawn cannot afford a house and wonder why. She will not appreciate there is little retail lending, or rather appetite for knife catching.

[maffo in oxford]

Someone tell her that if her house is 'worth' £200K & a lovely big mansion down the road is £2 million; if both places fall in equal proportion to £20k & £200k then she'd only have to pay £180k to buy the big place, not £1.8 million as before.

Presuming she was lucky enough to own outright of course. I expect she has a mortgage so the extra mortgage to move up would be more than £180K and she'd be in deep NegEquity.

Even so, it would still be cheaper to buy a better & bigger home.

[chronyx]

We NEED an HPC account on there, for the trollololololols

[tomandlu]

We NEED an HPC account on there, for the trollololololols

It would be nice to think it would be used for measured and calm explanations as to what's going on. It would be nice...

[jfk]

janethewitch Thu 10-Jan-13 14:57:50

Thanks for some of the advice guys, but some of you have no sympathy for the millions who did buy in the 2000's and through no fault of their own are now stuck, I only wanted a family home.

Too want prices to fall is just a horrible thing to hope for, and quite selfish.

pure comedy gold

[jfk]

I'm having a great laugh reading this mumsnet thread

janethewitch Thu 10-Jan-13 15:07:38

I can understand how hard it is for FTB's, but wanting lower prices will not solve the problem. Agreed property prices are probably a little too expensive, but for those that have paid those expensive prices we are now in a postion where we have to hold on. That is probably why the market is stuck right now, sellers cannot sell and buyers canot buy, but from my own point of view I will not be in a postion to sell untill I get what I want, and I am sure it is the same with millions of others.

... be a long time waiting then Mrs. Delusional Seller

[rantnrave]

We NEED an HPC account on there, for the trollololololols

There is an HPC fifth column that clandestinely operates there.

Am just wondering if Miss Madam / Yellow Wellies is around. She has done a sterling job with letting folk over there know the reality fo the market.

[Ungeared]

(((((((hugs))))))))

[Reck B]

An 100% idiot

Edited January 11, 2013 by Reck B

[Monkey]

anyone going to post the rightmove chicken on there?

[thombleached]

[Malkin]

I saw this on the MSE forums:

http://forums.moneysavingexpert.com/showthread.php?t=4374397

To cut a long story short our main problem is being unable to sell the house we own that we don't even live in! Been on the market 2 years, when I found out was going to have to move. In negative equity now by a long way. If we manage to get a sale at the current price it is being marketed we will have a shortfall of £40K. If it went to auction looking at £100K shortfall. Been just about keeping up with mortgage payments of £2250 per month with a few gaps, hence arrears of £7900.

After some persistence managed to arrange token payments of £1 per month for all the unsecured debts - this has been for 12 months now.

What should we do with the house? We will never live in it again and feel aggrieved about continuing to pay out for it when we're never going to live there again. Have rented it out for 12 of the last 24 months to keep things ticking over a bit. Cannot afford any mortgage payments now that we're not receiving any rental income as tenants moved out. Before then just about breaking even. Had a couple of viewings but no offers. Market in that area is dead. Considering voluntary repossession but not sure where that will leave us. Mortgage is in joint names - all other debts are only mine.

If I had no debts and we weren't paying the mortgage we'd have £1300 per month surplus. If we got rid of the house at least we could comfortably sort out some sort of repayment plan. We're resigned to the fact that we'll be renting for some considerable length of time as credit rating now gone from excellent to something resembling Greece's credit rating. May also have the option of a family member taking out a loan of £25K to consider a F&F on the unsecured debts and I would pay them back every month, but obviously not an option while we're still making ridiculous mortgage payments. Mortgage company are doing everything they can to get their money from us and not showing any sympathy at all.

Damn the crash in the housing market. If we'd sold straight away at asking price the equity would have paid off all the unsecured debts. Can't believe how badly things have turned in that area.

Sorry for the long post.

[zugzwang]

There is an HPC fifth column that clandestinely operates there.

Am just wondering if Miss Madam / Yellow Wellies is around. She has done a sterling job with letting folk over there know the reality fo the market.

Be careful, IIRC the last time we had 'contact' mumsnutters thought we were being condescending and a reciprocal flame-war broke out.

[rantnrave]

Like this comment:

The definition of a house's "worth" is what someone is prepared to pay on the day you wish to sell it, not what you paid for it or what you feel it should now be worth. The market is telling you what your house is worth (or rather not worth) and you're not listening.

I think it would be *much* better if HPCers don't post comments on that thread. It seems there is more than enough bearish sentiment being posted there already. In the past, as soonas HPCers have pitched in, we've been rumbled and they've closed rank, the discussion comes to an abrupt halt and / or gets deleted by their mods.

[btl_hater]

janethewitch Thu 10-Jan-13 14:57:50

Thanks for some of the advice guys, but some of you have no sympathy for the millions who did buy in the 2000's and through no fault of their own are now stuck, I only wanted a family home.

Too want prices to fall is just a horrible thing to hope for, and quite selfish.

pure comedy gold

Truly amazing comment. I suspect this mindset reflects that of a significant fraction of 'homeowners' though.

[tomandlu]

Truly amazing comment. I suspect this mindset reflects that of a significant fraction of 'homeowners' though.

I have some sympathy. NE + Mortgage is a bitch, irrespective of whether you want high house prices or not...

[iamnumerate]

Someone tell her that if her house is 'worth' £200K & a lovely big mansion down the road is £2 million; if both places fall in equal proportion to £20k & £200k then she'd only have to pay £180k to buy the big place, not £1.8 million as before.

You would be surprised at how difficult that is to do.

[fluffy666]

Truly amazing comment. I suspect this mindset reflects that of a significant fraction of 'homeowners' though.

Not all of us. Would happily swap my meaningless paper equity for a decent economy..

[Venger]

I have some sympathy. NE + Mortgage is a bitch, irrespective of whether you want high house prices or not...

You're less likely to be in that NE position if you hadn't eagerly gobbled off banker's debt to overpay for a house in the first place, outbidding even cash buyers. They can all drop dead for all I care.