Sunday, Jul 22, 2007
Buyer's market ahead
Observer: Buyers get the upper hand as rising interest rates slow property sales
Buyers: take the upper hand: Five interest-rate rises in the last year have pushed the cost of mortgages up substantially. those who still want to buy should negotiate on price harder than ever. Sellers: how to stay on top: 'The key words are realistic expectations, 'If, as a seller, you ignore the impact of the last five rate rises on buyers' finances you probably won't sell. Previously a £400k property would have been put on the market at £425k and then sold at or near to this higher price, but now vendors have to accept that they may only get £400k or close to that" Ahahahahhah... ahhhhahhahahh.... ahhahahhahhah.. (like Austin Power's Dr Evil laugh)
Posted by confused76 @ 11:22 AM (183 views) Add Comment
9 Comments
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1. paul said...
"Smith says that previously a £400,000 property would have been put on the market at £425,000 and then sold at or near to this higher price, but now vendors have to accept that they may only get £400,000 or close to that."
This from an estate agent!
2. planning4acrash said...
And the rest! hahaha!!
3. sold 2 rent 1 said...
Exactly the same as Ireland last August/September.
Q1 2008 UK land reg figures will show a 2-3% fall in prices.
Mark my words.
4. sold 2 rent 1 said...
Our Dublin figures were from an expected 420K down to a 370K sale in Jan 2007
Expect the same here.
5. Scott said...
Excuse my igorance and lack of understanding but if southern England house prices dropped from 425k to 400k (1/16th reduction), so a 212k house would be 200k and a 106k 1 bedroom flat in murder mile (Hackney) would be 100k how would this help Mr and Mrs ordinary?
6. enuii said...
Scott & Paul, that is because you are quoting existibg (now) figures, the winter of 2007/8 has yet to come and will be more revealing, I predict a fall of 8-10% for those vendors who need to sell.
7. david20040_0 said...
The Republic of Ireland is different to the UK because it has much more spare land and they are building more houses in ratio to their population
8. Orwell said...
And Paul,
EA's overvalue anyway by 40%, so therefore look at this as a house apparently 'worth' £425,000. This is 140% and therefore 100% is about £303,000.
9. confused76 said...
David2004
Yes, the RoI is different from Ulster.
Ulster is much more densely populated and people are breeding like rabbitts, and the planning system is tough
Then Ulster has a lot of immigrants from RoI, and that explains why prices in Ulster are going up and in RoI are going down. The same for poland, there are many Irish emigrating to Poland pushing up the price of housing in Warsaw. And they have a high divorce rate, and they have students, and... and... and...
Ahahahahhha! Ahahhhhhahhahah!
And how about Wales.... ohhh but it is different in Wales
http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article2103122.ece
Ahahahahhha! Ahahhhhhahhahah!
Ahahahahhha! Ahahhhhhahhahah!
Ahahahahhha! Ahahhhhhahhahah!