Saturday, Oct 06, 2007
Mainstream press says OK for prices to stay flat... thank you!
Times: Welcome check on house prices
Halifax, the UK’s largest lender, reported that the value of the average property fell by 0.6 per cent last month. This came after Rightmove, the estate agency website, said that asking prices dropped by 2.6 per cent in the same period. The Bank of England, meanwhile, reported that total mortgage approvals – a reliable indicator of future house price growth – fell to 109,000 in August, down 9 per cent on the same month last year. The housing market is finally beginning to struggle under the pressure of higher interest rates, credit market turmoil, affordability constraints and modest growth in real disposable income... YYYYYYYYES!!
Posted by confused76 @ 12:42 AM (758 views) Add Comment
11 Comments
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1. taffee said...
thing is though.....what assett has EVER staganated..........I looked over the last 100 years and cannot find one.Stocks correct,housing corrects,commodities correct,
art,stamps,land
Oh and its actually happening in US at the moment....though the average house price is HALF what it is here.
BTLetters will face ruin
2. speculatorone said...
Someone should tell the agents around my area, they seem to have a new lease of life. They are still pricing new property to the market as though nothing is happening to prices.
I have noticed 4 houses (priced between 350 to 450K) with sold on them, all fall through since the northen rock crisis.
Further I can only imagine agents are making their money from panic buying of the cheapest properties at the moment. In my town their were only 3 or 4 agents 10 yeaars ago, now there are 12. I am still waiting to see who goes to the wall first....
3. su said...
Sales for 4 bed houses seem to have stagnated! Very few are moving without downward price adjustments. I've noticed very small price adjustments, but it's not been enough to get the sales flowing again.
4. taffee said...
spec
Agents though are the key to house price falls....they work on a no-sale-no fee basis and now the selling has stopped,they will be forced to slash prices to get sales.
If people refuse they will 'disinstruct' themselves
5. enuii said...
Prices stagnating - more wishful thinking than anything else. Once first time buyers realise they can sit still or wait for prices to fall they will stay away in droves.
6. Bubbles. . . . said...
ah ha ha ha Well thanks to this site i havent bought and will not buy until prices in my area become more realistic. I am not alone with my 20 other freinds that all have deposits we will not buy...and Im sure with there other 40 or so freinds will spread the word no more are we going to be used to prop up the market...We will control the market ha ha aha haaaaaa...LOL Bye to the estate agents that tried to trick us into buying at the top end...
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11. inbreda said...
enuii - I totally agree. For years the VIs have been bleating on about "best hurry and get on the bottom rung of the property ladder before it's too late!!", and there has been a lot of FTB panic buying, and also a lot of "easy money" BTLs. If prices stagnate, BTLs will have no incentive to buy and FTBs will be in no rush. The only way EAs will get a commission at all is to start to cut prices, and when that happens BTLs will be jumping ship and FTBs will be waiting to see. No one will want to try to catch the falling knife.
I would happily bet a lot of money that prices will not stagnate for any serious length of time.
It is down only from now on.