Friday, Oct 05, 2007
Yieeeppeeee!!!
Times: House prices slide to a halt
"Buyers are exploiting a static market to push for reductions of 10 per cent"
Posted by confused76 @ 10:10 AM (1626 views) Add Comment
21 Comments
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1. Ihopeitgoeswithabang said...
A friend on mine has now had his chain collapse for the 2nd time in 6 months. Of course on a personal note I do feel sorry for him.
Here is a quote he made to me this morning on msn:
"altho seriously if it aint under offer in 4 weeks i am thinking of starting to reduce"
In a chain of 5 people he was the only one left this morning that still wanted to buy or sell.
Times are changing.
2. harold said...
"reductions of 10 per cent" doesn't sound like a "static market" , but one in reverse.
3. paul said...
I love the mildly upbeat tone of "things should pick up again soon, because it's a buyer's market". I'm going to post George's comment from East Sussex because it hits the point home very well.
"Even the figures cited in this report are highly location dependent. Here in the SE there are large pockets where prices are falling, or a stand-off has arisen - sellers won't drop their prices and potential buyers won't buy so there are lots of worried estate agents around - bored day after day and watching their income dry up. This is absolutely typical of a falling housing market, deflating or bursting bubble - call it what you will. Much the same thing happened in the late 1980s, early 1990s crash. Only some time into the crash was it widely accepted for what it was. Minute analysis of monthly figures is of little value with regard to the bigger picture - although I guess it is mildly entertaining (unless you are a property investor about to lose his or her shirt) and fills a bit of otherwise empty space in the newspaper."
George, East Sussex, UK
4. Darren said...
Okay count me in, if The Times says prices are going to fall then that's it. They have always put a completely positive spin on Property prices.
Something fundamental has shifted.
5. alan said...
Perhaps this is the nudge that caused Darling to give the green light to Crossrail - 30,000 jobs for London.
I bet the owners of "investment properties" in the East End of London are breathing a sigh of relief....
6. David Smith's Sub Prime. . . said...
Sticking plaster Alan, as will be the clean up and gentrification of the East End (sorry I meant Olympics)
7. down wave said...
Why buy this month when if you wait until next month you could save a £1000.00 or more?
Why buy next month if you wait and could save £2000.00?
8. happyrenter said...
A 1 page EA ad in this weeks local paper's property pages has eight properties for sale at auction - all are renovation and improvement opportunities, one even a barn.
A little while ago these would never even have got as far as been advertised, let alone offered for auction - if these are struggling to find buyers for it's certainly no buyers market
On similar vein, all 4 of the new developments being advertised by builders in the same paper are offering to cash buy, part exchange or other incentives - they *have* to keep selling for cash flow, stasis is not an option
9. planning4acrash said...
Why buy this month if you can put aside £500 and earn interest on it and save £1000 on falling house prices?
Why buy next month if you could wait and put aside £1000 and earn interest on it and save £2000 on falling house prices?
Why not save up for a trip around the world instead of houses?
10. Another Alan said...
happy renter
this does not make sense: if these are struggling to find buyers for it's certainly no buyers market
(this means it is definitely a buyers market).
11. Skells said...
I came out the market early this year and am now renting. this is just the news i have been waiting for, but it will probably be a while before it kicks in properly.
12. taffee said...
allow 3 years if possible or more...in the mean time save like hell......all equity now in cash and gold
looking to buy a better house cash
13. happyrenter said...
@Another Alan
apologies yes I meant to type 'no sellers market'
14. C'mon Correction said...
I won't be buying for another 3 years, I'm renting a lovely converted barn for a 1/3 of the cost of the mortgage if I were to buy it. Plus prices in 3 years will be some 30% lower than the peak of the market back in late 2004 (here in south wales, I've seen many examples of houses less now than late 04 already).
I'm still cautiously optimistic, but there is soo much evidence pointing to falling prices that I think the tide has turned. As soon as we get fully into the downward spiral then nothing will be able to stop it.
15. paul said...
"Let Hercules himself do what he may, The cat will mew and dog will have his day" William Shakespeare, Hamlet, Act V Scene 1.
16. Bulldog66 said...
The Derby area in the midlands seems totally dead I have not seen a sold sign in my local area for months, wait and keep your cash stashed.
17. Gordie Mcbroon said...
I have been looking to buy a house in SW London, saw a smattering last year, all open day, sealed bid nonsense. Since the end of the Summer I'm getting details on 2 or 3 a day and am quite fussy as to what I'm after. EAs phone and sound desperate................good, about time.
18. down wave said...
Check out your area of interest, or any area or post code on http://www.propertysnake.co.uk/ You will be shocked at the reductions of over 66,000 houses etc. for sale. In some case upto 40%.
Also keep see: http://hf-implode.com/ Hedge Fund Implode Meter. 40 gone to the will since this summer. And check http://www.ml-implode.com/ Morgage Lenders Inplode meter. 161 since the start of this year have gone bust. Book-mark these sites.
19. Gorblamme said...
http://www.propertysnake.co.uk/
wah ! that's cool
20. This comment has been removed as it was found to be in breach of our Blog Policies.
21. planning4acrash said...
Downwave, already out of date dude, propertysnake has over 70,000 now listed!