Sunday, Dec 23, 2007
HPC gathering pace?
Citywire: Sell your house and fast to get out at the top, experts say
This very moment might be the best time for homeowners to sell their property and buy another if they wish to take advantage of the market climate.Kelvin Davidson, a property economist with Capital Economics, said: ‘The downward movement is already started, as the Halifax has fallen three months in a row and we had a fall on the Nationwide. So if you are going to do it, there’s probably no better time then the present and we expect falls to keep going so the peak might already have passed.’
Posted by jack c @ 08:09 PM (512 views) Add Comment
9 Comments
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1. Nocibomber said...
Surly this is only true if you are "downsizing" if you're clawing your way up the ladder would it not be best to wait until prices have fallen? True, you'll get less for yours but you’ll also be paying relatively less and most importantly the differential will be less. If you are borrowing said differential then the interest payments should, over time be cheaper. Or is this too simplistic a notion?
2. Real Bob said...
"Boulger also predicted that average house prices will fall by 2% in 2008. That, coupled with lower interest rates, should bring an ideal market for first-time buyers."
Some people just don't get it do they! 2% lower prices are not going to tempt any buyers, especially in a market that has downward momentum. Who wants to catch the falling knife? Besides 96% of areas are unaffordable to FTBs currently, so how is a 2% drop in prices going to significantly change this and, I quote, "bring an ideal market for first-time buyers"? Well lower interest rates obviously... except that policy rates have decoupled from market rates and deposits now have to be somewhat larger.
Got to love these vested interests. Clutching at straws. Who can blame them though? If you've built your livelihood on a bubble, you'd do anything to stop it bursting.
3. Crash Is Coming said...
Prices in 2008 will drop 2%, are you kidding?
4. Yellerkat said...
too late, too late, the maiden cried!
5. Sold My Soul To The Never Never Never said...
Rubbish VI article - perhaps sell up & stay out for a while but not sell up and buy another one!
6. David Smith's Sub Prime. . . said...
Well I don't think house prices will fall at all (well at least Mr. Murdoch doesn't and tells me to tell people that they won't).
7. Pendulum said...
Friends of mine just sold to rent - it's been 6 months and the new occupier of their old place is having trouble meeting mortgage payments already! They made ~100K which went into a high interest account giving ~5k per year interest which helps to offset the rent until prices collpase and they buy the old place back!
8. Nmarks said...
Those who have taken advantage over the last ten years are about to fall victim to their selfishness.
Tragically the upshot of their folly is we'll all suffer for it.
9. Colly Wolly said...
Yeah. Us first time buyers (or not), have been waiting patiently as prices rise, just so we can buy when they are on the way down.
On the other hand what I find interesting is that all the smug "my flats worth double what I paid for it 7 years ago" type friends I have, all claim to have "made" 80k or so on their flats, but when I suggest selling up and renting for a couple of years, none of them will even consider it. They aren't quite as smart as they like to think they are.