Wednesday, Oct 21, 2009
Last chance to get out
ThisIsMoney: Property tales: Why I'm selling up to rent
The editor of "ThisIsMoney" is selling to rent, and exchanging in November (perhaps writing after he had the cash would been safer), regretting his missed chance in 2007 and quoting Rightmove "a window of opportunity for sellers". Housing is apparently overpriced against wages, rents at the moment, and touches briefly on overpriced against future government expenditure and disposable income. A useful reminder of VIs who exist at every level in the media, the poor lamb has been holding on against hope for an opportunity to escape through a temporary recovery in prices, but lo, is in fact the editor of ThisIsMoney. Does anybody know if they have been ramping over the last year?
Posted by stillthinking @ 12:59 PM (1302 views) Add Comment
7 Comments
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1. estrader said...
Right or wrong, I needed to read an article like that because it echoes my sentiments exactly. I regret not selling in 2007 even though, at the time, I wasn't exactly ready to. I see this 'rally' in property as my 'get out of jail' card. I want to put my money into other "investments", I might buy property again, but right now, I'm done with it. I hope to exchange this week.
2. brownsters_billions said...
To my mind they've always been fairly bearish. His anecodotal evidence matches mine, that 'good' properties are being snapped up, and suddenly agents are putting new ones on the market at vastly inflated prices. My only hope is that more people are 'convinced' that now is a good time to sell, vastly increasing supply, whilst demand dwindles. That's a recipe for HPC part deux.
3. mark said...
I dont care who is ramping or increasing prices, most people wont have a choice but to sell next year
1) Cutbacks (In Wales cutbacks, it is predicted 50,000 local council workers will lose jobs)
2) Increased taxes
3) Business rates will go up causing many to fail
4) Tescos chairman will run for PM and will build a giant tescos store over the UK and pay everyone 13k a year, so no-one will earn enough to ever get a mortgage
5) Self certs have vanished
6) The wealthy are heading offshore and will take their bonuses with them, after all why pay 50% tax
7) Interest rates will go up soon, oooh dear all those on interest only..
any sign of recovery will result in higher oil prices and higher petrol costs, thus putting more strain on people.
Immigrants cannot afford houses and meagre wages..
there is simply no room for houseprices to go up, the only way is down by at least 50% to be within range of the average working person.
Brown you are dammed if you do and dammed if you don't
lol
4. tudorian said...
I'm pleased that stories like this one (selling to rent / taking profits now etc ) are getting more 'air'. This will only persuade more people that the selling window of opportunity is closing rapidly.
There must surely be a real shortage of buyers out there however.
What happens to the market when the first whiff of falling house prices is detected ? Do we have a sellers strike again, causing a mexican standoff between sellers (who wont drop their prices) and buyers (who can't really afford to buy).
I fear it will take a bit more economic pain / job loses / higher interest rates to force house prices down to more realistic levels. Problem is, how many of will survive the next downleg with our businesses / jobs / savings intact.
I'm starting to feel caught between scylla and charybdis
5. crunchy said...
3. mark
Sounds like a great country to buy a house in.
My guess is by the time that happens the last thing you will want to do is tie yourself down with a property.
Hey you might be called to sign up for something other than a mortgage.
Another one for the archives. : (
6. mystie010 said...
Brown is just dammed - Dammed awful that is :-)
7. Macca said...
But with Gordy refusing to set a realistic agenda to build enough properties for the future and what with mass immigration and outrageous population growth, surely prices won't come down enough?