Saturday, Jul 03, 2010
Time to sell before it's too late!
Telegraph: House prices: is it time to buy or sell?
The consensus among economists and housing experts is that the recovery is running out of steam, and that prices look set to stall at best and fall at worst. For would-be sellers it seems a bigger gamble to hold off in the hope that the housing market will continue to improve than to sell now following a recovery in house prices and an improvement (for the time being) in mortgage lending conditions. House price bears (that's us!) reckon that many home owners could not cope with a rise in interest rates.
Posted by miken @ 08:24 PM (1377 views) Add Comment
10 Comments
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2. Dontpanic said...
I suspect its already to late to sell, and to early to buy. With rising interest rates, higher unemployment, suspect growth, the outlook for property is surely negative? Of course one might sell, invest in gold, rent, and take a chance?!
3. mystie010 said...
I reckon it's already too late judging by all of the houses sticking around on the market where I live!
4. miken said...
@mystie010, yes I'm seeing that too.
Also the website home.co.uk reports an additional 190000 properties coming onto the market over the last 4 months, 63000 properties of these came onto the market in the last 8 days. So there is definitely a surge of properties and many simply are not being sold.
5. clockslinger said...
Fantastic article. Clear as mud.
6. Downsizingdiva said...
There's been a HUGE surge in the number of properties coming onto the market over the last week in the areas I am watching on Rightmove (Winchester area). Places which a few months ago would have sold within a week or so are now sitting on there unsold after 2 months+
7. growler said...
"places not selling": I see this trend too, and I'm in one of the most expensive areas in the UK (Gerrards Cross)
8. miken said...
In New Zealand their houses are also not selling, there's a huge glut of properties, they take 45 weeks on average to sell, and prices are not dropping from their average of around 180K:
http://www.propertywire.com/news/australasia/new-zealand-property-glut-201007024275.htm
I really hope it doesn't end up like that here.
9. tom101 said...
miken@4, Been looking to buy in New Zealand for 3 years. Prices are like here, just stuck at stupidly expensive levels!
10. a saver said...
Checked out Edinburgh at the weekend. Several properties are advertised as 12-14k below valuation, although percentage wise that is not a big reduction and prices are still silly. My niece, who was previously saying she would never be able to afford property in Edinburgh, has started househunting in earnest, convinced that this is a little window of opportunity which will soon close. Seems to be true that there is a pent-up demand to overpay for property...