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House Price Crash Forum

cafu_111

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About cafu_111

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  1. 23.8% Further falls in 2010 possibly bigger than 2009 IMO depending on Political, economic, social situation. Happy new year
  2. I think it's to do with Market Psychology. Buyer’s expectations in the current market are to get bargains. I find it the same, I’m looking for a car and I find the cars are a lot more expensive than they should be due to my expectations. However I’m sure the traders won't be saying the same and I bet most people selling a car are probably thinking it’s become harder than ever before and the price that they're getting doesn't match their expectations. I think what you guys are saying echo’s this.
  3. Isn't Thailand where you get alot of those he-she's.... Be careful mate and Best of luck
  4. I was considering do a HIPs course a c couple of years back. Costs 7k to do. Good job I didn't now but my heart goes out to those who will have done...
  5. I think the more expensive properties will see the biggest declines for the following reasons: a) Credit is going to be harder to come by for bigger properties For those who are lucky enough to have big enough deposits to obtain the credit for the larger properties, they will be looking at the rising payments on mortgages and thinking twice about overstretching themselves, especially in a market where house values are declining. c) Even buyers with cash I think will avoid buying the upmarket properties right now. I think there is a consensus amongst most people now that prices should decline by at least 20-30%- Whether that takes 1 year, 2 years or 5 years to happen. If one is to buy a house for 500k, they're probably looking at losing 100-150k which will make most buyers IMHO hold off for a while hence drying up the demand for the bigger properties d) In my opinion the MAJORITY of people that are likely to invest in an expensive property are likely to be quite clued up on the economy therefore better knowledge will deter them from investing in an expensive property right now (I may be wrong). e) We are in a property recession and like any other recession buyers look for things that are Value for money and practical rather than luxury. Hence I agree with the earlier posts that people are more likely to buy a 3 bed semi than a 5 bed mansion where they have rooms that they won't necessarily need. At the same time I think that the properties in poor socio-economic locations will see big declines as well. With due respect there was over the last few years ex council / banged up houses going for ridiculous sums of money and I think these properties will see substantial falls also. The properties that should see the least decline in values as previously said will be the mid market properties i.e. your 3 bed semis in decent areas with good amnesties etc
  6. A few things: *At the moment the people that are selling are the ones that aren’t necessarily overly distressed and trying to get top dollar for the property hence reality has not kicked in for them yet (I’d give these lot 6 months) *Good points have been made about the asking price and the selling price. I'm sure most of you have followed the statistics regarding mortgages completed and property sold. I think the closure of so many small estate agents tells the story *Wait for Unemployment to start really picking up, that’s when we're really going to see the distressed sellers come onto the market and you'll see asking prices nose diving * IMHO there’s still allot of naive first time buyers out there particularly young couples who want to get onto the housing ladder and are seeing this as a bit of an opportunity so trying to get on whilst they still and credit is still there- all be it harder than 12 months ago. I think give it a couple of months for what’s going on really hit home and the naivety will soon disappear. Slightly off topic and I’m not sure if it’s just in my local paper but I’ve noticed the property pages on a Thursday seem to be getting less and less :s
  7. Prices are going DOWN! No 2 ways about it, especially in areas such as harehills (with due respect).... You might want to wait at least 2-3 years before you start seeing the bottom of the markets but even then you might find it difficult to get onto the market even if you want to. Check out http://www.eddisons.com/. I've come across property from harehills on here before and for you might even be the best place to pick up a bargain in the future. Good luck
  8. For sale buy auction, I guess it'll go for quite a bit more (double-probably treble), then again the market really has frozen for now so might be a good time to pick up a bargain!! Plus it may need alot of work doing inside to bring it up to a habitable standard.
  9. I chose 3. We own a family business of an off-licence. Even though we've barely adjusted prices over the past 2 months despite inflation people are finding things really expensive. 4 pints of milk £1.49 (maybe slightly expensive but have been since new year)... Its it crystal clear that people are feeling mega skint and struggling to cope with the effects of the credit crunch, rising energy prices, fuel etc....
  10. Lol regarding getting screwed over by family members there.... It's true you do have to be careful who you trust there. There’s also a 2% fee that buyers should be aware of if they're going through an agent. This may not be specified originally when you are going to be buying the property but may be raised at the point of transfer. Also the post regarding the bursting of the previous bubble, do you know how much the prices actually came down by in this period and over what time scale?
  11. I'm not too sure but the two posts have put a BIG smile on my face. My family recently invested £50k in land in Gujarat. This was not for investment purposes as such but more because my parents deemed it a necessity as we don't currently own a house or land in India which is their motherland. Now following property in England and researching for over a year I was quite sceptical and believed (still do) that house prices will NOT continue the growth experienced over the last decade. The reasons are: * India has enjoyed incredible growth over the last decade or so with family in India informing us that prices in their region (Navsari) have doubled every 2-3 years. They are still quite optimistic about its future however how long can this growth be sustained? Surely it must be nearing the end of its growth cycle if there is one that applies to India. * The world is experiencing a Credit Crunch which is making borrowing much more difficult for everyone, so surely this will feed into the Indian Economy too? This is not including the global inflation of commodities such as rice and oil. * My understanding is China and India's economy relies heavily on exports to support their economies. The consensus seems to be the Consumer spending on the high street seems to be falling on items such as clothing, electrical etc. http://www.reuters.com/article/bondsNews/i...0071224?sp=true This again I would guess would have a knock on effect onto the Indian economy making exports weaker (even more so if the pond/dollar weakens against the rupee), meaning Indian businesses downsizing/going bankrupt, and people being laid off. Again this would contribute to a downturn in house/land prices. * India has an unbelievable population which is the second biggest in the world and set to become the biggest by 2050: http://news.bbc.co.uk/1/hi/world/3575994.stm There's still mass poverty about in India and demand outstrips supply massively but in terms of realistic demand, a huge proportion will still never own their own home or land. I think like England over the last decade, the demand has been speculative and this is what has led to the huge rises in property prices there. Once sentiment changes which I think it could based on my previous points I think prices in India will plummet. This is my reasoning and would love to be proved wrong and would also like to hear any reasoning against my argument or any points I may have overlooked!
  12. Hi Guys, Being of an Indian origin my family has been thinking of investing in India and buying some land there and building a house. Now I was wondering if anyone had any opinion about Land prices in India and if they have any predictions on where it will go? I'm thinking that the credit crunch and the falling prices in the US and UK may have a knock on effect on India too? I maybe completely wrong. For those of you who know India it is Navsari/Surat (state of Gujarat) in particular that we are looking to invest. Any insights are appreciated!
  13. You Know i've been thinking the same thing but the forcast in general from what I gather is that shares as a whole will have a difficult time next year. I think the fluctuations we've seen in the past few months will continue into the new year. I just sold some shares thinking that there maybe big falls in the market on the way. For now they're holding steady but when another big fall comes and how severe it will be is anyones guess. I'd stay away from financial markets however I think supermarkets will be strong. People still need to eat. Even if peoples disposable incomes decrease, they will still need to buy food to survive however even supermarkets shares will suffer as a result of the rest of the market. I reckon the first 2 weeks in January might be a good time to go in. Bad news will come out saying that consumer spending over this christmas has been at an all time low etc and the stock markets will suffer. The only problem is further bad news could be only around the corner will make the markets sink further. I can't really think of any solid investment right now as everythings going to suffer as a result of the credit crunch. If any one has any suggestions i'd be glad to hear them!
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