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House Price Crash Forum

xyz

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Everything posted by xyz

  1. I agree that the major imbalance in the economy has been rampant asset inflation and that IR rises may well pull this back in line (as well as target inflation). However, I'm not sure it will be this side of the election. Afterall, it's probably only 8 weeks away now...
  2. I say this through firmly-clenched bear-like incisors but KOTC has a point - if it had been a fall mass celebrations would have followed. There is quite a bit of bull-like news out there at the moment which is surely not unexpected? I firmly believe that prices will fall but am not expecting falls every months on the way down. Surely this is the time of year when small rises and flat-lining of data would be expected?
  3. Noticing prices starting to creep back up in North East Fife. Becoming concerned that there WILL be a spring bounce and that there is still steam in the market yet...
  4. ___________________________________________________________ STRs Section: When sold: Q2 2003 (moving job) Saving so far % (or loss): Would have made another £10K on the house (4 bed deatched) in the old estate BUT have been putting £2Kpcm into saving which couldn't afford to do but for cheap rent/ no upkeep costs/ no need to "keep up with the Joneses" (joke but really us renters aren't as house proud) When you plan to buy, or if: when I feel that houses are worth the asking price Rental Costs: £600pcm (5 beds, 4 public, 1/3-1/2acre (enough to be self-sufficient on the vegetables!!!), double garage, driveway for 7 cars) Rent going down or up: landlord not looking for an increase but in general excess BTL properties in area mean rents are low. Do you think the market will continue to fall: Oh yes!
  5. I think this is really good news - if you think about it you might expect asking prices to RISE as the market turns in Scotland. When we sold in Spring 2003, we got 30% over asking so the asking price was a long way removed from the selling price. However, as the market slows, people stop offering so high over asking and therefore you might expect asking prices to RISE as sellers try to sell at the same level as their neighbour did 6, 12 whatever months/weeks ago. When we sold up we moved to a different area and got outbid on a property we offered 80% over asking on and then became inadvertantly STR. We looked around and figured prices were ridiculous and that would wait a while before buying. Now, in the same village, a similar property went just 4% over asking (Dec 04). If asking prices are falling then the market has probably turned! Keep us posted Shamrock1!
  6. I don't know whether prices have never fallen in 38 years in Edinburgh or not but I do know that ex-council hovels in St Andrews are selling for over £100K whereas just out of town (4 miles) I can rent a five bedroom house (plus 1/4acre garden) for less than £500 pcm and put lots of cash into my liquid assets! Do the maths! Why would I buy?!!! Sorry but this is a bubble and the only way is down...
  7. But remember we are not as rich up here! We have more people claiming income support/ unemployment/ invalidity. We have more deprived areas. We have a lower average income. Here in St Andrews there are rarely ANY properties on the market under £110000. Even these go to BTL investors banking on income from the students. Properties in the town have tripled in the last 7 years. (Our 1st house was bought for £52000 in 1998 and sold for £170000 last year- wish I'd kept the damned thing!!!). That, I believe, feels like a bubble and with student numbers dropping with the end of Prince William's time here, it's a bubble just waiting to burst. Personally I think that day has already arrived. More properties on the market, more and more going fixed price and more selling at less than asking...
  8. Also in Scotland but seeing quite a different picture. At the start of the year, the Fife Solicitor's Property Centre had 319 properties on its books with an average asking price of £179800. There are now 361 properties on the books with an average asking price of just over £165000. That's about 8% down in 6 weeks... Last year asking prices here were still rocketing but SELLING prices were not. We have gone from a situation in which sellers were getting 20-30% over asking (St Andrews area) to a lot of properties going fixed price (fixed close to asking) and now some are even selling below asking. I know of someone who got a £60000 reduction on a property only 10 miles out of St Andrews at the end of last year.
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