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House Price Crash Forum


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About Houses_Burning

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  1. Are you based in the Midlands? The reason I ask this is because I come across a new listing around a week ago which exactly matches the type of property you have offered on. The property is not quite in my target area but I was going to keep an eye on it and then noticed it went sstc within days. I also did a land registry search on this road and neighbouring properties have been sold for the same figures on the dates you mentioned Based on this I think it may be the same property. If so then I think the price you have agreed on is reasonable but I guess it depends on how much it is going to cost to get the property up to a modern standard? Have you had a survey done on the property?
  2. I have been watching the Birmingham market for the last three years and supply has increased dramatically since 2007. Asking prices generally have gone down a little but in my opinion the majority are still asking near bubble prices. There are still a few buyers who can proceed and are willing to buy at these prices but they seem to be in the minority. The trend seems to be downwards but it is taking a long time for sellers to realise they wont achieve the bubble prices.
  3. I don't really take much notice of the rightmove house price index as it just proves how much denial people are in. The publishing of today's index is is most likely very good news for Gordon Brown as some short sighted people will read the headlines and think it is back to business as usual, hence he may earn a few more votes out of this.
  4. I have just read the report written by Miles Shipside, here is his conclusion at the end of the report. Shipside concludes: “We’ve waited two years for significant relaxation of mortgage lending criteria, and whilst it is giving the market a welcome nudge in the right direction, many aspiring buyers are still finding themselves left out in the cold. They could find the requirements of the Homebuy scheme more suited to their circumstances and a possible housing lifeline if they only knew more about it.” I conclude: Ive waited two years for property prices to come down to affordable levels but people like you do not want to see that happen. You would rather see the banks lending 125% mortgages again so that property prices can keep going up and up without thinking of the consequences. Well Miles thankfully the banks are not playing your game anymore as it caused them to go bust and has bankrupted the country with it. You pretend you are on the side of first time buyers but all you really have is self interest at heart. First time buyers need prices to come down, not a relaxation in mortgage finance so they can get up to their eyeballs in debt to buy an overpriced studio flat. Thankfully it seems the banks are being sensible so we should see the real recovery, the recovery downwards where house prices will fall to affordable levels.
  5. Well it seems that Gordon Browns masterplan is working so far but how much longer can it go on for. In my opinion the house price bubble did not really get a chance to deflate to affordable levels. Now it seems house prices are rising once again but i fail to see what is supporting this. Sales volumes are still low, mortgage approvals are still low, unemployment is set to rise, the economy is in a bad state. I am not convinced by this data and from what i see with my own eyes nothing is selling and nothing is going up in price, the market is not moving.
  6. I thought i would update, the property remains unsold and unlet, it has now been sitting empty for 14 months and hasnt made a penny for the developer. Over 2009 i have noticed quite alot of repossessed houses on the market have sold in my area, the banks were selling these houses at what i would call a more realistic price but they were not bargains by any means. Many of these houses have been purchased by developers and have come back onto the market with very little done to them but a silly price tag. I think it is wrong that these people are trying to exploit the situation .I have not seen any of these properties resold and hopefully they will not sell them as they dont deserve to profit from doing nothing. Do they not understand why the banks were selling them at realistic prices in the first place?
  7. The key to this is the sales volumes which remain lower than last year. With such low levels of sales it can be argued that the only people buying at the moment are people with big deposits and cash buyers who may be buying property at the higher end of the market, hence the increase in the average house price. While the average joe cannot afford to buy property hence the low level of sales volumes. If the price of property comes down then maybe the average joe could buy a property and then the sales volumes may increase. The index seems to be flawed at the moment as it does not link low sales volumes with affordabilty.
  8. Sales volumes — In the months April 2009 to July 2009, transaction volumes averaged 48,109 transactions per month. This is a decrease from the same period last year, when sales volumes averaged 59,677.
  9. Thats assuming the properties sell at the inflated price which is unlikely. I have also recently seen properties bought+renovated and put back on the market at what i would call silly prices. Unsuprisingly there have been no takers. Some of the developers have then put the properties up for let at inflated rental prices, again there have been no takers.
  10. All this recovery talk is a false illusion peddled by Gordon Brown in the hope that he may get elected next year. At the end of the day he has added more fuel to the fire but it cannot carry on as it was the housing boom which caused the banks to go bust.
  11. Asking Prices do not equal the selling price. All this goes to show is that all the false recovery talk spouted out by the media is making some sellers think that we are back at 2007 levels and pricing accordingly, this is false hope. The reality is that mortgages are alot less easy to come by than before and easy credit should not be returning anytime soon unless the government want a repeat of recent events. It is a good thing that the banks are being sensible with lending policy. The VI'S seem to think that 2007 prices were normal and that a recovery means a return to these levels, they fail to see that it was these prices that basically caused the banks to go bust. At the moment the economy is on life support with Gordon Brown desperate to create the illusion that he has saved us all in the hope of getting elected. This government has failed this country in many ways over the last 12 years, why would they suceed in creating another housing boom. It is doomed to fail just like everything else this goverment has messed with.
  12. The person who sold the flat for £242,000 must of been laughing depending on whether he used the money wisely. I still think it is ridiculous that this could of happened though.
  13. If i ever found myself in a position where i had to consider a job at Asda then i must say this video would seriously put me off from applying.
  14. The property listing has now changed to offers in excess of £105000, i wonder if the property developer is starting to see the light or is he gettting desperate. It is still at least 50% overpriced in my opinion and i do not think this reduction is significant enough to make anybody interested in the property. Purchased at auction for £61000 Initial asking price after tidy up- £119950 Later reduced to- £115000 Current Price-Offers in excess of £105000 http://www.rightmove.co.uk/property-for-sa...on%26index%3D80 http://www.rightmove.co.uk/property-for-sa...on%26index%3D80
  15. I believe alot of the people on MSE are likely to be home owners so this view is biased to say the least. You could say the majority of users on the HPC forum are biased with opinions although i feel we hold the right views at this current time. I wont be taking much notice of this MSE poll.
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