Pent Up

I've just started a similar collection of data for chelmsford Essex to measure supply on the Market. I don't see how this has anything to do with demand though? It's interesting does appear to be a rise in supply. The mortgage approval data is the only way I know of that indicates demand. Down 17%

That suprised me! I'm happy with that.

was it - 1.5?

the property next door to the one I'm interested in has just gone stc. Is the anyway of finding out what price it actually sold for? Short of knocking on the door and asking. I know nethouseprice and such tell u recent sold prices but obviously it won't appear on there until some time after completion.

I'm in a similar position. Have around 65k deposit will be keeping 10k back. I'm not prepared to borrow as much as you though. Obviously it depends on your income but I wouldn't recommend borrowing all the bank will lend. I'm not prepared to spend more than 160k on house at the moment. Made an offer on our dream house but it was rejected. So we are waiting again. Bare in mind we live in Essex so 160k gets you feck all outside the ghettos! Good luck with it. If your know you will happy there long term I can't see a problem.

I was just going to ask the same question. How does this compare to say 1 or 3 months ago? Has it always been the way that 30% of properties are reduced?

I bet they weren't lecturers in economics!

I agree actually. All my friends know it's way out of their reach so don't care enough to look into it.

I think most people of the generation above me. (I'm 27) are thick when it comes to the house Market. When people hear I'm looking at houses and keeping my eye in the Market I'm often told "great time to buy at the moment" to which I reply: well actually it's the second worst time to buy in the history of the world! Only after this time last year! I'm sick of it.

maybe because they haven't worked hard and saved for a deposit they're not as bothered about losing it all and more! Anyone fiddling the numbers to get a dodgy mortgage is mental. With mine and my partners wages we can borrow up nearly 150k. We have calcualted what all our outgoing would be and we can't afford to pay the mortgage each month! Even with rates so low! Firstly why are banks still lending so much? We have a large deposit which probably helps. And second have the not worked out what they're outgoing would be? And at future higher rates? Madness! I'm not prepared to borrow more than 110k and even that is a massive amount! But at least we know we can build up savings and pay the mortgage and that we will be ok after our fixed deal has ended with much higher rates. In my opinion people like this deserve to be repossed.

I was actually advised to do this by an older friend obviously caught up in the media hype of the past decade. "prices will always go up..." I know I'll buy two now sell in 3 months, use the profit for deposits for 4 more wait 3 months sell use the profit for 8 more wait 3 months.... Im gonna be a property millionaire! may aswell give up my job tomorrow and buy a bently on credit. Spread the word its easy were all going to be property tycoons! (as soon as the snow stops that is)

I certainly hope so. FTB'ers are getting rarer and rarer, Young people cant even rely on parents to lend them the money anymore. Mine are certainly not in a postion to do so. Compounding this loyds recently annouced it is revoking guarantor mortgages.

lol I agree I dont really know either just hoping. In the meantime if I found a home i think I can be happy living in for a considerable period of time ill buy now. If prices crash and I want to move the house im moving to will be lower too. Once im on home owner I coudnt care less about a crash (as long as i can pay the bills and not in negative equity) but if it happens before all the better because I can get more house for my money or a very small mortgage

Could be right about stagnation. I think people have become carried away over the past decade with the assumption that property prices will always rise. Probably mainly due to the media. For any market to rise it has to have money coming in to it. People now dont have jobs or have had wage cuts and cant borrow the money so where will it come from? There are not enough billionaire investors sitting around waiting to buy houses to prop up the whole market! Its only got as high as it has due to ease of credit and that is not around anymore. I'm 27 and have been saving for many years. Im fortunate enought that my partner had also been doing the same long before we met so we have about 40% deposit to put down on a £150K home. Which will get you very little in south east England. Out of all the friends I have and friends of freinds and family I dont know of a one single other person or couple who is in a position to purchase a property without putting themselves at a massive risk. There is no money coming in at the bottom end of the market.

Is the mortgage value not based on the actual amount agreed to be paid?

I think a lot of people will be wiped out long before 8%!

The estate agent is probably telling the vendor 'dont accept this offer they will go higher' then coming to you I say stay low and stick to it. I am prepared to buy now if I find a house I love and would be happy in long term but I need a deal on it. Found one a few weeks ago put in a low offer and was told "I shouldnt think for a moment the vendor would except that and I certainly wouldnt advise him too!" Needless to say it was rejected as was another slightly higher offer. Also discovered that the EA had created a false offer above my second offer to try to push me up! Ill be waiting another month or too and be going back in with the original low offer again, hopefully after another month or two of falling prices. Be ready for any concievable trick from EAs to push up prices. They talk the market up but they must be shitting there pants behind closed doors! Stick to your guns. Dont move an inch but be prepared to lose the house.

Ok thanks daisy

anyone know when the feb Halifax hpi data is due to be released?

Thanks Alfie Moon thats very interesting. If I have dealings with them regarding this property again (i.e. if they call me back) ill certainly try and get some evidence although that would justify his careful wording when he mentioned it : "the owner has informed me that he has recieved an offer via another agent" He could be clever and covering himself there? Bug, he is selling because "he wants somewhere bigger" Could be true about divorce.

He is single and has lived on his own there since 1999 and has a full time job. Whether he has debts I don't know. Only market for this house is young couples and ftb it's small but in a lovely location. It's one bedroom. I think the reasons for it not selling are: 1, ftbs and young couples have been priced out if the market for the last 3years. 2, his asking prices have been too high. Started at 225000 in 2007 and has steadily come down but lagging behind the market. 3, possibly he is not bothered about selling and is quite happy to sit on it and wait for the asking price. Although ours is the first and only offer. Oh and 4, the EA is a twit I know that for sure! We will wait and see at the moment looks like we will be walking away.

I dont really know what extra that would tell me? Also I don't want to create a false impression of increased interest in the vendors and agents minds incase it gives them more reason to hold out for a higher price. It's like playing poker! I think the best thing for now is just wait and see.

I did actually walk past the house in Sunday just checking out the area and it did cross my mind to speak to him face to face but he wasn't in anyway (well I assume not no car/ no lights on). Also when the estate agent mentioned the phantom offer he said the vendor told him he a recieved it from another agent. Don't know whether or not that is true but I do feel like the vendor is quite happy to just sit and wait. He hasn't found anywhere to move to yet.

thanks. I think we'll wait a few weeks to see how desperate he is. Hopefully they will call back when they see we have walked away. If not then it's back to searching and praying for the crash!

we have been making offers on a property with an asking price of 165000. I originally offered 145000 after finding put it's been on the market for 3 years with no offers! This was rejected so a few days later tried 150000 which Also was rejected. The EA informed me that the vendor would only accept something near the 160000 mark and that recently there had even been an offer of 155000 rejected which was apparently made through another agent. I told him thanks for trying but we can't afford anything near 160000. The property is on the market with 3 agents. Agent 1 which I am dealing with. I phoned agent 2 today to ask "a few questions before deciding on a viewing" and no offers there. So I tried agent 3 who said there has been an offer through another agent which was rejected (obviously mine!) so the agent I am dealing with is creating phantom offers to make me go higher. Has anyone else experienced anything similar or am I just reading to much into what's being said?