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House Price Crash Forum

slinky

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About slinky

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  1. Seeing some interesting times ahead in London at the moment. Seen some of the most ridiculous asking prices , same house back on 20% higher when did not sell last year etc. Think this may be a game of who blinks first. I'm fine about increased sales volumes when deals are being done, but the greed of some of the sellers recently popping onto the market is just astonishing. Thing is they risk sitting there and missing the prime selling time altogether, and then wondering what that popping noise in their ears was when boe eventually gets on with the business of raising rates. I find this bu
  2. The same thing happened in Spring 2004 where I lived in London, a particular moment in time when all of a sudden there was a lack of supply for whatever reason, driving up prices and leading to all that talk of bid frenzy. And from that date the market as you probably know in London stalled until end of last year. Perhaps its the same thing again, just a temporary lack of supply thing.
  3. I'm not getting too excited about one months figures in what should be a busy time of year, in particular because the rise seems to be because of a shortage in supply. When I sold in Spring 2004 in London there was exactly the same lack of supply issue going on for a few months which meant that there was a scramble by buyers and then as you know the market went dead right up until end of last year. The article talks about people not wanting to move because of the costs involved. Have to say its not sounding too healthy to me.
  4. Naa. I think no matter what tier of property you are in (superrich excepted) you are likely to find that what you think you should get for your hard earned money, and what you actually get are poles apart. I don't think that people who have 800k to spend on a property are any less aware of the total lack of value that you get from the current market that those who have say 200k. Its all just completely insane. I don't think there are any winners in terms of certain tiers of the market being crash protected. And lets face it, at all tiers of the market there are always lunatics who will vast
  5. Dear Frozen Out I complained as well to the BBC re their one sided view on interest rates, and comment about house prices surging in light of the land registry report and I got this response. "Surveys suggest that a clear majority of City analysts believes that interest rates are likely to be cut by a quarter percentage point during the next few months. The Land Registry survey is backward looking - analysing price developments during the last quarter of 2005. All snapshots of the housing market taken more recently suggest that prices are currently recovering... (although there are
  6. Asking prices can definately be insulting. And I think if the asking price is insulting then they should expect cheeky offers. Except that it still takes quite a brass neck to do so. Its not easy in practice. We put in a crash factored offer on a property that had been around for coming up to two years. I can't tell you how rude the estate agent sounded on the phone. Immediate outraged rejection by vendors. They did not seek to negotiate at all. I know that the offer we made was one that made financial sense, and it was a pretty hefty sum, and yet we were made to feel like dregs fo
  7. Dear Frozen out I completely understand the dilemma. I am a partner of a resolute HPC believer, and have become one myself. We sold to rent coming up for two years ago and have rented a couple of gorgeous places so far, the current one being one that we could not afford to buy outright ourselves. So here I am renting a gorgeous house and waiting for a crash to happen, saving money as we go, and have understood all the arguments and logical reasons why this makes sense, but from time to time I still get this strong urge to "buy" even though I know it is lunacy at the moment. I think its
  8. Here is something which is puzzling me. Papers keep going on about how its going to be an amazing year for city bonuses. How house prices in London will surge once again. 1) Can anyone explain why its such a good year for city bonuses when its not such a great year generally for everyone else? 2) Is it true? 3) Is there really a London House Price surge concern here - do city workers really fly out of their offices and pay more for houses because they get a bonus. I'm really interested to hear your views. Slinky
  9. TTRTR You mean you think lots of landlords will sell up soon?
  10. Maybe I've misunderstood, but is the argument that because of sell to renters, demand for rental accomodation will be in short supply, and so the cost of renting will go up? Are there really that many sell to renters out there that they will make any real difference to rental demand?
  11. Dr Bubb I think they range from 8-14% drops, most at the lower end of that range. ie uner 10%. They ain't shifting much although the odd one goes after a fair wait by the seller. There is new stock coming onto the market. Also, lots of multiple agency stuff. Estate agents telling me they are noticing more activity now as buyers are coming back to the market. They think there will be a filter of activity. I'm a bit worried that if people perceive that the interest rates have peaked there will be another frenzy but we shall see.
  12. Woody You are right, they are different areas, but Dulwich is not quite as far out, its 10 mins to London Bridge by train ie quicker than Clapham, and people who live in Clapham send their children to schools in Dulwich but then I know of folks who live in Dulwich who send their kids to a school in Clapham. The blurb from the estate agents in Dulwich is that it never crashes because of the good schools and I suppose there is more of a long term investment that folks make there because of that. Dulwich I suppose is "posher" than Clapham, but then again its surrounded by some definately no
  13. TTRTR, Here are some examples (largish family homes) Harold Road - drop of 200k Clapham Common Northside and The Chase - drops of 100 and 175 Belmont Road - drop of 75 and 25 Dalmore Road - drop of 175 I could go on. Sometimes the 100k drops are working and people are getting them under offer but in a chain. One house we were interested in bidding low for the estate agent tried to shore up price by saying that it had an offer near the already reduced asking but then conceded that the existing offeror was having trouble selling their house and had had to cut their asking.
  14. Where I live in south London I am seeing phase two of asking price reductions. Phase one happened at the start of the summer, and the same properties are quietly dropping the asking price for the second time again now. These are 100k-200k price drops for family houses in good locations. In another part of south london which I am interested in they are on their first set of price drops now. These get trumpeted by the estate agents as if its a massive discount. I got a cover letter this morning from an estate agent pointing out that the enclosed house had now dropped in price. Although it
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