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mobfant

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  1. Random London anecdote. I put an offer in for somewhere in Brixton for £500,000 in June-ish last year. Mortgage company valued it at £485,000. I was already concerned I was paying over the odds for somewhere that was too small and I couldn't live in for longer than 2-3 years so I pulled out. It went back on the market for £500,000, then reduced after 4 weeks to £485,000, when it was taken off the market. It came back on a month or so ago (so presumably that sale fell through) for £475,000. Happy I made the right choice, though roomhunting isn't a huge amount of fun either....
  2. Very interesting. Fingers crossed. Also, has anyone seen this anywhere else (aside from the RICS press release a week or so ago)? "On Tuesday, the Royal Institution of Chartered Surveyors told City A.M. that buyer enquiries had collapsed and that London prices could fall in 2015. Feeding the decline was unaffordability and new mortgage rules." http://www.cityam.com/1413419940/london-house-prices-may-be-starting-drop
  3. Have you seen more think-pieces/op-eds though? Most stories over the past couple of weeks are a re-hash of press releases, rather than journos coming out and saying Don't Buy now/bubble about to burst. Moneyweek is the one exception I can think of
  4. Could it be a seasonal issue? For BTL'ers, buying a house is more a choice than for FTB'ers etc, so they are less likely to buy over the summer?
  5. Comments from RICS London surveyors this month Brendon Thomas MRICS, Tower Hamlets/ Hackney / City / Newham, Maitlands Acorn Professional Ltd, 07823777900 - Seeing good demand across most of my patch, underpinned by regeneration etc. New schemes are selling well. Expect a busy run into Christmas. Charles Puxley, Chelsea, Jackson-Stops & Staff, 020 7581 5881 - Traditionally Sept ember is a busy month for instructions in Central London. This has not happened this year and there is notably very little activity at just over the £2m mark. Mansion tax seems to be a real worry; it will decimate London prices. James Gubbins MRICS, Pimlico, Dauntons, 020 7834 8000 - Stock levels began to recover over the summer months as applicant numbers fell back and transaction numbers reduced. As summertime passes, buyer activity returns. Jeremy Leaf FRICS, Finchley, Jeremy Leaf & Co - There's no question, we're seeing a marked reduction in enquires compared with a few months ago. However, what we lack in quantity is more than made up for in quality as serious buyers chase relatively few well-priced family houses and flats available. John King FRICS, Wimbledon, Andrew Scott Robertson, 020 8971 4990 -Activity levels are greater below the £1m level than above at present. Good supply of stock coming onto the market across all price ranges. Values are softening. John King FRICS, Merton, Andrew Scott Robertson, 020 8971 4990 - The number of viewings to offer ratio has moved down the scale. We expect this to be the norm depending on asking prices. Keith Barnfield FRICS, Enfield, Barnfields, 020 8363 3394 - Activity has yet to pick up after the holidays. More properties are staying on the market longer and offers are being made at figures below asking prices. Kevin Ryan FRICS, Mayfair, Carter Jonas LLP - The market remains in the doldrums. The spectre of a Mansion Tax on top of the Annual Tax on Enveloped Dwellings and the recently introduced tax on foreign capital used as collateral for mortgage borrowings in the UK is a deterrent to overseas buyers. Peter Boros FRICS, Henley On Thames, Boros CRE Ltd -Last few months impacted by worldwide holidays and festivals/celebrations. Peter Rollings FRICS, London, Marsh & Parsons, -A lack of potential buyers entering the market has caused inflated asking prices to be trimmed back, in some cases considerably. More of a buyers market. Robert Green MRICS, Chelsea, John D Wood & Co., 020 7352 1484 - Chelsea has seen an active market from domestic buyers in September. These buyers are looking to the long term and seem less sensitive to the threat of Mansion Tax than others as many seem unconvinced it will happen, at least in the current form. Simon Aldous MRICS, London, Savills, 020 7016 3861 - We do think there is uncertainty due to the forthcoming General Election and the changes that may arise to Mansion Tax, Annual Tax on Enveloped Dwellings , Capital Gains Tax, Stamp Duty. Changes to mortgage lending/regulation has softened the market in Prime South West London.
  6. This is what I was hoping for. Full press release carries a bit more info http://www.rics.org/uk/knowledge/news-insight/press-releases/steam-evaporates-out-of-uk-housing-market/
  7. Tomorrow is RICS. If they're not more bearish than last month, particularly in London, then I'll be upset. Halifax is less important as an indicator.
  8. UK house prices rise more rapidly than expected in September - Halifax Wed Oct 8, 2014 8:22am BST Not there yet... Although can't see London stats
  9. Problem is, there's been a huge increase in building but it's often luxury flats. Not only do these distort the numbers, and not only are they not for ordinary Londoners, but they also sap the supply chain of builders and materials, which are apparently in short supply
  10. I think so - it was last out on 8 Sept so 8/9 Oct is likely. RICS is on Thursday I think, though that's been increasingly negative over the past few months already
  11. I think this was definitely one of the key early signals - when the Duke of Westminster and Land Securities decided to call top of the market.
  12. Ignoring the debate around whether they are accurate etc, I'm surprised they are so specific and don't say instead, for example "we are 90% sure that prices will fall by between 0 and 2%". Maybe they do in the body of the report and the press release is different. but it's ridiculous for anyone to predict house price changes with any more confidence that +/- 1% at best.
  13. Interesting. Do you have the stats on London though? I would have thought it depends on the type of flat e.g. lots of luxury flats may have been built but that doesn't address the need for the majority. And is the 2.3 persons per house a 2014 figure?
  14. I definitely made the right choice withdrawing even though it cost me. It was too small a property for more than a couple of years I've seen a couple (online) since that were much better value and that I'd have been happy buying at the time I think - even given talk about possible house price falls now - as I'd rather have the psychological stability of my own place, and renting out the spare room. As it is, I'm applying for promotion and so I'm waiting for that (and the associated pay rise) before I think about whether to re-enter the market or not.
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