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House Price Crash Forum


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Posts posted by electrogear

  1. 10% by December? try 10% by August. Stand aside, this sucker has BLOWN

    I did a rough calculation on the Rightmove properties in our area for those properties being reduced in the last week, and the figure is around 7%. When you consider that around 60% of the daily listings are reductions, and the reduced vs new listing figure seems to be increasing each day, we'll probably be at 10% by the end of July, so I'd say you're right! I'll be waiting until around christmas anyway, I don't see the point in rushing to buy before hearing out the ONS/Nationwide stats for the next 6 months to give you some idea of the extent of the downward trend. I'm weary that interest rates might go up and I won't be able to get a decent 5yr fixed rate (potentially ever) but then worst case scenario, we just wait for the market to bottom out whilst continuing to save over the next year, and then buy a smaller house outright for cash.

  2. If the average 3.5% daily fall over the last few days continues:

    This Friday:- 90 GBX

    Next Friday:- 75 GBX

    Following Friday(s):- 63, 52, 44... etc

    What is likely to be the 'bounce' price and why (for someone who is naive when it comes to shares & investments)?

    The housbuilders have really taken a pummelling over the last few days, with Barratt losing 20% in 3 days, or 42% since Brexit. Similar story for Persimmon, Bellway and Taylor Wimpey, and not surprisingly given the stale market, Rightmove is down 25% since Brexit. It's a good indicator of low confidence in the market, which we all knew was there, but now hopefully even the boomers are thinking twice. We've been holding off buying for 8 months now, watching the buying frenzy with people paying 12 times the average salary for a 3 bed semi. To say I could see this chain of events coming would be a lie, but I definitely felt something had to give. I don't want to be waiting years to buy, but I'm hoping to have seen at least 10% falls by December, and if it looks to be dropping further still we'll wait until it bottoms out.

  3. Goole went completely silly in 1988-9 with prices doubling in a few months so I sat on my hands. Towards the end of the year desperate sellers were calling me asking if I was still in the market and offering at the price they started the year at. A house I was interested in came on at 19k, when we viewed it they wanted 25k and it reached 34k. They offered me it at 19k in the autumn and I turned them down. You get big waves in a shallow pond when you heave in a rock. Goole definitely a very shallow pond.

    Wow, yeah that was silly. When I said "prices went daft" I meant there was a sudden increase by 5-10% in the asking prices (not double!) and they were all selling, but when April hit, those prices which were put on with the same asking prices still haven't sold and have been reduced. We actually offered 280K on a house in Feb that had been reduced from 325K to "offers over 310K" (sat on the market 3 months). They rejected it, and we moved on with our life, sold our house and went into rented. The EA rang back, clearly desperate as the vendor was switching to another agent, and asked us to formally put forward of 280K because she thought they would accept. Sorry, too late love! It's still on the market 4 months later, reduced again. I'm reluctant to buy at the moment as the market is up and down from one minute to the next, it seems so volatile.

  4. We've been looking to buy in the villages to the West of Hull and been monitoring the market for about a year. Prices went a bit daft in Feb/March and houses at the lower end of the market were flying off the shelves, presumably as BTL demand peaked before the April tax deadline. Since then the market has slowed and asking prices seem to be falling back to what they were at the end of 2015.

    Houses in our 275K-325K band seem to be hardly shifting at all and there's very little coming to market, maybe 3-5 per week compared with 10-15 per week a few months ago and anything of quality is usually Sold STC within a week so it's not as if there isn't any demand. It seems to me like a lot of vendors are reluctant to adjust their price to suit the market conditions or perhaps they're thinking things will pick up after the referendum?

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