kevla22

I have been to a few local auctions for lincs and notts, property in Lincs is still selling providing the price is right, the auctioneers i have spoken too are turning away people with unrealistic views on price. JH Walter's latest auction last week sold 15 out of 17, they carefully selected the stock at realistic guide prices. From a commercial standpoint finance is still available for development projects, I did speak to a couple of FTB'ers who got the property they were after, they had managed to arrange a mortgage pre-auction including an independent valuation and they had a 10% deposit. Still possible to get mortgages for auction property it seems provided people negotiate with lenders. City terraced houses / flats have taken a real bashing at auction with very little selling unless the location is right, specialist country homes auctions have held up well with prices only slightly down on last year. The fact that auctioneers are turning away many properties tells a story in itself, still too many people out there with unrealistic expectations!

Riots, mass culls etc! bloody hell you lot! getting through life must be a real hardship with that sort of attitude! Hopefully after a challenging period the people of Britain can put on their positive boots again and we can all learn to enjoy life! Tis a great country we live in and with a positive outlook we can ALL limit the damage of recent events and look forward to a more affordable future. Chin up guys, you never know, the sky might not fall in on us!

You make it sound like 33,000 is a drastic number with millions of homeowners in the UK, fact is its a drop in the ocean. As for banks having no money to lend, this is getting blown out of proportion, the crazy deals and silly LTV's are out the windows but for the credit worthy things are not really any different, what's happening is a return to normality. Lending is down largely due to people adopting a wait and see approach, in a falling market this makes perfect sense. I am not saying prices are not going to fall, they are falling by almost every measure, what i don't get is the apparent glee by many on here or understand the basis for a huge fast drop, there is nothing to support this argument (actual facts rather than opinion), that was my point.

What would be the driver for a huge short drop in prices? for that to happen people would have to be forced into selling probably because of in-ability to service debt etc. Massive falls over short periods would cause problems for ALL of us, people on here should not wish too hard for a doomsday scenario, those who seem to openly welcome this scenario wouldn't be laughing if they loose their jobs and can no longer afford to live.

haha, they are not all bad on here! Good luck to you, at the end of the day if its a home for you and your family who gives a rats ass about capital growth! I think people on here forget that a lot of people still need to move house (moving areas, new jobs, increasing family etc) and a lot people don't like to rent, if someone has 300k to spend and can find a house they love for their 300k they will buy it regardless of the endless doom and gloom. I am a dreaded "developer" in Lincolnshire and sold a cottage (money now in bank) for 6k over the asking price December 07 and on the 18th march received two asking price offers from cash buyers on my latest project before marketing brochures were even drawn up! Buy the right sort of property in a sought after location and there is still money to be made, but the days of "easy money" are certainly long gone! And before the less thoughtfull start on their parade of abuse, yes i expect the market to get worse and prices to fall and yes i think this would be a good thing for everyone in the long run.

Very well said, you would think that the world governments could employ people in third world countries to produce wheat etc, let them have some of the wealth from bio-fuels. Basic food stuffs will become the new gold if the governments are carefull, bio-fuel will defo take of as it doesn't mean huge costly re-engineering for the car manufacturers. Of course greed will win as always.

Woolworths? hardly a surprise! haven't they been struggling for some time now? One thing that has perhaps been overlooked is online sales, in the run up to xmas online retailers have seen great business, maybe more a sign of the times than a full blown recession looming?

I was out shopping with the missus on Saturday in Lincoln, total carnage! i really hate shopping at the best of times, hard to judge whether it was quieter than last year TBH. It does seem that many people waited a little longer this year though, we went last weekend as well and it was not all that busy. Local supermarkets have been open 24hrs for the last few days, we ventured into Tesco's at 8pm and it was heaving, one of the better supermarket experiences i have had, the staff were all dressed up and a surprisingly good atmosphere for a supermarket! Merry Christmas people, and a happy new year!

I would say that it is FTB buyer property that starts the ripple. At the moment FTB'rs are holding off buying as they want to see what happens with prices next year, the same can be said for investors who pretty much fit in the same bracket. There are plenty of buyers still out there (i should know, i had a chain free full asking price offer yesterday for a realistically priced house in good condition) but most cannot move because the bottom of the market is standing still. If next year FTB'rs won't pay as much then the seller will look to pass on this reduction to the property they want to buy, and so it goes...... Where this potentially falls down is with houses at the top end, it seems that market conditions have very little effect on top end housing unless the area suddenly becomes un-fashionable! Million pound plus houses still selling very well, god knows why this is, i suppose people with this sort of cash care less about capital depreciation if its the house they really want, but then this could be said about most people to be honest, at least those who are buying to live!

not the best site to choose to ask a balanced question! Remember this is House Price Crash and a lot of people on here are obsessed with the with it, much like many are obsessed with house prices rocketing. Mr Yogi hit the nail on the head, all this talk of consumer prices, inflation, interest rates etc, none of it makes one bit of difference if buyer confidence has gone out of the window, which it has for now. Prices will fall simply because enough people now think they will, may seem a very simplistic view but all markets are driven by sentiment. Of course if papers started to print in the new year that we are saved and there will be no recession / property crash then off we go again! Just look at how quickly things changed from summer to winter, northern rock / credit crunch media coverage and suddenly everything stops dead and sentiment changes virtually overnight (i know that doesn't apply to most on here, but generally) RICS seem to think that all this recent scaremongering (and thats really what it is, papers selling largely one sided stories) will have an effect next year with falls expected until late spring. I am sure many will now set about telling me what an idiot i am but it is widely accepted that RICS spotted the last crash, they are in a better position that anyone to fully understand what is happening in the property market, and they are not shouting about a crash at the moment. On the subject of media hype: Imagine this as an example, the reporter interviews 10 economists, 9 of those say "well were headed for a tough ride over the next couple of years, slower growth and damaged confidence that will result in some business's going under, inflation at real risk of running away with itself, but on the whole we can muddle through" One of those ten says "we are headed for economic meltdown, the financial markets are spiralling out of control, without doubt a recession is now un-avoidable" Which "expert" opinion do you think will make the papers? Most of the information i have read on here seems to be coming from media sources, so after years of many HPC members calling people sheeple for believing the hype they are now doing exactly that!! I don't intend this to be an insult by the way, just another example of sentiment, this time though its the sentiment of HPC members towards media information which can rarely be trusted, even those in money magazines which may seem more reliable are mostly just some guy who wants to get his views across, more to do with ego than solid facts.

Merry Christmas Council Dweller, depsite my rather sarcastic post i agree with the world reaching a turning point, too much greed and self obsession these days hopefully the events of late will teach people a lesson, but probably not!

HI nige2008 As others have suggested you need to speak to the duty officer, they usually have an open day (wednesday in my area) where you can go in and discuss your proposal in person. It is always best to take a softly softly approach, ask them what the local needs are, they will often suggest how best to utilise the land. The local development framework must be adhered to and is far to detailed to discuss here, be very wary of architects too because very few are honest. If the council suggest they would support a "new build" then draw up some plans yourself (look at examples on housebuilder sites) and talk them through with the council, sometimes the planning office will state that you have to submit detailed plans as opposed to a basic plan for OPP, talk to them about this. If you can get OPP for a dwelling then i would suggest that you should sell the land and house separately as you will realise a larger profit this way but bear in mind people don't really want to live next to a building site!. If however you are selling the house as an unfinished project with the plot included then yes the plot will add value but probably not as much as selling both individually. Be very wary of the dreaded EA as well, these days they value houses in need of work (and plots as well) at just below ceiling prices so be realistic about re-sale figures. Plots are sold taking into account a land agents view of build costs and do not allow for profit so again be realistic. A good way to sell fast is to price as follows: If the existing house could be worth say 200k when complete then: 200 - 10% profit = 180k Minus cost of remaining work (20k for example) = 160k Minus carry costs (15k) = 145k So to attract a quick sale in this case a realistic sale figure would be 145k If the new build has an expected end value of 300k then: 300k - 20% builders profit = 240k minus build cost (140k) = 100k minus services (5k) = 95k minus site setup (5k) = 90k minus carry costs (30k) = 60k So a realistic re-sale would be 60k for the plot. Hope this helps! ps - one other thing i forgot to mention, do not be put of by troublesome neighbours, planners can spot trouble makers a mile off and if you can get the planner on side then it helps. It is common for councils to reject applications first time round, quite often because they are snowed under with applications and prefer to spend the time looking at appeals, people who appeal are generally more serious about the proposal. Check with the council during the 8 week period, they will hint whether it is likely to be granted, if not withdraw it and ammend as per their comments and re-submit. If it still gets refused then go to appeal and argue your case, with new builds down the road a precedent has been set, an appeals officer would be far more leniant to your proposal. pps - a feasibility study always helps, shows that you have thought about local needs, how the house would fit with the street scene and environmental aspects. A professional attitude always goes down well, upmystreet.co.uk is a great source of demographic data.

A tough year all round i suspect, average houses not selling, overpriced houses not selling. Slow economic growth, some redundancies as small companies are hit, some repossessions as people who have overstretched themselves struggle. At the mo most people are holding out for close to asking prices (at least they are in Linconshire), i haven't heard of many people panic selling either. Good property at realistic prices still selling even in December. And no i am not a property bull, makes no odds to me whether they go up or down, i actually hope down so FTB'rs can actually have a home of their own! Just telling it like it is for my area so please don't start hurling abuse!

Merry Xmas and a happy new year for all! Predictions for 2008: - banks all going down the pan - retailers will start burning their shops down in insurance scams - people will start knocking down their houses to sell on the bricks for cash - every business except tesco's to lay off 90% staff - redundant staff to murder everyone at tesco's who still have a job - monolopy money to replace the pound - the rich will start hiring the poor to shine their boots - 90% of londoners to start living in shanty towns on every bit of public parkland throughout the city - anyone with a mortgage or credit card to go straight to hell for being so "stupid" - city bonuses to be replaced with rice and bread rations - the end of the world as we know it

That's not completely accurate, many amatuer BTL'ers are coming unstuck but the professionals who make their money from rent and not capital appreciation are doing well. I do like this site, many people who talk a lot of sense, but it does seem the "sheeple" bashers are fast becoming sheeple to the latest scaremongering!

Is it that prices are dropping or people are starting to be more realistic! Don't forget a lot estate agents will always price slightly above what they feel is realistic to account for offers, and with the market getting tough many agents will overprice to secure the instruction, then get the vendor to reduce the price to what it should be! Then there are greedy people who tell the agent what price to put it on at in the vain hope of getting a crazy price. In my area at least, good property at realistic prices are still selling even after the NR crisis etc.

hmmm, the thing is you must be basing what you have said on information you have got from somewhere?! To clarify, its not "expert" opinions i am looking for, no such thing as an expert in my view, more hard data! For house prices for example i look at land registry data because as far as i know this is purely based on sold prices. Thing is looking at this data for my area (lincolnshire) there are no signs of any significant fall, there has been a slight fall in prices from sept-now but this has been the case every year over this period. Lincolnshire is a different kettle of fish though as prices here haven't rocketed, prices have seen steady growth at 5-7% per year with seasonal falls. Still above RPI and therefore wage increases so prices i feel need to come down a little more.

Blimey, didn't realise there were that many! Glad i don't watch much TV, must admit to watching the odd grand design, but i don't think this ramps property as it is not about profit but people realising their dreams! Wonder how that list will change over the coming years?

No me either, there seems to be so much uncertainty at the mo with different groups claiming different things, seems like nobody really has a clue at the moment, time will tell! The media reporting doom and gloom for all won't help matters, at the end of the day markets are driven by sentiment and its low across the board. All the papers are interested in is selling papers and there's nothing like a bit of misery to boost sales so i take anything printed with a pinch of salt. I think it would be a good thing for house prices to fall steadily for the next couple of years or so, a recession would suck though, it would ruin the lives of many and most likely those who are already struggling. I think in some ways this part of the "cycle" has to be experienced in every generation, its a powerful lesson to learn and stops people getting too greedy (well except people who are cash rich, good times for them no doubt). HPC regulars, what sources for info do you think are the most reliable?

I completely agree, its more than feasible to build environmentally friendly homes and with the rises in services it makes more and more sense. What gets me is a lot of this land isn't used for any purpose, why not allow people to put up a timber frame house that sits on piles (not a huge slab of concrete) and uses solar/wind power and has its own sewage treatment system. Given that current housing levels are still way below demand it seems crazy. At the rate the population is growing it will only get worse. The planning laws will have to be relaxed eventually.

Well not everyone thinks the same thing, most investors i have spoken too think its all nonsense, one bank manager i spoke too said the bubble has to burst at some point, another said we aren't there yet. Seems to be two camps each with their own valid arguments. I am inclined to believe the investors because so far they haven't been wrong, where as the media hype about a crash has so far been incorrect. I am not saying it won't happen, i just don't think it's time to start selling up and downsizing just yet!

Hi there, I have been a member of propertysecrets for the last three years, in that period they have not been wrong once, every prediction they have made has been correct. It is run by some of the countries top investors, and they generally say the exact opposite of what you read in the media (and all the rather silly reports). I get a weekly newsletter that details property hotspots, and lowspots! If you want to know the truth, speak to the people who really know! They don't believe there will be a crash, and at present i haven't read anything that makes me doubt them, thats why i am here to see the other side of the argument, not convincing so far! Hi, my apologies, haven't checked the ODPM for regional stats!

Well maybe i am mis-understanding, but the actual sale prices of houses has risen. If you read the rightmove figures, they are based on actual sale prices not asking prices. I haven't read any report that states sale prices have fallen, quite the opposite, the sale price increase slowed in february but as far as i am aware they didn't drop? I must admit i haven't read the ODPM results, i shall take a look. Cheers

I will have a look, not sure thats the case as income is higher these days even in comparison to high property prices. Will double check though!

Another classic case of scare mongering. No offense, but anyone who believes what they read in a paper needs there head read. Based on several different reports i have read, seems prices rose 0.9% in february, down 1.2% from January, so not actually a price drop, just slower growth. This is a common media tactic.