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thehowler

A Year Out

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Right, I'm off. I don't need to buy for a year so I might as well drop out until next summer. A degree of circularity and moribund observation has been creeping into the posts so I'll go into exile and see what's new in a cycle of the sun.

I was a member years back, before the division and was watching then for a crash in Oxford. It hasn't happened. I don't have the psychic reserves to keep checking rightmove, reuters, markets and the snippets from the fringes on this forum so I shall retire and post again next July.

Good luck to you all. Let's hope things have changed when we next meet.

The Howler

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... was watching then for a crash in Oxford. It hasn't happened.

Nonsense.

Prices are down 20%.

Asking prices are irrelevant.

Another 20-30% to come.

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Nonsense.

Prices are down 20%.

Asking prices are irrelevant.

Another 20-30% to come.

The problem is that asking prices are relevant where sellers are not forced to sell.

In my area, asking prices are down 25% on houses and flats in the less sought after parts of town, and 15%+ on flats in the good parts. Sold prices are often as much as 30% off peak. However, houses in the good parts are often priced above peak, and very rarely more than 5% off.

These people are not listening to 'sensible' offers. A few of them are selling at near the peak price, and the rest are staying on the market for months on end. These sellers are not being forced to sell, so they are happy to leave them on the market indefintely at peak price.

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I think that is what is ht emost important part. After having 2 houses valued yesterday, the agent said prices are firm in the area as people are setting a price, setting a price they want for the house and not budging; good places are still fetching the right money. What he is saying, is that there are a lot of cheeky offers being made and that whether these are being taken up or not is dependent on the clients situation. Advised to sort all parts of the house up as all buyers are looking at any reason the drop the price of a property. He also said it is busier than at anytime in the past 18 months and more people are coming in to look. We have met with this fella over the past 12 months and think of him as honest and reputable as all the advise he's been giving us has been evolving as the market has changed so I am inclined ot believe the market has bottomed out and is now on the rise; both houses up ~3% on valuations 4 months ago.

But we're moving lock stock to Devon/Cornwall this year so will sell up 2 houses and go and rent next to a good school until we find a cracking plot of land to build on. I'd buy now, but we're really not too sure how long we'd be in one house until we find the right plot of land so it doesn't make sense ot shell out 30k in stamp duty to live in a house for 6-12 months and then sell up when it's very unlikely we'll make that money back.

I am starting to breath easier now though

The problem is that asking prices are relevant where sellers are not forced to sell.

In my area, asking prices are down 25% on houses and flats in the less sought after parts of town, and 15%+ on flats in the good parts. Sold prices are often as much as 30% off peak. However, houses in the good parts are often priced above peak, and very rarely more than 5% off.

These people are not listening to 'sensible' offers. A few of them are selling at near the peak price, and the rest are staying on the market for months on end. These sellers are not being forced to sell, so they are happy to leave them on the market indefintely at peak price.

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I think that is what is ht emost important part. After having 2 houses valued yesterday, the agent said prices are firm in the area as people are setting a price, setting a price they want for the house and not budging; good places are still fetching the right money. What he is saying, is that there are a lot of cheeky offers being made and that whether these are being taken up or not is dependent on the clients situation. Advised to sort all parts of the house up as all buyers are looking at any reason the drop the price of a property. He also said it is busier than at anytime in the past 18 months and more people are coming in to look. We have met with this fella over the past 12 months and think of him as honest and reputable as all the advise he's been giving us has been evolving as the market has changed so I am inclined ot believe the market has bottomed out and is now on the rise; both houses up ~3% on valuations 4 months ago.

But we're moving lock stock to Devon/Cornwall this year so will sell up 2 houses and go and rent next to a good school until we find a cracking plot of land to build on. I'd buy now, but we're really not too sure how long we'd be in one house until we find the right plot of land so it doesn't make sense ot shell out 30k in stamp duty to live in a house for 6-12 months and then sell up when it's very unlikely we'll make that money back.

I am starting to breath easier now though

Get them sold by September/October, do whatever it takes.

Just IMO.

The UK is on borrowed money and therefore borrowed time with a 12% deficit.

None of the possible effects of this can be good.

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