Jump to content
House Price Crash Forum

Ross Clark On Fire - As Usual


Recommended Posts

0
HOLA441
1
HOLA442
2
HOLA443
From the point of view of selling her house, my mother died at just the wrong time."

:blink:

while it is very hard to accept that the value of your main asset is falling, ultimately it is the market that decides how much a house is worth, not its owner.

:D

Link to comment
Share on other sites

3
HOLA444

Doesnt TTRTR claim to own several properties in Wandsworth and has been claiming recently that prices there have been going up not down ?

Here's one for him............

If everything is going so well in the housing market, Pam Williamson down in Melody Road, Wandsworth wants to know, why can't she sell her four-bedroom terrace house? Two months ago, she put the house on the market with John D Wood for £610,000. "Earlier in the year I had seen another house in the street, which unlike mine was in need of complete renovation, advertised for £625,000.

"I don't know what price they got, but I am sure the house sold. I thought I was being conservative in putting mine on at £610,000, but for the first 10 days I had no interest at all. Two weeks later I reduced the price to £580,000, and I had a trickle of people after that. But I have only had one offer, and that was from a developer for just £500,000. The market seems so slow at the moment. It is hard to know what has gone wrong. I am just fortunate in that I have already bought my next home, in Wimbledon and I am not in a chain."

The housing market in Melody Road, as elsewhere in London, is clearly on the slide..........................

Link to comment
Share on other sites

4
HOLA445

Thanks WP.

I can say that from my point of view a 4 bed house is not worth £610k in Wandsworth.

My price for a 4 bed is about £475k, 5 bed about £540k and a 6 bed (rare but out there), about £570k.

So the only people buying a 4 bed for £610k would be mad.

Simple.

And yes it does all depend on location and other factors etc etc. But a tenant doesn't think like that and they're the market I'm aiming at.

Link to comment
Share on other sites

5
HOLA446

What is more interesting is where and how this article is presented in the main edition of the Sunday Telegraph - centre editorial pages under a large photo of a crumbling house and the headline "Thud"!! As I have stated before, the media will ultimately aid the HPC as they just cannot resist a bad news story. The next stage is that this will be carried by the Daily Mail reaching aspiring middle-Englanders. Then the spin will come about from these right wing papers that its all the fault of Gordon Brown and what price his economic miracle now!

The great thing about this article is it puts the skids under the recent Halifax and Nationwide surveys that claim house prices are still rising slowly. It will, I guess, start to be quoted by EAs in persuading sellers to accept that they must market at realistic e.g. lower prices.

All in all great news to see a realistic article like this in the main stream and hence influential press.

Link to comment
Share on other sites

6
HOLA447

Great article. It seems everyone is surprised that the "market is just totally 'flat'" - they can't comprehend where the buyers have all disappeared to. The reason is simple, and it's one that most HPCer have always believed - that once prices slow down and then eventually stops, the "rush to get on the ladder or be left behind" disappears and is replaced by caution and apprehension. No trigger required - never was. The market will continue to slide under its own weight.

Link to comment
Share on other sites

7
HOLA448
What is more interesting is where and how this article is presented in the main edition of the Sunday Telegraph - centre editorial pages under a large photo of a crumbling house and the headline "Thud"!!

I agree. Most odd it wasn't in one of the supplements (House&Home or is it Property, anyhow....).

One could argue that it is hidden from sorts ho only read the property supplement, but that was on helluva THUD! headline, and the crumbling house is a full half page. Not exactly my idea of hiding!

Edited by Sledgehead
Link to comment
Share on other sites

8
HOLA449
9
HOLA4410
10
HOLA4411
11
HOLA4412

Notice te way people who want to buy a house but cant sell theirs just buy another anyway

One poor woman seemed to think this was a gerat wheeze "I am just fortunate in that I have already bought my next home, in Wimbledon and I am not in a chain."

This can only end in tears....

Link to comment
Share on other sites

12
HOLA4413
13
HOLA4414
14
HOLA4415
Thanks WP.

I can say that from my point of view a 4 bed house is not worth £610k in Wandsworth.

My price for a 4 bed is about £475k,  5 bed about £540k and a 6 bed (rare but out there), about £570k.

So the only people buying a 4 bed for £610k would be mad.

Simple.

And yes it does all depend on location and other factors etc etc. But a tenant doesn't think like that and they're the market I'm aiming at.

Hmm,

That is interesting.

For what it's worth, £475k for a four bed freehold house in Wandsworth doesn't sound outrageous (given a two bed leasehold apartment there probably goes for £200-250k).

Perhaps that's why you seem to find everything you are looking for is going so quickly or just isn't available?

Here is clear evidence that a property like what you go for in your target area IS available... just at 30% or so more than you think it is worth. SNAP.

You're a HPCer at heart aren't you TTRTR? ;)

Edited by London-loser
Link to comment
Share on other sites

15
HOLA4416
16
HOLA4417
Guest Riser

I suspect Natasha will get a asking price offer in the next few weeks but this won't be as if first appears. Those with a vested interest in the market will be well aware of the damage to confidence an ongoing story about Natasha losing money on her house will do so it would be worth their while clubbing together to buy her property now. When she does sell it will be interesting to find out who is funding the purchase, the answer could provide a great story for the papers. :ph34r:

Link to comment
Share on other sites

17
HOLA4418
Thanks WP.

I can say that from my point of view a 4 bed house is not worth £610k in Wandsworth.

My price for a 4 bed is about £475k,  5 bed about £540k and a 6 bed (rare but out there), about £570k.

So the only people buying a 4 bed for £610k would be mad.

Simple.

And yes it does all depend on location and other factors etc etc. But a tenant doesn't think like that and they're the market I'm aiming at.

So, the woman in the article is probably going to have to lop 20% off her asking price to sell? That's the whole point- expectations have become distorted, but reality is now setting in, and prices will correct accordingly. When even a perma bull like you would need 20% off to buy, we can see where prices are heading...

Link to comment
Share on other sites

18
HOLA4419
Are there any statistics on bridging loans out there ?  I'd take an educated guess that they've risen over the past year.

Just had a look around but couldn't see anything recent about bridging loans.

Found this on the BoE statistics database though - bridging loan data over the last HPC:

Annual amounts outstanding of UK resident banks' (excl. Central Bank) sterling and all foreign currency bridging finance lending to individuals (in sterling millions) not seasonally adjusted

31-Dec-86 922

31-Dec-87 1318

31-Dec-88 1905

31-Dec-89 2242

31-Dec-90 1831

31-Dec-91 1372

31-Dec-92 1006

31-Dec-93 704

31-Dec-94 614

31-Dec-95 547

31-Dec-96 431

If anyone can find recent data, it would certainly be interesting to see if this pattern was being repeated.

Anyone fancy asking the Bank if they've got a more recent dataset?

Link to comment
Share on other sites

19
HOLA4420

What a good article. What I find most interesting is this quote;

"According to the lenders and estate agents who daily plaster journalists' desks with press releases, the housing market is undergoing a "soft landing". "

There have been many posters to this forum who complain of 'lazy journalism'. This tends to support this asertion.

It's easier for me to believe that this is the case rather that they have a deliberate VI bias.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information