Jump to content
House Price Crash Forum

West Sussex - Price Changes


Recommended Posts

Summary of your main points:

(...)

1) I would love to see property prices crash to mid 90s levels

(...)

this year - heres why I think prices will stay the same.

2) Rental market is booming

3) If you are a "buy-to-letter", who owns properties that have very low mortgage rates & the rent you receive is covering your mortgage,

4) Over the past 10 years, we have seen significant migration to the UK

5) London is getting more and more expensive

6) price reductions in 2008, (...) banks have now been propped up

7) snow!

8) Finally the banks...banks are no longer prepared to take risks - (...) Banks are lending less & they are charging more for the good risks. As a result, there should be less repossessions

9) demand continues to outstrip supply.

Hi gingertips,

Wow, for someone with an alleged vested interest in FALLING prices you did invest a LOT of time and effort carefully trying to argue the exact opposite, no?! <_<

1) Straw-man argument

2) Unemployment + cuts + inflation on essential goods (food, transport, closing). Tenants will not be richer in 2011. LHA cuts for 2011 and 12.

3) Mortgage rates are lowish now, but going up already, and will go further up. See (2) above.

4) Historically, adding all immigration but also subtracting all EMIGRATION, NET migration has increased the UK pop by only between 1 and 2 million people, in a total pop of 60 million, this is not very significant.

5) Prices are falling in London too, and will fall fast in this spring. A 3 years pent-up supply will hit the market.

6) Banks are requiring high deposits, and lending very little.

7) Decembers are always cold.

8) :blink: Read your point (6), and make up your mind.

9) You are confusing "need", or "wishes" with demand. Demand = need + ability to pay. Banks are not lending.

In conclusion, if you are genuinely hoping for price falls, you can be happy now. :D

Link to comment
Share on other sites

thanks for your response - Ive been convincing myself for years that prices are going to crash & they havent! Whats wrong with wanting prices to crash but posting up things as I see it...?! Just because i want them to crash, doesnt mean I think that by posting up comments that I believe there is going to be one is going to make it happen!

I could go back on every one of your points and argue until Im blue in the face, but I know that we will go round and round in circles. My issue is that I am reading the same comments Ive read time and time again!

Will keep an eager eye on things & lets see whats happening in 6 & 12 months. As i say I would love nothing more than prices to go down - Im not here to troll - Im looking for sound reasons why not to buy right now!

Link to comment
Share on other sites

thanks for your response - Ive been convincing myself for years that prices are going to crash & they havent! Whats wrong with wanting prices to crash but posting up things as I see it...?! Just because i want them to crash, doesnt mean I think that by posting up comments that I believe there is going to be one is going to make it happen!

I could go back on every one of your points and argue until Im blue in the face, but I know that we will go round and round in circles. My issue is that I am reading the same comments Ive read time and time again!

Will keep an eager eye on things & lets see whats happening in 6 & 12 months. As i say I would love nothing more than prices to go down - Im not here to troll - Im looking for sound reasons why not to buy right now!

No you are not. Brown brought IRates down to 0.5%. Lowest rate in 300 years. It helped for a while, but now prices are falling again, DESPITE this record low rate. What else would they do now?

Rates will go up, gov. cuts, inflation, and you can't see the end of the line?!?!?!

Honestly, I find virtually impossible to believe you.

Link to comment
Share on other sites

No you are not. Brown brought IRates down to 0.5%. Lowest rate in 300 years. It helped for a while, but now prices are falling again, DESPITE this record low rate. What else would they do now?

Rates will go up, gov. cuts, inflation, and you can't see the end of the line?!?!?!

Honestly, I find virtually impossible to believe you.

Err yes I am - but you clearly know me & my situation better than I know myself, so I will stand corrected.

Edited by gingertips
Link to comment
Share on other sites

I am tracking prices in Horsham and Maidenbower (Crawley) in the 300-400k range but have no immediate plans to buy. My impression is that asking prices are still around 10% higher than 2007 levels but very few houses are shifting. I have noticed some 5-10% drops in the last month but they are few and far between and only take asking prices to 2007 levels anyway. Low IRs have certainly put a floor under prices around here. Nothing short of financial armageddon would lead to sustained falls of the kind we are hoping for me thinks.Personally I would be happy with 25% below peak prices but even that would take a 35% drop from current asking prices which is highly unlikely unless IRs rise rapidly and unemployment rockets.

Morning Thirdwave,

In same position than you - albeit currently around 300k but not wanting to spend anywhere near that. When I first started looking a month ago I also saw prices had increased on the 2007 prices & to say I was disappointed was an understatement! The 10% drops are few and far between in Horsham area that you just cant read anything into it.

We have no immediate plans to buy until July, so will watch progress with over next few months.

Link to comment
Share on other sites

Morning all,

well after some good advice from askfrank, Ive now downloaded a copy of property bee. Im looking at 3 beds in Horsham area & of those Im only seeing a small number which have been reduced by 3.3-3.8% with 1 having been on sale since last April reduced by 4.9 & one from May reduced by 8%.

Not really the big reductions that Im seeing banded about, but not looking to buy until July anyway, so plenty of time to see if these reductions will filter through to Horsham area.

Link to comment
Share on other sites

just to confirm those numbers

  • 6 between 4.9% & 8.3% reduction
  • 4 between 3-3.9% reduction
  • 3 less than 3% reduction
  • 30 no reductions

So right now, I dont see any signs of the significant price reductions being banded about for 3 beds in Horsham area, but at least I now have a base to start monitoring over the next 6 months.

Link to comment
Share on other sites

  • 4 weeks later...

http://www.independent.co.uk/news/uk/politics/west-sussex-county-council-to-axe-up-to-1300-jobs-2211952.html

Up to 1,300 jobs are set go at a county council as it looks make savings of £79 million over the next three years.

An estimated 500 posts - 100 of which are temporary agency staff - will go at West Sussex County Council between now and 2014.

The Conservative-led authority also said a further 800 jobs may be transferred to employment with other service providers.

So ultimately from the headline figure only 400 jobs to go.

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...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.