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TheCountOfNowhere

A Warning To House Sellers...

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They've had a good run, the house sellers.

Gordon and his crazy spending manaaged to keep it all going just up to the election. ( Would be interesting to see how many MPs sold in the last 12 months !!!, anyone know ? ).

However, the game is up.

The austerity budget aproaches, fast.

The 6 billion in cuts announced yesterday is nothing compared to next years cuts and the tax increases.

The Euro is falling apart and money is scarce again.

This all adds up to the end of Gordons Dead Cat bounce. The cat has bounced and it is now just a dead cat.

A warning to sellers, get out now, drop prices quickly to find a buyer, sell and count your lucky stars you got out off the back of our future taxes.

You have been warned.

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They've had a good run, the house sellers.

Gordon and his crazy spending manaaged to keep it all going just up to the election. ( Would be interesting to see how many MPs sold in the last 12 months !!!, anyone know ? ).

However, the game is up.

The austerity budget aproaches, fast.

The 6 billion in cuts announced yesterday is nothing compared to next years cuts and the tax increases.

The Euro is falling apart and money is scarce again.

This all adds up to the end of Gordons Dead Cat bounce. The cat has bounced and it is now just a dead cat.

A warning to sellers, get out now, drop prices quickly to find a buyer, sell and count your lucky stars you got out off the back of our future taxes.

You have been warned.

Thanks. :D

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Phhheeeeeeeeewwwww! Got out just in time. The same pieces of land with a few bricks, kitchen, bathroom and living room will soon be worth.....well possibly half.

Edited by plummet expert

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To be honest, I think the bounce ended a while back.

As I said in the thread I started in Anecdotals, I've been watching 38 target properties on Rightmove. In the last 2 months, over a third have been cut in price, and one is now cheap enough that I'm seriously interested in buying it, and only a couple have gone under offer.

It's a very crude statistic, but 2 out of 38 properties selling (possibly...) in 2 months equates to an average time on the market of 19 months to get a property sold.

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To be honest, I think the bounce ended a while back.

As I said in the thread I started in Anecdotals, I've been watching 38 target properties on Rightmove. In the last 2 months, over a third have been cut in price, and one is now cheap enough that I'm seriously interested in buying it, and only a couple have gone under offer.

It's a very crude statistic, but 2 out of 38 properties selling (possibly...) in 2 months equates to an average time on the market of 19 months to get a property sold.

Yes, it does appear to be happening. I'm seeing falls of around 15% in around 40-50% of the properties that I'm watching, this is coupled with a influx of properties coming to market, hardly any selling (even at lower prices) and a noticable number coming back to the market having been listed as 'sold'. Initial asking prices are still very high though, but I do sense that things are turning at last.

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Two friends of mine in the Brighton area are trying to sell having had their gaffs on for about 2-3 weeks. No realistic offers other than a couple of lowball try-ons. The market is starting to turn with lotsa new stuff coming on and lotsa layoffs being announced locally.

I have killed the desire in two other friends who were serious about buying having read the Express etc. over past few months. We may all go out together in a year or so bargain shopping.

Carnage in house prices will be the order of the day. 20% down YoY by Crimbo this year.

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http://www.rightmove.co.uk/property-for-sale/property-22090343.html

Down to £525K

Down from £675K ( or there abouts ).

Looks like some people have got the message.

If the BoE starts printing again then having a house isnt going to help anyone, leaving the country is the best option.

Edited by TheCountOfNowhere

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They've had a good run, the house sellers.

Gordon and his crazy spending manaaged to keep it all going just up to the election. ( Would be interesting to see how many MPs sold in the last 12 months !!!, anyone know ? ).

However, the game is up.

The austerity budget aproaches, fast.

The 6 billion in cuts announced yesterday is nothing compared to next years cuts and the tax increases.

The Euro is falling apart and money is scarce again.

This all adds up to the end of Gordons Dead Cat bounce. The cat has bounced and it is now just a dead cat.

A warning to sellers, get out now, drop prices quickly to find a buyer, sell and count your lucky stars you got out off the back of our future taxes.

You have been warned.

I don't think they read here. Have you tried posting over on Mumsnet?

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Two friends of mine in the Brighton area are trying to sell having had their gaffs on for about 2-3 weeks. No realistic offers other than a couple of lowball try-ons. The market is starting to turn with lotsa new stuff coming on and lotsa layoffs being announced locally.

I have killed the desire in two other friends who were serious about buying having read the Express etc. over past few months. We may all go out together in a year or so bargain shopping.

Carnage in house prices will be the order of the day. 20% down YoY by Crimbo this year.

Hi there Realistbear.

"A year or so"? Really?! I was thinking more like 3-5 years! I was even planning to rent a better place, to wait in better "ambiance"...

Don't get me wrong, I do hope you are right and I wrong.

Why do you think it would be so fast?

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To be honest, I think the bounce ended a while back.

Me too. I'd say Feb/March was about the peak of the rally. I don't think we will see those highs again.

Maybe the OP should post that warning here: I can't sell my house :( *HUGZ*

It's a brilliant thread if you want to see some squealing piggies. Cheers me up no end.

Heres a taster :

"right!! I am sitting here and my heart is in my mouth after reading about all the folks struggling to get their houses sold. It`s doom and gloom again on the news and the feelgood factor is disappearing. I am thinking that we`ll drop our price, already at a genuine bargain price. We`ve no mortgage and are cheap to keep as we are in our 60s. I`ll just discuss it with dh and may do it this pm. We`ll have enough to live on and that is what matters

edit: done it. It is now 20 k less than it was this morning and that was 65 k less than we paid for it. Now 85k less than 5 years ago. It is a fantastic bargain as it is spotless, in a very lovely location and has 20 k of very good extras. Plus use of 50+ acres of very beautiful grounds"

Bargain? Yeah good luck.

Our time is coming

Edited by Pent Up FTBer

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Well, we have a Tory in charge now. That normally means at least one recession within the first few years. <_<

And that applies to past Tories who took over with the economy in a better state than now. Before anybody posts up that it was bad in 79, it was nothing like what we are facing today.

Starting from the extremely weak position it is now in there is only one way for the housing market to go and that is down. The only question is which will crash first...the general economy or houses.

I nearly dived back in and bought a renovation project a while back but I knew that it was best to wait till after the election. That was a good move even without the Euro crisis.

My buying plans are now set for 3 to 5 years time.

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chasing the market down comes to mind. Having STR'd (completion mid June) and sold at a realistic price I now get to enjoy the schadenfreude of seeing houses about which I said - vastly overpriced - dropping their prices - the beginning of the slide just so long as noone interferes with 'the market'.

I am biding my time in a 6 month rental and seeing when the right property (I am a cash buyer no chain) comes up and it is a place I want to live in for a good few years, I will buy again :D Sorry for the smugness but I feel I have called it right for once in my life.

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I thnk it's over myself too but it will take a while to filter through to the official figures.

I look forward to the official confirmation that prices are indeed again plummeting :lol:

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To be honest, I think the bounce ended a while back.

As I said in the thread I started in Anecdotals, I've been watching 38 target properties on Rightmove. In the last 2 months, over a third have been cut in price, and one is now cheap enough that I'm seriously interested in buying it, and only a couple have gone under offer.

It's a very crude statistic, but 2 out of 38 properties selling (possibly...) in 2 months equates to an average time on the market of 19 months to get a property sold.

Depends on where you are. Around here (SW London) about half the properties my daughter is interested in have gone U/O by the time we phone about them. There's a feel of early 2007 about it - a feeding frenzy of 'snapping up' and prices going completely bonkers again.

However, given recent history I'm taking this as a positive sign and crossing fingers for October/November.

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I don't think they read here. Have you tried posting over on Mumsnet?

why not post on mumsnet on the "am i being unreasonable" board -

a) AIBU to want to buy a family house for 3x joint salary

OR

B) AIBU to want to sell my house for its 2007 price to avoid negative equity

OR

c) AIBU to fell confident that the housing market is shortly about to collapse so we can all buy family houses, yippee!

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Also wanted to say that a house on our road has been for sale for 2 years.

Sellers totally unreasonable refused to drop price, and last week SOLD board went up, new people (Malaysians) have moved in.

Its an ok 4 bed detached house in a zone 3 London suburb - they managed to get £1.2m.

Its a price they would have been LUCKY to get in 2007.....

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It all depends on the area & houses you're watching to be honest. Things still selling pretty quickly round my neck of the woods & for close to the asking price, once the selling prices arrive on the internet.

Will the price crash happen next year now ?, or are forecasts now for 2011 or 2012 or 2013 or 2014 etc etc. There's too much demand unfortunately to allow prices to fall

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Also wanted to say that a house on our road has been for sale for 2 years.

Sellers totally unreasonable refused to drop price, and last week SOLD board went up, new people (Malaysians) have moved in.

Its an ok 4 bed detached house in a zone 3 London suburb - they managed to get £1.2m.

Its a price they would have been LUCKY to get in 2007.....

Hi Gizzly bear - 1 week to completion - looks like cash buyer than.

So Malaysia export us some sea food stick and now buy up UK real estate.. nice. It is about 25% discount to them though due to currencies depreciation. (would have cost them more in 2007)

Are the buyer buying it for themselves or for kids studying/living etc in UK ?

Edited by easybetman

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They've had a good run, the house sellers.

Gordon and his crazy spending manaaged to keep it all going just up to the election. ( Would be interesting to see how many MPs sold in the last 12 months !!!, anyone know ? ).

However, the game is up.

The austerity budget aproaches, fast.

The 6 billion in cuts announced yesterday is nothing compared to next years cuts and the tax increases.

The Euro is falling apart and money is scarce again.

This all adds up to the end of Gordons Dead Cat bounce. The cat has bounced and it is now just a dead cat.

A warning to sellers, get out now, drop prices quickly to find a buyer, sell and count your lucky stars you got out off the back of our future taxes.

You have been warned.

I was thinking exactly this earlier myself whilst reading the papers reporting the £6 billion cuts as being a tiny step on a long hard slog towards the summit of the £850 billion debt mountain.

Any prospective seller, people who bought their house as a retirement vehicle or have stubbornly sit tight and refused to drop their price waiting for the full recovery to kick in are going to start thinking "better sell now, before the real cuts start".

Flood of new houses on to the market with prices going one way. All these overseas buyers keeping the London market propped up, how long do you think before they realise that the dream they're buying into is actually a very scary nightmare?

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It all depends on the area & houses you're watching to be honest. Things still selling pretty quickly round my neck of the woods & for close to the asking price, once the selling prices arrive on the internet.

Almost like two different worlds at times.. I wouldn't believe it if the people posting from the SE didn't seem so genuinely peeved about it.

I just checked RM for the first time in a month or so, several price drops on properties I'm following plus a heap of new stock. One house has dropped by 25% since it first came on the market 2 years ago.. and it's a nice place!

Then people say things are moving fast, prices are still at 2007 levels, never going to drop.. as if they were posting from a parallel universe.

Bizarre

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Proves the sellers were right to wait for someone to pay the full value, this is why there are so few sales. Stupid buyers will not pay the realistic prices that sellers are asking. There are very few forced sellers and while this is the case there will be no price reductions.

It has been ok to wait in the current climate ie with price increases being trumpeted by the express, mail etc (although as we all know this is largely skewed by south east sales).

HOWEVER, as was the case in late 07 - early 09, once the momentum swings the other way (as it is on the verge of doing) then panic sets when price falls start being reported instead and the downward momentum builds.

Of course, Gordo et al threw the kitchen sink at the problem then, and even managed to engineer a small bounce but now we're out of ammunition and there's no safety net anymore....

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Almost like two different worlds at times.. I wouldn't believe it if the people posting from the SE didn't seem so genuinely peeved about it.

I just checked RM for the first time in a month or so, several price drops on properties I'm following plus a heap of new stock. One house has dropped by 25% since it first came on the market 2 years ago.. and it's a nice place!

Then people say things are moving fast, prices are still at 2007 levels, never going to drop.. as if they were posting from a parallel universe.

Bizarre

Im in the south east. Essex. Stock has increased over 22% in a few months and there are price reductions all over the place! My part of the south east is collapsing it seems.

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  • 153 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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