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What A Difference A Day Makes

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

I think the I give up threads usually appear when the weekend news is a bit undramatic.

this weekend was a bit yawn inducing.

the trouble is, if there is no constant news, the problems go away...like a TV "personality", go missing for a few weeks and its like they never existed.

such is the housing bubble, the banking crisis and the bust. watching the MSM, as most do, its headlines that count as the World reality.

The rumours of QE in the US has sparked the interest again...course, the US was "growing"...but it appears that is not enough...its not TODAY..THEY need more good news, THEY need to be seen to be doing something.....people need to know that are not going to hit that tree while they drive and read the paper, because THEY are going to cut down the tree.

As DYIV keeps pointing out...wages are not going up now in the public sector generally...its income that buys houses for the majority, not a headline.

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

I offered asking price last week but was outbid yesterday. The property had reached my £200/sqft target threshold. (house was about to be repossessed)

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I offered asking price last week but was outbid yesterday. The property had reached my £200/sqft target threshold. (house was about to be repossessed)

keep your bid in if you have cash.

course, the bank may have outbid you with a shell.

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I offered asking price last week but was outbid yesterday. The property had reached my £200/sqft target threshold. (house was about to be repossessed)

When you do your £200/sq foot, does your measurement mean footprint of the property or floor area (eg 2x footprint if on 2 floors?)

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

Perhaps the forum is becoming volatile like the market?

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When you do your £200/sq foot, does your measurement mean footprint of the property or floor area (eg 2x footprint if on 2 floors?)

Best estimate of usable floor area from room measurements. Most houses I look at have different lower/upper floor areas so not as simple as 2x. I don't include garage space.

Using a £/area target avoids the anchoring effect you get when the seller/agent sets the initial price and it appears you are getting a discount. Human brains seem to focus on the initial number provided. It also avoids the way a house is presented, e.g. decluttered, minimalist, small furniture (or baliffed!) to make it look bigger.

For buying land, I use £100/sqft of house that the plot could reasonably support.

So just nice round numbers but it helps put some objectivity into the buying process and not get too caught up in things.

It's only been in the last three months that prices are getting very close (<5%) of both my house & land targets. Pre-2010, closest was ~20% out for housing, ~50% out for land.

VMR.

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keep your bid in if you have cash.

course, the bank may have outbid you with a shell.

Other buyer has offered £asking+5K. They are SSTC (so not really proceedable yet). I've said final offer is £asking+5K but including a bit of field (0.3 acre?) so my offer appears worse than theirs. Agent admits our offer is better. I expect the seller will hold out for every last penny but I understand the Official Receiver will have the final say. My offer is still 17.1% below 2003 prices/sqft.

I sold a place as executor last year, took a cash offer of 318k from a proceedable buyer (cash + mortgage approval) rather than 325k from a chained buyer. A buyer without funds is not really a buyer.

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

One of the factors is that one housing report is duplicated on all the news outlets with different editorial comment/bias so it just seems to swing one way or the other.

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Economic and Health news are similar in that this week is some good news, next week some contradictory news. Aspirin every day is good for your heart / Aspirin every day destroys your pancreas etc.

Best to look at the balance of evidence, and that has been the same for many years - house prices are overpriced. Unfortunately just like your pancreas, the end result may take some time to take effect.

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Other buyer has offered £asking+5K. They are SSTC (so not really proceedable yet). I've said final offer is £asking+5K but including a bit of field (0.3 acre?) so my offer appears worse than theirs. Agent admits our offer is better. I expect the seller will hold out for every last penny but I understand the Official Receiver will have the final say. My offer is still 17.1% below 2003 prices/sqft.

I sold a place as executor last year, took a cash offer of 318k from a proceedable buyer (cash + mortgage approval) rather than 325k from a chained buyer. A buyer without funds is not really a buyer.

If the bankruptcy has occured then the OR has ALL the say.

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Best estimate of usable floor area from room measurements. Most houses I look at have different lower/upper floor areas so not as simple as 2x. I don't include garage space.

VMR.

Thanks for clarifying that point.

I paid £162 per square foot for mine, it's yours for £199.99

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I offered asking price last week but was outbid yesterday. The property had reached my £200/sqft target threshold. (house was about to be repossessed)

You should value houses based on building plot + building cost. Building cost = £100/sqf max (normally £70 - £90 psf) and the the price of a plot which

can goes from anywhere from negative (crime ridden area) to a few millions.

Unless it is a flat then it is correct to value it by £/psf.

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

Yes.

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Best estimate of usable floor area from room measurements. Most houses I look at have different lower/upper floor areas so not as simple as 2x. I don't include garage space.

Using a £/area target avoids the anchoring effect you get when the seller/agent sets the initial price and it appears you are getting a discount. Human brains seem to focus on the initial number provided. It also avoids the way a house is presented, e.g. decluttered, minimalist, small furniture (or baliffed!) to make it look bigger.

For buying land, I use £100/sqft of house that the plot could reasonably support.

So just nice round numbers but it helps put some objectivity into the buying process and not get too caught up in things.

It's only been in the last three months that prices are getting very close (<5%) of both my house & land targets. Pre-2010, closest was ~20% out for housing, ~50% out for land.

VMR.

That seems like a lot to me.

I`ve just done a finger in the air calc on mine which adds up to about 650 square feet, which in turn would ( using your formula) come out at £130k. In reality i reckon houses like mine are worth more like £70k tops.

Mind you it is a crappy 3 bed semi in the East Mids, so that could account the difference.

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Yesterday, this forum seemed to be full of "I give up" topics by bears capitulating and deciding to buy a house.

Today, it's full of "House price are falling" type threads.

Good job it takes weeks to buy a house, otherwise there would have been some bears with sore heads.

:rolleyes:

Even die hard spies get broken..after a while the resolve starts to erode..people are human after all however something tells me most of the talk or rather posts in recent weeks that you may be referring to was more out of frustration by some hpcers..rather than them actualy acting per se.

sometimes it's best just to let out that frustration and say what contradicts what is ones inner belief... albeit temporarily. it reinforces sanity and the norm would manifest itself..again..

My post above indicates i must be hungry..let's see what the misus has cause geese..must be rambling at the mo.........

Edited by magneticworld

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  • 239 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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