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Plight Of The 1.1Million Stuck In Homes They Can't Sell


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HOLA441

http://www.dailymail.co.uk/news/article-1304919/Plight-1-1m-stuck-homes-sell.html

Plight of the 1.1million stuck in homes they can't sell
By Becky "Rebecca" Barrow
Last updated at 1:44 AM on 21st August 2010
More than one million homeowners are trapped with homes they cannot sell, research reveals today.
Around 1.1million have tried to move in the last year but have been unable to attract buyers. Their plight can have a crippling impact as homeowners may be desperate for extra space for a new baby or need to move for a new job.
Others may be trying to sell to offload a mortgage they can no longer afford. the study by banking giant Santander found the number of 'failed sellers' was nearly double the number who did succeed in getting a buyer.

I feel guilty being an HPCer now. :( *

* :):):D:D:lol::lol::lol::lol::lol:

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When asked why they had not been able to sell their home, the most common reason was a failure to find 'a suitable buyer' or 'an acceptable offer'.

I'd have thougth anyone making an acceptable offer would be suitable !

But this REPORT shows houses are staying on the market for less time than a year ago, which seems contradictory (pretty much every other county is the same)

Edited by exiges
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Mostly bearish comments, apart from this one…..

Most people selling a house... do so because they want to move upmarket to another one. They don't ' have ' to sell... and if they don't get a price they are happy with.... they simply take their house off the market - settle back - and... wait.

A few people need to sell... and a buyer may get a discount.

But - other than this - most sellers are content to wait - to get their asking price.

So.... if you are waiting for a house price crash... you'll wait forever.. and simply lose out.

House prices have never ' crashed ' .... and they never will for that simple reason. They may go up or down a few thousand... that's just the way of things.... but there are always far more people wanting to buy... from a very limited national housing stock.

Most sellers are not desperate to sell.... and can afford to wait...

If you want a home... you can't - ever - afford to wait too long.

You can dream about a market ' crash '... but that's all it is.... a dream.

Dreamers hit red now.

- Jack Russell.., Yorkshire..England, 21/8/2010 07:52

:lol::lol::lol: Edited by Captain Cavey
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The research comes as would be buyers are finding it very difficult-to obtain a decent mortgage deal without a sizable deposit. the average first-time purchaser puts down a 24 per cent deposit, according to the Council of Mortgage Lenders.

With an average property price of around £160,000, this is equal to £38,400, a virtually impossible amount for most people to save.

The journalism in this country never seizes to amaze me. If these people find it virtually impossible to find 24% of the house price then how on god green earth are they going to find the other 76% plus interest?

As per usual the problem is the deposit size and the mean banks, not the price of the houses.

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The journalism in this country never seizes to amaze me. If these people find it virtually impossible to find 24% of the house price then how on god green earth are they going to find the other 76% plus interest?

As per usual the problem is the deposit size and the mean banks, not the price of the houses.

well, thats not quite true.

Some would be renters and they would be using their "dead" money to pay the mortgage.

When I buy, there will be NO rent to pay.

I will of course be living in a much smaller house....then again...holidays will take away the pain.

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The journalism in this country never seizes to amaze me. If these people find it virtually impossible to find 24% of the house price then how on god green earth are they going to find the other 76% plus interest?

As per usual the problem is the deposit size and the mean banks, not the price of the houses.

:rolleyes::rolleyes: Incredible isn't it!?!!

These people really do have SH1T for brains.... :rolleyes: :angry:

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The Daily Mail have really picked up the pace at which they are posting property market related articles recently. There seem to be 2 or 3 every day. Still, at least it provides an opportunity to add readers comments to add in an alternative perspective and analysis of the property market and house prices that will be read by large numbers of people. The DM does have a very high readership.

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More than one million homeowners are trapped with homes they cannot sell, research reveals today.

Around 1.1million have tried to move in the last year but have been unable to attract buyers. Their plight can have a crippling impact as homeowners may be desperate for extra space for a new baby or need to move for a new job.

Others may be trying to sell to offload a mortgage they can no longer afford. the study by banking giant Santander found the number of 'failed sellers' was nearly double the number who did succeed in getting a buyer. [/indent]

Homeowners my @rse more like mortgage/debt slaves to their banks , many drowning in a pool of debt of their own making .... good :D

Edited by grey shark
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We should start a charity to help these poor people ..

"In 2004 Tarquin and Arabella bought this 2 bedroom house in Kilburn for £250,000, in 2007 they remortgaged it for £350,000 .. Now the house has been on the market for 14 months and they have yet to get an offer over £400,000 .. .. Just five pounds would buy them a copy of "interiors" magazine .. ten pounds would buy them twigs in a vase .. Please help today .."

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We should start a charity to help these poor people ..

"In 2004 Tarquin and Arabella bought this 2 bedroom house in Kilburn for £250,000, in 2007 they remortgaged it for £350,000 .. Now the house has been on the market for 14 months and they have yet to get an offer over £400,000 .. .. Just five pounds would buy them a copy of "interiors" magazine .. ten pounds would buy them twigs in a vase .. Please help today .."

yup.

maybe, uh, n-dubz or someone could bring out a charidee record. a video stacked with teary-eyed pwoperdee investors looking mournfully in EA windows would get the heart-strings twanging and cash registers ringing pretty quickly...

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I think at 12 noon today the country as a whole should take a minutes silence for these poor unfortunate homeowners who just a few years thought they were doing the right thing by getting their foot on the bottom rung of the ladder , now the ladder is broken and many have now fallen into the pit of negative equity ..................... HA HA .

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Any lender will now only lend money if there is a high chance they will get it back plus interest....little money to be made with bad debt and falling prices.

Too many overpriced houses....too few credit worthy borrowers with large deposits and secure employment. ;)

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I think at 12 noon today the country as a whole should take a minutes silence for these poor unfortunate homeowners who just a few years thought they were doing the right thing by getting their foot on the bottom rung of the ladder , now the ladder is broken and many have now fallen into the pit of negative equity ..................... HA HA .

I agree and we all should have a whip round for anybody we know who were unfortunate enough to believe the ponzi scheme would continue to pay out time and time again.

It would appear the country has run out of greater fools to keep the game going - shame :lol:

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In regards to the article highlighted by the OP,

http://www.dailymail.co.uk/news/article-1304919/Plight-1-1m-stuck-homes-sell.html

the debate and arguments are heating up in the Readers C0mments with some Estate Agents piling in, the usual from TheDailyMale and other pro high and rising house prices. It would be good to see more comments from HPC'ers as well as the giving of green and red arrows as appropriate. Don't let the Estate Agents, and others, get away with their excuses.

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