"seller Beware: It's Going To Get Worse."

[eric pebble]

Murdovision Eric. You are welcome to pay if you so desire.

Oh! Sorry!!

But, more seriously, what really P1SSES ME OFF about all this is that - it has caused untold damage for SO MANY YEARS now. If the Govt. was switched on [too much to expect from Niue Labia C NTS] - a system would be in place whereby property prices are stabilised to max 3.5 x salary MAX - WHATEVER HAPPENED - via land tax/whatever.... This WHOLE HPI Phenomenon is SO DAMAGING - it wipes out whole sectors of peoples' lives on all sides......

For once and for all - a system should be set up where the whole thing is minimised. THAT AR5EHOLE G BROWN - LYING DISHONEST C NT THAT HE IS - DESTROYED THIS COUNTRY BY TAKING HOUSE PRICES OUT OF INFLATION. ABSOLUTE C NT OF A MAN. :angry: :angry: :angry: :angry:

Edited September 5, 2010 by eric pebble

[Mal Volio]

i dont see this happening this time because of the different debt distribution, there are plenty of Bloo Loos schroedingers fat cats this time also debted up to their eyeballs, because theyve historically learnt that leverage was the way to wealth.

I'd agree, but the result of that is that they "can't" take less than 2007 price for their house, or it'll crystallise their debt. If they can continue to service the mortgage they'll stay put, with even deeper roots than people with 10k of NE did in 1989-94

It would need a change of circumstance or a decent rise in IRs to push them, and even then they'd end up bankrupt if they jumped voluntarily. So my guess is that you'd need repos to get them out.

That may happen, but (my guess again) if there were a big enough wave of repos to release all this stock then there'd be all sorts of other consequences.

[the flying pig]

Unfortunately I know somebody who really needs to sell their house at a certain price...

perhaps a better way of putting that would be that you know somebody who really needs to find tends of thousands of pounds from somewhere, whether that's from inheritance, the lottery, selling magic beans, selling an overpriced property,...

Edited September 5, 2010 by the flying pig

[Tired of Waiting]

Double page spread with that headline.

Usual stuff, saturated market, vendors with only two viewings, etc.

'The sellers' market seen in spring has gone: now it's the buyers who have the upper hand.'

Tastiest morsel is the final para, though:

'Wherever you live, the message is clear; if you are struggling to shift your home, you should cut its price, or brace yourself for some stern words from your estate agent. "What we are going to do is have a big flush out of stock that has been on the market for two or three months," says Andrew Davidson, senior negotiator at Pritchards in Bath. "Owners need to review prices and, if they don't want to, we need politely to suggest that they try elsewhere." '

(ps, why does this site insist on turning capitals in headings into lower case??)

Great news Mrs Bear. Thanks for posting it. Nice start for a Sunday morning.

We should see more than 5% drop this year, and more than 10% in the next 10 months.

(And I fully agree with the annoying authoritarian formatting of the headlines. UK becomes Uk, BoE becomes Boe, IMF, Imf, UN, Un, etc.)

[Georgia O'Keeffe]

I'd agree, but the result of that is that they "can't" take less than 2007 price for their house, or it'll crystallise their debt. If they can continue to service the mortgage they'll stay put, with even deeper roots than people with 10k of NE did in 1989-94

It would need a change of circumstance or a decent rise in IRs to push them, and even then they'd end up bankrupt if they jumped voluntarily. So my guess is that you'd need repos to get them out.

That may happen, but (my guess again) if there were a big enough wave of repos to release all this stock then there'd be all sorts of other consequences.

yes, this has pretty much been my unflinching position to date, that it is a depression and they will be going bankrupt, the other consequences are Argentinaesque, i think the UK is in the process of wiping out nalot of its middle classes, ive always been of the opinion that houseprices are pretty immaterial for the coming decade compared to the social aspects but i guess this forum is mostly about houseprices

Edited September 5, 2010 by Tamara De Lempicka

[Tired of Waiting]

(...)

You should feel about as sorry for them as they did for you (us) who were priced out of the market.

I think I agree with that.

[The Masked Tulip]

We need more EAs like that agent in Bath having frank discussions with their sellers.

IMPO, the Ego is still a big problem with some EAs though - looks more important to deal with expensive houses than the riff raff stuff.

But really good that this is in the Sunday Times.

[council dweller]

On this site we're a bit too quick to position home ownership/non-ownership as the key dividing line that separates economic misery/happiness. But that misses the point that the majority of the British population have seen their standard of living fall over the past year (wages +1.5%, RPI +5%), and are likely to see this decline in living standards for many years to come.

For most of us the future is one where each year we'll be a little bit poorer than the year before, where we can no longer afford the things that we used to enjoy. Anyone with big debts will feel the pain sooner and harder than the debt free, but very few will escape the pain completely.

Well yes, but if anything it's worse, I'm expecting real falls in wages set against at least 5% RPI. A 6%+ fall in buying power will likely set of a chain of belt tightening....

My employer has banned overtime for the next 2 months and this will cost me 10% of my normal income. And my reaction?

Reduce my spending by 10% over the next couple of months.....sorted!

[Georgia O'Keeffe]

Well yes, but if anything it's worse, I'm expecting real falls in wages set against at least 5% RPI. A 6%+ fall in buying power will likely set of a chain of belt tightening....

My employer has banned overtime for the next 2 months and this will cost me 10% of my normal income. And my reaction?

Reduce my spending by 10% over the next couple of months.....sorted!

never fear Dave & George have made it quite clear the private sector is going to boom as the public sector gets decimated, 100% guaranteed

[man o' the year]

We need more EAs like that agent in Bath having frank discussions with their sellers.

?

[The Masked Tulip]

?

Telling that that their asking price expectations are pure fantasy and that they need to drop their asking price by 30% if they wish to sell anytime soon.

[mybrainhurts]

Anyone got a link to the Sunday Times article? I can't find it anywhere (and I have paid access to their site). Hopeless.

[non frog]

.... THAT AR5EHOLE G BROWN - LYING DISHONEST C NT .....

Your mental health continues to deteriorate. Try to take a break or something before your misplaced anger eats you up and turns you into a sad loser beyond redemption.

[council dweller]

never fear Dave & George have made it quite clear the private sector is going to boom as the public sector gets decimated, 100% guaranteed

Something tells me you have doubts about that!

The wife works for the NHS and the cuts she's seeing are running neck and neck with my private sector employer.

eg no work for 'bank staff/contract workers....customer service standards falling rapidly.

Edited September 5, 2010 by council dweller

[man o' the year]

Telling that that their asking price expectations are pure fantasy and that they need to drop their asking price by 30% if they wish to sell anytime soon.

Goodness - I havent come a across a Bath EA yet with an ounce of this type of sense. WHo was this?

The Bath EAs are all "loadsamoney" throwbacks still dining out on stories of taking the mugs in during a thriving market hotspot.

[dances with sheeple]

I'd agree, but the result of that is that they "can't" take less than 2007 price for their house, or it'll crystallise their debt. If they can continue to service the mortgage they'll stay put, with even deeper roots than people with 10k of NE did in 1989-94

It would need a change of circumstance or a decent rise in IRs to push them, and even then they'd end up bankrupt if they jumped voluntarily. So my guess is that you'd need repos to get them out.

That may happen, but (my guess again) if there were a big enough wave of repos to release all this stock then there'd be all sorts of other consequences.

True, but in any average city street there will be BTL /second homes, the three D`s will be exert an influence, and there will be some that are just unable to service the mortgage becuse of job loss. The bank will have to kick them out at some point? Many will hang on but there will still be one almighty property crash, nothing can stop that now. Latest sold price for the street is the new value of your home regardless of how much you "need" to sell for?

[xux42]

Your mental health continues to deteriorate. Try to take a break or something before your misplaced anger eats you up and turns you into a sad loser beyond redemption.

I agree - I spend too much time on here but its never the primary the reason to login, I'm alway doing something else - IIS/ASP refresher right now as it happens.

A thought for some of the high frequency posters - its OK give up sometimes when you're having a row!

If you have stated your case clearly and effectively it is not necessary have the last word.

Or go to bed and have the last word in the morning while your antagonist is still asleep.

If you really feel HPC is taking over just stop logging in - a friend of mine did that and said it was like a burden lifting. He did seem to cheer up a bit which is interesting. He is a bit prone to have the weight of the world though so I'm not sure everyone should worry about housepricecrash.co.uk induced depression.

[porca misèria]

Well yes, but if anything it's worse, I'm expecting real falls in wages set against at least 5% RPI. A 6%+ fall in buying power will likely set of a chain of belt tightening....

My employer has banned overtime for the next 2 months and this will cost me 10% of my normal income. And my reaction?

Reduce my spending by 10% over the next couple of months.....sorted!

My income in £ hasn't changed since Feb.2008.

In real terms it's doing very nicely, as the price of the only essential I can't afford drops

[Tired of Waiting]

Your mental health continues to deteriorate. Try to take a break or something before your misplaced anger eats you up and turns you into a sad loser beyond redemption.

Eric is right. Brown (actively) preventing the BoE from increasing IR in 2004 was a major cause of this credit/debt/assets prices bubble.

And by far the biggest individual responsibility for this crisis.

And Brown did that for personal and party short term political reasons: the 2005 general election. Against the longer term national interest.

Brown should be tried for it.

.

Edited September 5, 2010 by Tired of Waiting

[tricksters]

Unfortunately I know somebody who really needs to sell their house at a certain price.

Yes, the reality of the situation tells when it's personal. On the other side of the equation, I know someone who really needs to BUY a house at a certain price. Along with a million or so others. A sad little mess all round, really. And largely a result of houses becoming "property" or "investments" rather than homes. Take a bow, Kirsty.

[Laughing Gnome]

Did you buy his book?

very good!

[man o' the year]

Yes, the reality of the situation tells when it's personal. On the other side of the equation, I know someone who really needs to BUY a house at a certain price.

+1

Its always personal.

It will be personal when my inevitable derisary offer comes on the property I would like.

It will be personal when I walk away to put in similar offer elesewhere.

It will be personal when I buy and the other party sells.

All personal since all 1 to 1.

The generalisations and trends though enable the personal. Whether they be over pricing or shocking falls in price.

It was personal when I earnt it though too!

It would personal if my business went down.

Edited September 5, 2010 by man o' the year

[dances with sheeple]

Yes, the reality of the situation tells when it's personal. On the other side of the equation, I know someone who really needs to BUY a house at a certain price. Along with a million or so others. A sad little mess all round, really. And largely a result of houses becoming "property" or "investments" rather than homes. Take a bow, Kirsty.

So true. The turnround in the market is going to be brutal, so many just followed the herd without any any individual thinking.

[Laughing Gnome]

Your mental health continues to deteriorate. Try to take a break or something before your misplaced anger eats you up and turns you into a sad loser beyond redemption.

That's righteous anger imo, not mis-placed by any means.

Let's not forget that New Labour came to power just after the trough of the last crash with a promise to return Right to Buy capital receipts to councils to kickstart council house building.

What Eric said.

[dances with sheeple]

Lot of guests on this thread, what stage are we at again?