hpcwaiter Posted November 4, 2010 Share Posted November 4, 2010 Telegraph article here This might actually cause a temporary rise as people rush out to re-mortgage/buy before they cant borrow so much - We're thinking 6 months to a year will be a good time to buy, at a substantial discount to asking price. Assuming prices are down 10% by then, I'm thinking another 30 - 40% off us reasonable. I might even settle for paying more if I found a place I really liked. How long would you leave it from now to buy assuming that HERE marks the tipping point and its a long way down? What discount would you go for? Quote Link to comment Share on other sites More sharing options...
Pent Up Posted November 4, 2010 Share Posted November 4, 2010 One year minimum. At least 20% down from here. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted November 4, 2010 Share Posted November 4, 2010 There is a psychological influence at play here too. When people finally believe that rates are going to go up, there will be some leveraged buyers who will take 2 to 5 year fixed rate mortgage deals and buy. The single biggest task of central banks is to try to persuade people that there is actually a risk of rising rates. Quote Link to comment Share on other sites More sharing options...
hpcwaiter Posted November 4, 2010 Author Share Posted November 4, 2010 One year minimum. At least 20% down from here. I should have asked which area you were looking at too - I'm expecting the drops to vary quite impressively. I am in Leeds, where a city centre-new build-2 bed flat is still more expensive than a three bedroom semi detached in the area I currently live - and it's quite pleasant really. When the market drops I think there will be a lot of shocked people, and I'll be able to pick up a nice house at a reasonable price. I reckon in Leeds there's got to be 30 - 40% off today's price to make prices reasonable - there are thousands and thousands of houses here for sale! Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted November 4, 2010 Share Posted November 4, 2010 I should have asked which area you were looking at too - I'm expecting the drops to vary quite impressively. I am in Leeds, where a city centre-new build-2 bed flat is still more expensive than a three bedroom semi detached in the area I currently live - and it's quite pleasant really. When the market drops I think there will be a lot of shocked people, and I'll be able to pick up a nice house at a reasonable price. I reckon in Leeds there's got to be 30 - 40% off today's price to make prices reasonable - there are thousands and thousands of houses here for sale! There are over 1,000 houses for sale for more than 1 million in Surrey. Who are the people who are going to buy them? As ToW says, it is always frothier at the top. Quote Link to comment Share on other sites More sharing options...
hpcwaiter Posted November 4, 2010 Author Share Posted November 4, 2010 There are over 1,000 houses for sale for more than 1 million in Surrey. Who are the people who are going to buy them? As ToW says, it is always frothier at the top. Do you know, I've never looked at the top end up here - 18 in Leeds above a million, and 291 in Yorkshire. A couple of them are blocks of flats (one in Bradford!), which I suspect are going to be hard to shift! Quote Link to comment Share on other sites More sharing options...
NEO72 Posted November 4, 2010 Share Posted November 4, 2010 Just read the article and notice its the same bullsh1t argument as that against HB cuts - lower mortgage availability will lead to people needing to move to cheaper areas. They absolutely can't comprehend the notion that this may actually lead to falling prices can they.. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted November 4, 2010 Share Posted November 4, 2010 Just read the article and notice its the same bullsh1t argument as that against HB cuts - lower mortgage availability will lead to people needing to move to cheaper areas. They absolutely can't comprehend the notion that this may actually lead to falling prices can they.. Nope!..... These people are just f**king morons. MORONS. Quote Link to comment Share on other sites More sharing options...
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