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AskFrank

House Prices About To Plummet

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Can't name names or anything, but today an Estate Agent (of all people) told me, prices won't go up, they can only come down and that the pressure is mounting on sellers to drop their asking prices by at least 10%. He also said he'd heard that rumours are brewing of a huge mother of all crashes to the housing market in the new year.

Disclaimer: This is based on the personal opinion of one Estate Agent.

Edited by AskFrank

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Can't name names or anything, but today an Estate Agent (of all people) told me, prices won't go up, they can only come down and that the pressure is mounting on sellers to drop they asking prices by at least 10%. He also said he'd heard that rumours are brewing of a huge mother of all crashes to the housing market in the new year.

Disclaimer: This is based on the personal opinion of one Estate Agent.

they need turnover.

with less and less people being able to even get a mortgage, its the only way forward...

Either that or Government do something really silly....cash for chalets maybe?

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Friend of mine been trying to sell 4 bed house in nice area now for 2 months - expected it to be snapped up. Had two viewings only. Doesn't need to sell as he's downsizing, but got his eye on nice bungalow so would like to move. Only one problem, he will not drop his price. We need forces, hopefully the EAs can do this for us!

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Been hearing it since 2003.

It will need a trigger and I would be first in line to pull it. BYM.

The trigger is the Halifax figures tomorrow showing YoY falls. Banks will tighten their lending criteria and will want to repossess ASAP. Sellers will realise the game is up.

Edited by fellow

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Friend of mine been trying to sell 4 bed house in nice area now for 2 months - expected it to be snapped up. Had two viewings only. Doesn't need to sell as he's downsizing, but got his eye on nice bungalow so would like to move. Only one problem, he will not drop his price. We need forces, hopefully the EAs can do this for us!

You want your friend to loose money ...? ...nice

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I have been tracking prices in the Coventry and North Warks area over the past couple of weeks and I am noticing a good £10 k - £25 k off a number of four bed detached properties. Some people will always NEED to sell and these will be the properties that set the new prices for such properties.

Edited by Slumpmonkey Returns

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Been hearing it since 2003.

It will need a trigger and I would be first in line to pull it. BYM.

This time it could be different.

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The trigger is the Halifax figures tomorrow showing YoY falls. Banks will tighten their lending criteria and will want to repossess ASAP. Sellers will realise the game is up.

And then the government will print money. But perhaps this time they won't extend SLS. Or maybe "they"'ll relent at the last minute, as with HB changes. Who knows?

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Can't name names or anything, but today an Estate Agent (of all people) told me, prices won't go up, they can only come down and that the pressure is mounting on sellers to drop their asking prices by at least 10%. He also said he'd heard that rumours are brewing of a huge mother of all crashes to the housing market in the new year.

Disclaimer: This is based on the personal opinion of one Estate Agent.

The estate agent has heard that Realistbear has turned. (Nap)

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Friend of mine been trying to sell 4 bed house in nice area now for 2 months - expected it to be snapped up. Had two viewings only. Doesn't need to sell as he's downsizing, but got his eye on nice bungalow so would like to move. Only one problem, he will not drop his price. We need forces, hopefully the EAs can do this for us!

The charade is over, http://www.moneyweek.com/investments/stock-markets/cash-in-hand-04812.aspx, my feeling is based on the general publics loss of earnings, the huge private debt & limited potential for the psychologically important feel for increased money supply.

The reduced or lack of abiliity to take on risk.

Several bubbles are deflating.

Edited by Keep Walking

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You want your friend to loose money ...? ...nice

Lose money created by HPI isn't exactly losing money is it? Owns house outright and purchased over 35 years ago.

I don't want my 'friend' (work colleague but like to think as friend) to lose money, I want house prices to drop. Just an unfortunate consequence!

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And then the government will print money. But perhaps this time they won't extend SLS. Or maybe "they"'ll relent at the last minute, as with HB changes. Who knows?

No justification to print money now the economy is recovering.

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Lose money created by HPI isn't exactly losing money is it? Owns house outright and purchased over 35 years ago.

I don't want my 'friend' (work colleague but like to think as friend) to lose money, I want house prices to drop. Just an unfortunate consequence!

if he cant get his price..he'll need to negotiate the target property down.

Too many people see the "Price" the same as a price sticker in Sainsburies.

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We need forces ? We need a trigger ? We need forced sales ?

Has everybody forgotten about the human trait of boredom !!!

If someone is wanting to move they will eventually get extremely bored. Of course the same goes for those waiting to buy of course. However they may not be able to buy even if they give into the boredom and try.

Many of those sitting wanting to sell have onlyo to do one thing to sell within a few weeks. Drop the price by a proper amount.

Who, en masse, is going to give in to the boredom quicker ? I know who my money would be on. It is within the power of many sellers to give into the boredom quickly. For many potential buyers it is all outside their power. They will accept the continued boredom far easier IMO. And even if they don't - for many there is not much they can do about it.

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if he cant get his price..he'll need to negotiate the target property down.

Too many people see the "Price" the same as a price sticker in Sainsburies.

Exactly what I advised him, but in his opinion, the only time to make an offer is when he receives one :huh:

They just don't get it, lowering the target property's price and then subsequently lowering his is the last thing he would think or wish to do.

Just going to be chasing the market down IMHO.

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We need forces ? We need a trigger ? We need forced sales ?

Has everybody forgotten about the human trait of boredom !!!

If someone is wanting to move they will eventually get extremely bored. Of course the same goes for those waiting to buy of course. However they may not be able to buy even if they give into the boredom and try.

Many of those sitting wanting to sell have onlyo to do one thing to sell within a few weeks. Drop the price by a proper amount.

Who, en masse, is going to give in to the boredom quicker ? I know who my money would be on. It is within the power of many sellers to give into the boredom quickly. For many potential buyers it is all outside their power. They will accept the continued boredom far easier IMO. And even if they don't - for many there is not much they can do about it.

we need SMI at 1%...on the first 3 times the average wage...ie limited to a sensible loan of £75k...anything above that was speculation and cause of the bubble and neither borrower NOR lender should benefit from the taxpayers largesse for speculation and causing a bubble.

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The trigger is the Halifax figures tomorrow showing YoY falls. Banks will tighten their lending criteria and will want to repossess ASAP. Sellers will realise the game is up.

Much depends on the UK media and the stat's being fudged. BUT...you can't go on with

very low volumes

very low interest rates

very high QE

very high unemployment (And climbing)

very high borrowing

very high taxes (And climbing)

Housing benefits being reduced/capped in the medium term

Slightly uncomfortable inflation, and a big VAT increase in the pipe line.

Never underestimate the the power of people assuming it is so...so it must always be so! (That's why they are called "The herd"!)

The property market normally run's on an 18 year cycle, the last cycle got a massive extension + conservatory & 2x holidays purely because lending standards were not regulated and actively encouraged FRAUD!

Once interest rates start to climb, backed by inflation in food/energy etc and low pay deals/if any.... Then the HPC starts.

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we need SMI at 1%...on the first 3 times the average wage...ie limited to a sensible loan of £75k...anything above that was speculation and cause of the bubble and neither borrower NOR lender should benefit from the taxpayers largesse for speculation and causing a bubble.

Never realised SMI was 3.63 %.

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Can't name names or anything, but today an Estate Agent (of all people) told me, prices won't go up, they can only come down and that the pressure is mounting on sellers to drop their asking prices by at least 10%. He also said he'd heard that rumours are brewing of a huge mother of all crashes to the housing market in the new year.

Disclaimer: This is based on the personal opinion of one Estate Agent.

Nice post. At last, someone with a grip on things. The recent postings on this board appear to have been predominately made by the ignorant. The housing market is in a big crash right now. Yes right now. I think prices will be lower by 10% in six months, certainly within the year. There's still a long way to go.

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Never realised SMI was 3.63 %.

and up to 200K..and after 13 weeks I beleive.

200k...eight times average wage....thats how out of touch Parliament are...surely, payouts need to be based on averages, and as the average taxpayer earns around £25K, it seems very unjust to reward and above average gamble, by lenders and borrowers...NMW taxpayers subsidising gamblers.

its outrageous.

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  • 312 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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