Prices Dont Seem To Be Moving

[pajd]

Average around here (North West) is 150k - 170k for anything decent. This hasn't changed for what seems an enternity!

So whats holding them up? I think its a lack of supply of good houses in a good area. Anything i see of this nature is gone within a few weeks.

Rising unemployment/threat of loosing a job doesn't seem to be putting people off. Have the government cuts even started yet? IR may rise but not at the level which is going to cause any major issues for a few years yet.

So whats going on?

Edited March 15, 2011 by pajd

[levoleurdefruits]

house prices don't seem to be moving + everything else getting more expensive = correction ?

[Dunder road]

a perfect mix of no-one buying and no-one willing to sell.

So it will take an external shock to get prices moving.

I dunno if a IR rise of even 0.5% would be enough to get the ball rolling.

i've heard that getting a place to rent in derry is a nightmare at the minute with competition fierce for anything that comes on.

It'll be 2012 before i even start looking properly.

But I suspect that the majority of my generation won't be on the housing ladder by the time they are 35, at best.

[tinbin]

house prices don't seem to be moving + everything else getting more expensive = correction ?

Cost of living is getting frightfully high. Asking prices/Valuations of houses remains too high ... but dont be fooled too much by this as nothing (or close to nothing) is selling at those prices. As inflation continues to rise this will 'erode' the true value of house prices and could be viewed as a correction but what worries me the most about this is that wage inflation is modest, or non-existent, to say the least. Everything is getting more expensive whilst the money we earn to pay for it effectively reduces.

This equals pain and hardship on levels that we are not used to and should impact on the housing market further. When, if and how it will impact on house prices remains to be seen but it is certainly not a breeding ground for higher house prices, nor for support at current levels if the economic situation at best continues, or worsens as predicted over the coming months/years.

Threat of losing a job, interest rate payments and so on usually doesn't cause too much stress to quite a few of the 'joe-public'. But Banks/Lenders do take this seriously, particularly now after the mistakes in recent years. It is a strange mindset to have but when someone thinks about buying a home they will generally approach the Bank/lender and more often than not ask ' What is the most that I can borrow?' ... makes you wonder doesn't it if any lessons have been learnt.

What I haven't seen on HPC Forum as late are any opinions or predictions as to what may or may not happen. For what its worth as a rough guide IMHO if prices dropped to around £40-£60k for a Terrace, £60-£90k for semi's and £90k plus for Detached we would see plenty of transactions in the market and plenty of MTG's approved for them. I would stress that this is only my opinion and is only a very rough guide. Whether it ever gets to that point is another matter but for me thats where it needs to get to based on where I believe the economy is.

I would be interested to hear any other views - positive or negative on this topic.

Edited March 15, 2011 by tinbin

[Shotoflight]

Average around here (North West) is 150k - 170k for anything decent. This hasn't changed for what seems an enternity!

So whats holding them up? I think its a lack of supply of good houses in a good area. Anything i see of this nature is gone within a few weeks.

Rising unemployment/threat of loosing a job doesn't seem to be putting people off. Have the government cuts even started yet? IR may rise but not at the level which is going to cause any major issues for a few years yet.

So whats going on?

This is what I see in my small area of interest. Overpriced crap is sitting on the market for months and years. The odd one chases the market down. The odd investment property sells for cash. Some won't pay the fee to have them removed from websites/windows.

I am in a position to buy but will only go for what I perceive as value, or similar/better properties in my range and style as they appear at realistic prices - I assume there are others taking the same view. The longer the false prices and greed linger, the more I lose interest and harden my position. An EA told me values are based on the last similar sale - that could be many months or years ago - in a fast sliding market, and I suppose no one wants to break ranks (and be perceived to look stupid) by going to market at the current price setting the new standard.

EAs, from where I stand, are not valuing according to current market conditions nor managing sellers expectations - this is where it begins and is the key point. I think this is unsustainable in the medium term and the blockage in the pipeline will have to clear itself. I do think some EA's, however, are trying in this regard, though not very successfully.

For the majority of sellers, I think it hasn't sunk in yet just what the drops are and how bad it is, from their point of view, compared with the peak. Recreational moving "up the ladder" has all but ceased. There is a difference between those that would like to sell (kite flyers) and those that must sell - there are not that many of the latter from what I can see. Mortgages are now based on affordability which has also cooled the jets of a lot of people who were used to easy and cheap credit (debt).

Developers (those still solvent) are licking their wounds where I am but will soon have to re-engage at realistic prices, or have the Administrators do it for them. Realistic EA on another thread says repos will soon pour onto the market and, in addition, vacant properties are to be rated in a few months.

There are 45 tax and benefit changes in April, living standards going back to 2005, £4 Billion of cuts in NI, IRs to rise, 5% inflation - confidence is taking a battering. Mum and dad tapped out, savings used up, no pay rise, no overtime, no job? Attitudes towards debt (sorry credit) and aptitude for it are changing & access to it is restricted. People aren't spending on the high street as they used to. The Middle East is still kicking off and Japan, sadly, is a disaster on so many levels which has yet to fully play out.

Bit by bit and drip by drip people (sellers) are starting to get it, slowly. No spring bounce, no back to normal (peak). It is down to the speed of realisition and factoring it into the decision process of selling - and make no mistake, for many it is extremely painful to have to face reality (which is why many chose not to, or hope "something will turn up").

The feelgood factor for homeowners vis a vis high and rising prices has now gone, and some people who bought or moved in the last 6 or 7 years are perhaps feeling like suckers if rising property prices or investment was their raison detre and if they 'overstretched'.

Take your pick, there are a hundred reasons. The market is far from normal (sales/approvals) and I think it just depends who blinks first. Buyers have made their position clear and are disengaging, give or take the odd 'mug' who happily pays over the odds for reasons only known to themselves. Sellers also appear entrenched through necessity or fantasy. Very interesting - watch this space.

Edited March 15, 2011 by Shotoflight

[rantnrave]

This is what I see in my small area of interest. Overpriced crap is sitting on the market for months and years. The odd one chases the market down. The odd investment property sells for cash. Some won't pay the fee to have them removed from websites/windows.

I am in a position to buy but will only go for what I perceive as value, or similar/better properties in my range and style as they appear at realistic prices - I assume there are others taking the same view. The longer the false prices and greed linger, the more I lose interest and harden my position. An EA told me values are based on the last similar sale - that could be many months or years ago - in a fast sliding market, and I suppose no one wants to break ranks (and be perceived to look stupid) by going to market at the current price setting the new standard.

EAs, from where I stand, are not valuing according to current market conditions nor managing sellers expectations - this is where it begins and is the key point. I think this is unsustainable in the medium term and the blockage in the pipeline will have to clear itself. I do think some EA's, however, are trying in this regard, though not very successfully.

For the majority of sellers, I think it hasn't sunk in yet just what the drops are and how bad it is, from their point of view, compared with the peak. Recreational moving "up the ladder" has all but ceased. There is a difference between those that would like to sell (kite flyers) and those that must sell - there are not that many of the latter from what I can see. Mortgages are now based on affordability which has also cooled the jets of a lot of people who were used to easy and cheap credit (debt).

Developers (those still solvent) are licking their wounds where I am but will soon have to re-engage at realistic prices, or have the Administrators do it for them. Realistic EA on another thread says repos will soon pour onto the market and, in addition, vacant properties are to be rated in a few months.

There are 45 tax and benefit changes in April, living standards going back to 2005, £4 Billion of cuts in NI, IRs to rise, 5% inflation - confidence is taking a battering. Mum and dad tapped out, savings used up, no pay rise, no overtime, no job? Attitudes towards debt (sorry credit) and aptitude for it are changing & access to it is restricted. People aren't spending on the high street as they used to. The Middle East is still kicking off and Japan, sadly, is a disaster on so many levels which has yet to fully play out.

Bit by bit and drip by drip people (sellers) are starting to get it, slowly. No spring bounce, no back to normal (peak). It is down to the speed of realisition and factoring it into the decision process of selling - and make no mistake, for many it is extremely painful to have to face reality (which is why many chose not to, or hope "something will turn up").

The feelgood factor for homeowners vis a vis high and rising prices has now gone, and some people who bought or moved in the last 6 or 7 years are perhaps feeling like suckers if rising property prices or investment was their raison detre and if they 'overstretched'.

Take your pick, there are a hundred reasons. The market is far from normal (sales/approvals) and I think it just depends who blinks first. Buyers have made their position clear and are disengaging, give or take the odd 'mug' who happily pays over the odds for reasons only known to themselves. Sellers also appear entrenched through necessity or fantasy. Very interesting - watch this space.

Gets my vote for post of the day (so far!).

I am also in a position to buy, but holding out for better value.

As indicators, I am watching several properties that I know have been on the market a while and are in my opinion not going to sell at those prices. As yet, none of them have been reduced in the last six months.

[pajd]

I have only just rang an EA (mostly out of curiosity).

They have a house sitting for just over 2 years at offers over 170k.

I asked if the vednor would budge on the price. No she said. He has a long tern tennant living in it and the venodr paid more for it than 170k.

I said that one just up the street exactly like it but which is more private (enlosed rear) is on for 150k!

The EA didn't take much notice when i said the property market has changed dramtically.

Its this mindset of EA and vendors which will take some shitfing

Edited March 15, 2011 by pajd

[tinbin]

EAs, from where I stand, are not valuing according to current market conditions nor managing sellers expectations - this is where it begins and is the key point. I think this is unsustainable in the medium term and the blockage in the pipeline will have to clear itself. I do think some EA's, however, are trying in this regard, though not very successfully.

For the majority of sellers, I think it hasn't sunk in yet just what the drops are and how bad it is, from their point of view, compared with the peak. Recreational moving "up the ladder" has all but ceased. There is a difference between those that would like to sell (kite flyers) and those that must sell - there are not that many of the latter from what I can see. Mortgages are now based on affordability which has also cooled the jets of a lot of people who were used to easy and cheap credit (debt).

Developers (those still solvent) are licking their wounds where I am but will soon have to re-engage at realistic prices, or have the Administrators do it for them. Realistic EA on another thread says repos will soon pour onto the market and, in addition, vacant properties are to be rated in a few months.

There are 45 tax and benefit changes in April, living standards going back to 2005, £4 Billion of cuts in NI, IRs to rise, 5% inflation - confidence is taking a battering. Mum and dad tapped out, savings used up, no pay rise, no overtime, no job? Attitudes towards debt (sorry credit) and aptitude for it are changing & access to it is restricted. People aren't spending on the high street as they used to. The Middle East is still kicking off and Japan, sadly, is a disaster on so many levels which has yet to fully play out.

Bit by bit and drip by drip people (sellers) are starting to get it, slowly. No spring bounce, no back to normal (peak). It is down to the speed of realisition and factoring it into the decision process of selling - and make no mistake, for many it is extremely painful to have to face reality (which is why many chose not to, or hope "something will turn up").

bang on ...

[2buyornot2buy]

This is what I see in my small area of interest. Overpriced crap is sitting on the market for months and years. The odd one chases the market down. The odd investment property sells for cash. Some won't pay the fee to have them removed from websites/windows.

I am in a position to buy but will only go for what I perceive as value, or similar/better properties in my range and style as they appear at realistic prices - I assume there are others taking the same view. The longer the false prices and greed linger, the more I lose interest and harden my position. An EA told me values are based on the last similar sale - that could be many months or years ago - in a fast sliding market, and I suppose no one wants to break ranks (and be perceived to look stupid) by going to market at the current price setting the new standard.

EAs, from where I stand, are not valuing according to current market conditions nor managing sellers expectations - this is where it begins and is the key point. I think this is unsustainable in the medium term and the blockage in the pipeline will have to clear itself. I do think some EA's, however, are trying in this regard, though not very successfully.

For the majority of sellers, I think it hasn't sunk in yet just what the drops are and how bad it is, from their point of view, compared with the peak. Recreational moving "up the ladder" has all but ceased. There is a difference between those that would like to sell (kite flyers) and those that must sell - there are not that many of the latter from what I can see. Mortgages are now based on affordability which has also cooled the jets of a lot of people who were used to easy and cheap credit (debt).

Developers (those still solvent) are licking their wounds where I am but will soon have to re-engage at realistic prices, or have the Administrators do it for them. Realistic EA on another thread says repos will soon pour onto the market and, in addition, vacant properties are to be rated in a few months.

There are 45 tax and benefit changes in April, living standards going back to 2005, £4 Billion of cuts in NI, IRs to rise, 5% inflation - confidence is taking a battering. Mum and dad tapped out, savings used up, no pay rise, no overtime, no job? Attitudes towards debt (sorry credit) and aptitude for it are changing & access to it is restricted. People aren't spending on the high street as they used to. The Middle East is still kicking off and Japan, sadly, is a disaster on so many levels which has yet to fully play out.

Bit by bit and drip by drip people (sellers) are starting to get it, slowly. No spring bounce, no back to normal (peak). It is down to the speed of realisition and factoring it into the decision process of selling - and make no mistake, for many it is extremely painful to have to face reality (which is why many chose not to, or hope "something will turn up").

The feelgood factor for homeowners vis a vis high and rising prices has now gone, and some people who bought or moved in the last 6 or 7 years are perhaps feeling like suckers if rising property prices or investment was their raison detre and if they 'overstretched'.

Take your pick, there are a hundred reasons. The market is far from normal (sales/approvals) and I think it just depends who blinks first. Buyers have made their position clear and are disengaging, give or take the odd 'mug' who happily pays over the odds for reasons only known to themselves. Sellers also appear entrenched through necessity or fantasy. Very interesting - watch this space.

Great post. Sums it up very nicely indeed.

[Realistic NI EA]

I have only just rang an EA (mostly out of curiosity).

They have a house sitting for just over 2 years at offers over 170k.

I asked if the vednor would budge on the price. No she said. He has a long tern tennant living in it and the venodr paid more for it than 170k.

I said that one just up the street exactly like it but which is more private (enlosed rear) is on for 150k!

The EA didn't take much notice when i said the property market has changed dramtically.

Its this mindset of EA and vendors which will take some shitfing

I've heard this same story many times when speaking to other EAs. It frustrates the hell out of potential buyers because the EA is openly admitting that this property is simply a space filler for them, no chance of selling it because of the vendors stance so no chance of earning a fee. They probably get calls about it every week and hear the same old thing about it being overpriced but they have given up hope as the vendor has probably told them many times they wont sell for less than 170k. Good luck with that, lol.

I'm starting to notice certain EAs making reductions that have surprised me as these same EAs were always known to over inflate asking prices and didnt quite believe things were as bad as they really are. Maybe their bank balance is telling them otherwise so they now have to take drastic measures to have any chance of getting a sale. I suppose the EAs in area you are looking in dont seem to have had this wake up call yet. It will come though, it has to for all the reasons mentioned by shotoflight above. Patience is your ultimate tool in saving you major money as a 'correction' in prices is imminent and will accelerate fastest in the areas that have not yet allowed themselves to believe the reality of the situation we are in.

[Dunder road]

I think we are in the Fear phase now and when there is no spring bounce and no slackening of mortgage lending then this market will go into full blown fear mode and vendors will either get real or stay put.

Doccyboy, I don't see how we are at that point.

Until the banks are at the doors of a large number of people, I just don't see where the desperate selling is going to come from.

There are batches of houses here and there, mostly crap investment houses which were bought by the fools who rushed in late.

I just don't see (in Derry) where the mad flood of houses onto the market is going to come from. Price reductions are happening, but they are most definately not "desperate" .

And Derry is about as bad an economic place as anywhere in NI, bar maybe mid-ulster.

Most people who bought in early 1990's are happy with the 3 bed semi house which cost them £30k. Have it listed on PropertyPal at £160k, but they are in no need to sell it. They will have their mortgage paid off quite easily and are looking forward to a 30 year retirement on their final salary pension from their paper pushing "job" in the Civil Service.

[rantnrave]

If you want a snap shot of how EAs are thinking, take a trip over to the estateagenttoday website.

There are several of us from HPC who post over there - anyone wishing to join us will need to have their wits about them though. The majority of regulars there view HPCers as some form of vermin that needs to be eradicated.

Understanding on that site of what has happened to the housing market in recent years re credit expansion is worryingly limited. Expect to find a lot of 'it's all about the supply', house prices double every seven years, FTBs should stop buying iPods, 30 years ago I managed to buy a house, if only the banks would start lending...

[plummet expert]

Gets my vote for post of the day (so far!).

I am also in a position to buy, but holding out for better value.

As indicators, I am watching several properties that I know have been on the market a while and are in my opinion not going to sell at those prices. As yet, none of them have been reduced in the last six months.

Some folk must all be terrified of normalised interest rates. Anyone buying at current rates will be hammered when it changes. By keeping them abnormally low, those still buying are being falsely induced into overpriced property they probably cannot actually afford. But the very act of keeping rates so low is not helping the market correct. It will build up even more problems for the future with more and more buying into a danger zone.

Don't forget that mortgage rate averages of each decade over the past 40 years were much higher than now - 5.5 to 12.5%. No prizes for guessing that the decade with the lowest average rate was in the last decade to 2010. Not even normal or right then. It's now admitted that rates went too low from 2001-2 and that added to the property bubble.

[Shotoflight]

Doccyboy, I don't see how we are at that point.

Until the banks are at the doors of a large number of people, I just don't see where the desperate selling is going to come from.

There are batches of houses here and there, mostly crap investment houses which were bought by the fools who rushed in late.

I just don't see (in Derry) where the mad flood of houses onto the market is going to come from. Price reductions are happening, but they are most definately not "desperate" .

And Derry is about as bad an economic place as anywhere in NI, bar maybe mid-ulster.

Most people who bought in early 1990's are happy with the 3 bed semi house which cost them £30k. Have it listed on PropertyPal at £160k, but they are in no need to sell it. They will have their mortgage paid off quite easily and are looking forward to a 30 year retirement on their final salary pension from their paper pushing "job" in the Civil Service.

The market doesn't even need desperate selling or a fire sale, though it is going in the right direction - it simply needs acceptance and this is happening, just over a longer timeframe. Even those flying kites are getting the wind taken out of their sails and passing the message on, as others watch and snigger at their misplaced reading of the market and greed. They'll survive.

For some others, and that number is increasing, it's about much more than being greedy or embarassed - it's the realisation that they are cornered, snookered and have made a bad call on a decision that may have a very negative effect on them, their family and their lifestyle for a very long time to come. Some went in with their eyes wide open, others sadly didn't know or care about the risks. I feel sorry for those who were duped.

[morillo]

Plenty of reductions in East Antrim / parts of Newtownabbey. Many detached still well above RV but moving in the right direction...

[tinbin]

I have been watching houses for the last year or so in my local area and it would appear that the local EA's dont seem to apply any real rocket science to their valuations. Perhaps they lick their finger and stick it in the air and magic a valuation from that!

There are 3 EA's in my local area. They seem to watch each other very carefully and their valuations always seem to mirror each other with one being slighlty lower, one in the middle and one higher. All in all on average about £10-20k max difference from top to bottom in asking price.

From my conversations with them I have noted the following;

One is pessimistic about things ... but even so continues to put houses on at rateable value +25-30%. Seems to roll over for what I can only assume is a vendors instruction to value it higher.

One is an absolute t*£"$%r ... thinks he knows it all. I refuse to even engage with him at all anymore because he is so far removed from reality it is scary. It worries me what crap he spins to sellers and how much of this they believe.

The other is more realistic and always has the lowest valuation, but again well above rateable values. He seems to not want to break the mould of their little 'valuation system' and pass on the bigger drops in asking prices.

Some of the newly listed houses do seem to be coming on at roughly 10% less than this time last year. Most of the existing properties listed remain at the same ridiculous prices of about 2 years ago.

Something has to give ... surely?

Edited March 15, 2011 by tinbin

[Dunder road]

But what will be the external shock which causes masses of people to become desperate to sell?

I had thought it will be interest rates, but IR will rise gradually i think.

I've seen price in derry slide toward 130k for a semi.

But people don't need to sell, so why will they?

what % of home purchases were done between 04-07? Most outside this window will have bought below RV and paid down their mortgage for a few years so they will be under no real pressure to sell.

[tinbin]

But what will be the external shock which causes masses of people to become desperate to sell?

I had thought it will be interest rates, but IR will rise gradually i think.

I've seen price in derry slide toward 130k for a semi.

But people don't need to sell, so why will they?

what % of home purchases were done between 04-07? Most outside this window will have bought below RV and paid down their mortgage for a few years so they will be under no real pressure to sell.

its a fair point you are making but would only apply if someone in this position was pig headed enough to still think there house is worth more than it is and didnt think about the bigger picture.

There are many reasons why ppl will move house such as upsizing, downsizing, seperations, change of job location etc etc.

For anyone who has already been on the ladder for some time they must realise that they will make a 'tidy sum' regardless on their sale price and should realise that this profit should be relative to the purchase price of their next house.

If they sell for 15% less than current asking prices they should be confident that they could then go on and purchase their next property for the same drops if not more.

To dig in their heels for an unrealistic price shouldnt be advised and this is where EA's should be doing their jobs properly and encouraging sales rather than high prices.

The problem over the last few years is that there has been a wait and see approach taken by both buyers and sellers. Sellers are scared to drop the price incase it comes back up again.

There will have to be a point in time (when is the million dollar question) when common sense prevails and the harsh reality kicks in that their house isnt going to sell. What doesnt help is EA's blowing rubbish in their ears about recoveries.

Maybe if more EA's where like 'Realistic EA' who has been posting recently on this forum we would then start to see houses priced correctly and there will be no better reality check to those sellers when they start to see houses selling 'down the street' from them at a reasonable price. They will need to decide then whether they actually want to sell or not and maybe we will start to see the wood from the trees again.

Edited March 16, 2011 by tinbin

[2buyornot2buy]

But what will be the external shock which causes masses of people to become desperate to sell?

I had thought it will be interest rates, but IR will rise gradually i think.

I've seen price in derry slide toward 130k for a semi.

But people don't need to sell, so why will they?

what % of home purchases were done between 04-07? Most outside this window will have bought below RV and paid down their mortgage for a few years so they will be under no real pressure to sell.

but what percentage of mortgages are interest only.

[Dunder road]

but what percentage of mortgages are interest only.

Good question. Again though, were interest only not a boom-only offer. so again it only affects those who bought 04-07?

I do believe that the economy is up the left. but I can't at the minute see where the flood of desperate sellers is going to come from, which will result in prices falling to £100k for a 3-bed semi.

I am now thinking that although I might be fortunate to afford a mortgage some day, the days of even above average incomes owning a home that isn't inheritance might be over.

[2buyornot2buy]

Good question. Again though, were interest only not a boom-only offer. so again it only affects those who bought 04-07?

I do believe that the economy is up the left. but I can't at the minute see where the flood of desperate sellers is going to come from, which will result in prices falling to £100k for a 3-bed semi.

I am now thinking that although I might be fortunate to afford a mortgage some day, the days of even above average incomes owning a home that isn't inheritance might be over.

I imagine we would be surprised at the number. Endowment was the norm for many years. I would also say we are talking about a much longer period than 04-07 for interest only. The boom started much earlier than 04 in my opinion.

[NuBrit]

Prices still going down where I am, although the rate of decreases is less than the flurry we got in the early part of the New Year. From what I can see, there is definitely more stuff selling today compared to this time last year (maybe our resident EA can back this up?). For the moment, I think that realistic selling prices are at rateable value +/- 10%.

An anecdotal for you, a friend of mine was onto one of the mortgage providers to get approval. Apparently they're busy, and he wasn't able to get an appointment for over a month! The amount of documentation seemed excessive though. 6 months payslips, 6 months bank statements, proof of identity, proof of address, proof of deposit/savings history, p60, experian credit report, and a bunch of other things!

[2buyornot2buy]

Prices still going down where I am, although the rate of decreases is less than the flurry we got in the early part of the New Year. From what I can see, there is definitely more stuff selling today compared to this time last year (maybe our resident EA can back this up?). For the moment, I think that realistic selling prices are at rateable value +/- 10%.

An anecdotal for you, a friend of mine was onto one of the mortgage providers to get approval. Apparently they're busy, and he wasn't able to get an appointment for over a month! The amount of documentation seemed excessive though. 6 months payslips, 6 months bank statements, proof of identity, proof of address, proof of deposit/savings history, p60, experian credit report, and a bunch of other things!

was this with a bank or with an IFA? Nothing is selling around my area. I actually think there will be a reduction in the number of completions compared to last year.

Saying that I talked to a few people in the pub last week. Both in their late 20's, both recently bought. They said the EA was really pushing co-ownership. They went with the northern having been given the deposit from BOMAD.

I think there are still very little real FTB sales (saving own deposit). Definitely little or none trading up. Lots of new build flats and semi detached around here just not selling. I know one developer has resorted to renting theirs out.

To me it seems VI is the only one selling at 2009 prices.

[Realistic NI EA]

Good evening, just in from work and no evening viewings to do so cant complain, or rather I should complain as very few people seem to be looking right now. In this area there is definetely LESS selling compared to the same time last year. I think this is because most of the public are aware of how bad the economy is as everyone is affected in their own way, eg at the petrol pumps, on their grocery bills etc so now more so that last year there is a real sense of not doing anything while money is tight and jobs are at risk. Thats my take on it even though house prices are alot cheaper than this time last year.

About getting a mortgage, I know that you will be made to jump through hoops to get even the most affordable mortgage based on income and deposit. Our mortgage adviser is usually swamped with a list of documents that they need from each applicant and invariably most applicants take ages to gather up everything they need, causing a delay in processing their mortgage.

FYI the bulk of our meagre sales this year have been to either cash buyers (yes really) and those able to get a mortgage (but not FTBers). We hve not sold a property to a FTBer yet this year which is a very bad sign.

[BelfastVI]

FYI the bulk of our meagre sales this year have been to either cash buyers (yes really) and those able to get a mortgage (but not FTBers). We hve not sold a property to a FTBer yet this year which is a very bad sign.

That is a very bad sign. The majority of our sales continue to be to FTB'ers and this has continued into this year. Some of the larger units, which simply wernt moving (because of chains) are slowly coming free as sellers in the chain adjust to the concept that they are not paying any more to move up if they all drop (although gearing becomes the problem).

Edited March 16, 2011 by BelfastVI