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House Prices Fall As Sellers Become More Realistic

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http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8600320/House-prices-fall-as-sellers-become-more-realistic.html

The housing intelligence company said the number of sales agreed by agents rose by 10.6pc in June - its highest level for three months - after the market was boosted by sellers agreeing to lower prices.

Prices fell by 0.1pc in June and have now dropped in 11 of the past 12 months.

They will fall by about 1pc in the second half of the year as more new homes come onto the market but demand remains subdued, causing the number of homes on estate agents' books to rise, it predicts.

Hometrack research director Richard Donnell said: "The second half of the year is set to see subdued demand keeping a further downward pressure on prices.

Not huge falls but an interesting headline from the Telegraph.

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Tiny falls, but even so I'm better off by 8% over the last year if you add the 4% fall to the 4% interest I received on the money that I would otherwise have had tied up in a house.

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Sad to see house across the road having a sold board up last night. 565k for a three bed semi which has an interior that looks as if Grotbags the witch from Rentaghost retired there. These style houses were being purchased five years ago for 350k but there just seems to be an never ending stream of m0rons all waiting to over pay.

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Sad to see house across the road having a sold board up last night. 565k for a three bed semi which has an interior that looks as if Grotbags the witch from Rentaghost retired there. These style houses were being purchased five years ago for 350k but there just seems to be an never ending stream of m0rons all waiting to over pay.

London or Surrey etc?

Hopefully the achieved price if it goes through will be significantly south of the £500K mark although sounds from your post like you expect it not to be

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Piddly falls but cracking headline and byline

"...

House prices fall as sellers become more realistic

House prices have dropped by 3.9pc over the past year and are set for further falls as sellers become more realistic about the value of their property, according to Hometrack.

..."

Sad to see house across the road having a sold board up last night. 565k for a three bed semi which has an interior that looks as if Grotbags the witch from Rentaghost retired there. These style houses were being purchased five years ago for 350k but there just seems to be an never ending stream of m0rons all waiting to over pay.

[Aside] Grotbags appeared in the Pink Windmill Show, not Rentaghost, [snarf, snarf] but I digress...

Sold for almost a quarter of a million pounds MORE than similar houses at the 2006/7 PEAK? Really?? You have a Rightmove link?

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London or Surrey etc?

Hopefully the achieved price if it goes through will be significantly south of the £500K mark although sounds from your post like you expect it not to be

Went to London via Surrey this w/e: It really does FEEL like Lalaland down that way!! As said on this site recently -- smacks of the cartoon character chased off a cliff - with the legs still running before the character finds the ground is no longer there and a fall is imminent....

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More realistic my ****!

yeah i'm not getting excited yet either. The house i'm renting was bought 2007 for 230k and i was smugly thinking she'd be regretting that but my neighbour has just had his identical 2.5 bed semi valued at 300k. So the boom lives on in the eyes of sellers and the twisted imaginations of the mini driving satans.

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We shall see about the realsitic bit, I've just put an offer in at 25% under asking (over 30% under peak) and it hasent been rejected out of hand.

I think the estate agent is doing a good selling job on the vendor as the EA needs the sales to get a comission (I also gave him lots of supporting evidence for my price which was a big help for him)

Edited by FIGGY

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Went to London via Surrey this w/e: It really does FEEL like Lalaland down that way!! As said on this site recently -- smacks of the cartoon character chased off a cliff - with the legs still running before the character finds the ground is no longer there and a fall is imminent....

People have been saying that here since 2006.

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Piddly falls but cracking headline and byline

"...

House prices fall as sellers become more realistic

House prices have dropped by 3.9pc over the past year and are set for further falls as sellers become more realistic about the value of their property, according to Hometrack.

..."

[Aside] Grotbags appeared in the Pink Windmill Show, not Rentaghost, [snarf, snarf] but I digress...

Sold for almost a quarter of a million pounds MORE than similar houses at the 2006/7 PEAK? Really?? You have a Rightmove link?

Struggled to find this for some reason as it has dropped off my usual searches.

http://www.rightmove.co.uk/property-for-sale/property-18827487.html

An identical house two doors down was purchased in 2005 for 350k.

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The problem we have is that UK HPs peaked in the South East circa 2007... and about a year later in places like Wales... but since then EAs have been quite happy adding about 1K per week to asking prices seemingly ignorant of the global depression.

It is nuts.

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Sad to see house across the road having a sold board up last night. 565k for a three bed semi which has an interior that looks as if Grotbags the witch from Rentaghost retired there. These style houses were being purchased five years ago for 350k but there just seems to be an never ending stream of m0rons all waiting to over pay.

You never know... the "sold" sign might be reverted back to a "for sale" sign in a few weeks.

Just think about the resources you'd need to buy a property of that value. On an 85% LTV that's a deposit of £84750. Who the hell, in this nation of debt bingers, has that kind of cash?

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Just think about the resources you'd need to buy a property of that value. On an 85% LTV that's a deposit of £84750. Who the hell, in this nation of debt bingers, has that kind of cash?

B)

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The problem we have is that UK HPs peaked in the South East circa 2007... and about a year later in places like Wales... but since then EAs have been quite happy adding about 1K per week to asking prices seemingly ignorant of the global depression.

It is nuts.

EA's = "Entered Apprentice Masons" - dual symbolism! :P

Edited by erranta

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Tiny falls, but even so I'm better off by 8% over the last year if you add the 4% fall to the 4% interest I received on the money that I would otherwise have had tied up in a house.

Hate to quibble, but is that 4% after tax and the rent you have to pay instead of owning the house?

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Just think about the resources you'd need to buy a property of that value. On an 85% LTV that's a deposit of £84750. Who the hell, in this nation of debt bingers, has that kind of cash?

A whole heap of second/third time buyers. If you'd bought a house 8-10 years ago on a repayment basis, you'd have that as a deposit plus a bit more.

I've seen far worse in that area sell at those sort of prices.

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A whole heap of second/third time buyers. If you'd bought a house 8-10 years ago on a repayment basis, you'd have that as a deposit plus a bit more.

I've seen far worse in that area sell at those sort of prices.

another reason falls may be drawn out as the student loans generation grows up and simply cannot come close to affording these things

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People have been saying that here since 2006.

And prices dropped by around a fifth a year or two later so not such a bad call.

I guess it's different this time? :rolleyes:

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another reason falls may be drawn out as the student loans generation grows up and simply cannot come close to affording these things

You mean the next student loans generation. Labour's 1997 > student loans generation arrived at that point long ago... but at least we had all those lovely LIAR LOANS to help us "afford" it (well, those reckless enough to take them up on the offer).

Still, I wouldn't shed too many tears. Those students won't need to afford it because we will have already paid off mummy and daddy's BTL mortgage by the time junior graduates. Or maybe they'll be kind enough to let us continue living there while our rent is used to repay their student loans too.

What a wonderful f#cking system they created. We've been royally shafted.

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What a wonderful f#cking system they created. We've been royally shafted.

Maybe, maybe not. I think the ones that will be totally shafted are those that bought first houses in last 8 years or so. Many did at close to 100% LTV and even those who didn't, borrowed as much as they could. With zero/negative growth they will probably never be in a position to pay back the capital. Maybe it will erode thanks to 6% inflation, but given these people are unlikely to have big pension pots nor any significant savings, they'll have to give it all away for nothing in 30 years time. And should interest rates rise the day of reckoning could be far sooner.

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Hate to quibble, but is that 4% after tax and the rent you have to pay instead of owning the house?

I won't go into my personal tax details, but rest assured that I'm well over £100K in pocket due to renting rather than buying over the last five years.

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Sad to see house across the road having a sold board up last night. 565k for a three bed semi which has an interior that looks as if Grotbags the witch from Rentaghost retired there. These style houses were being purchased five years ago for 350k but there just seems to be an never ending stream of m0rons all waiting to over pay.

Maybe in some areas :unsure:

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  • 309 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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