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CABMAN UK

Boe Control

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Hi everyone, i have been on this site quite often for a few years, and still no crash is it going to be different this time as the BOE have control over intrest rates,when i speak to people they still think we are mad saying there is going to be a crash,i am a bit red faced as my mate has just sold his house in waltham abbey for 200 grand,thats what he had it up for and a ftb bought it,whats stopping this from happening the boom has happened but no bust is it different this time?

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The boom in my opinion really ended late 2004 for most of the south of england. The north's boom ended this year approximately may/june time. The crash is already taking place, albeit at a slow pace. CABMAN, look at how fast the prices were rising early last year - AT A STAGGERING 20% per year!!. And within a year this is down to only 2 odd percent! This is what is known as deflation. As soon as this decline continues into negative numbers, then the fun really begins. Keep your eyes open as the fun's just started.

Edited by Boom'n'Bust

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Hi everyone, i have been on this site quite often for a few years, and still no crash is it going to be different this time as the BOE have control over intrest rates,when i speak to people they still think we are mad saying there is going to be a crash,i am a bit red faced as my mate has just sold his house in waltham abbey for 200 grand,thats what he had it up for and a ftb bought it,whats stopping this from happening the boom has happened but no bust is it different this time?

Hi Cabman UK,

I know a guy (in his sixties) who sold a house late last year in Waltham Abbey. His son was doing most of the legwork with the agent, etc and was persistant in marketing the house a few grand above what the agents had valued it at (I think it started off at around £260,000), moved between 3 agents in the end. It stayed on the market for over a year, partly because of the price but also because there were a very poor selection of agents in WA (one marketed it without any pictures) and the details on all the adverts were quite imaginative to say the least, so buyers were disappointed when they viewed the place. He also had 2 or 3 buyers pull out just before exchange, everytime it was because they got cold feet over the price. Eventually it was sold to a young couple for about £230,000. This was a 2 bed house, if your friend has just sold his for £200,000 and it has the same number of bedrooms or more, then I would say that's quite a drop.

LG

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Thanks Laughing goat...I'll give you another example:-

Goto www.rightmove.co.uk and search for the postcode BD18 and make sure you choose the option to show only properties "added in the last 14 days". Look for a house on redburn road (a well established & popular area in shipley).

Found it? NO? That's right...its not on YET! But its about to come on. The property I'm referring to is 26 redburn road. It started off being valued for £220,000 by JUMP Estate Agents. It was on for a very long time and got no buyers. Eventually it was repriced at £189,000 by JUMP. But guess wot? again there was no luck with buyers. The reason I told you to look out for this property is because the vendor is p*ssed off with the agent, as their asking him to drop the price further and because of their differences, the vendor has transferred it to RENTON & RENTON, who are still advertising it for £189,000. How do I know all this? Well because my friend is trying to buy the property for £180,000 and the vendor won't drop a penny thinking that they've already dropped £30,000... :lol:

Of course, you don't have to believe me go call JUMP on 01274 531679 and ask them whats happened to the property on redburn road and then ring RENTON on 01274 594141 and ask them why its not showing on rightmove?

Edited by Boom'n'Bust

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Hi Cabman UK,

I know a guy (in his sixties) who sold a house late last year in Waltham Abbey. His son was doing most of the legwork with the agent, etc and was persistant in marketing the house a few grand above what the agents had valued it at (I think it started off at around £260,000), moved between 3 agents in the end. It stayed on the market for over a year, partly because of the price but also because there were a very poor selection of agents in WA (one marketed it without any pictures) and the details on all the adverts were quite imaginative to say the least, so buyers were disappointed when they viewed the place. He also had 2 or 3 buyers pull out just before exchange, everytime it was because they got cold feet over the price. Eventually it was sold to a young couple for about £230,000. This was a 2 bed house, if your friend has just sold his for £200,000 and it has the same number of bedrooms or more, then I would say that's quite a drop.

LG

I got these details from Nethouse prices. Appologies but I have had to censor it slightly as I think an 'invoved party' may read this site. All I've removed is the addresses and the day from the date. The price/month/year haven't been altered. What I can tell you is that these houses are the same size and on the same road.

Waltham Abbey

£185,000

Semi-Detached

Jul 2005

Waltham Abbey

£200,000

Semi-Detached

Feb 2005

Waltham Abbey

£220,000

Semi-Detached

Jan 2005

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Those who told you a few years ago were too quick to say a crash is definately coming...but now that there's a big slowdown in the housing market, mark my words, even if there isn't a huge crash, there will be a reasonable decline in house prices. Look around your area and monitor prices and watch out for those "REDUCED" signs and you know its already happening.

The game is to have patience and wait...but the question is can you do it?

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Those who told you a few years ago were too quick to say a crash is definately coming...but now that there's a big slowdown in the housing market, mark my words, even if there isn't a huge crash, there will be a reasonable decline in house prices.

Were they too quick?

I think that from 2002/2003 onwards there were signs that things wouldn't end well.

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The boom in my opinion really ended late 2004 for most of the south of england. The north's boom ended this year approximately may/june time. The crash is already taking place, albeit at a slow pace. CABMAN, look at how fast the prices were rising early last year - AT A STAGGERING 20% per year!!. And within a year this is down to only 2 odd percent! This is what is known as deflation. As soon as this decline continues into negative numbers, then the fun really begins. Keep your eyes open as the fun's just started.

This is not deflation, it is inflation.

The slowdown was artificially brought on by interest rate hikes, not by increasing supply, which is the normal way of price control in free economies.

So interest rate cuts would start the party again.

R so I believe

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  • 333 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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