Jump to content
House Price Crash Forum
interestrateripoff

House Prices Falling In A Third Of The Country Sparking Fears Of A Nationwide Slowdown

Recommended Posts

http://www.dailymail.co.uk/news/article-2883451/House-prices-falling-country-sparking-fears-nationwide-slowdown.html

  • A third of postcodes saw property prices fall in three months to November
  • Slowdown hitting parts of London despite 17% price rise across the capital
  • A quarter of capital’s post codes areas are now experiencing falling prices

Current Wail headline.

Share this post


Link to post
Share on other sites

My parents have had their 4 bed detached house in Berkshire on the market for the last few months, only 3 or 4 viewings and no offers in that time. They blame the estate agents and are planning to relist with a different one early next year. My parents are classic HPI-addicted Boomers who often hassle my girlfriend and me about the fact that we are not trying to buy. They also spent a while saying they wanted to BTL a terraced house in a small town in Bedfordshire which they would rent to us at market price as if that was doing us some kind of favour (we don't live in Bedfordshire and have never planned to move there).

A massive crash is needed to cure HPI addicts like my parents of this mental illness.

Share this post


Link to post
Share on other sites

'Fears of a slowdown' ?

Surely a speed up, when prices are easier to afford.

And whats with 'fear'?

'Oh no! That essential spend every month will be cheaper in the future for my children! Im terrified!'

Its rather impressive to be quite so wrong in a single headline.

Share this post


Link to post
Share on other sites

My parents have had their 4 bed detached house in Berkshire on the market for the last few months, only 3 or 4 viewings and no offers in that time. They blame the estate agents and are planning to relist with a different one early next year. My parents are classic HPI-addicted Boomers who often hassle my girlfriend and me about the fact that we are not trying to buy. They also spent a while saying they wanted to BTL a terraced house in a small town in Bedfordshire which they would rent to us at market price as if that was doing us some kind of favour (we don't live in Bedfordshire and have never planned to move there).

A massive crash is needed to cure HPI addicts like my parents of this mental illness.

Amateurs!

My cousin has just entered his 3rd year of 'Up for sale' with no viewers at all.

Outside of Wakefield.

You'd think after 18 moths or so, he might have wised up a bit.

Share this post


Link to post
Share on other sites

Semi bungalow in LS!2 been on the market for what seems like years @140k actually has a sold sign up now rumours the owners have taken £117;500 The media boom continues :)

Share this post


Link to post
Share on other sites

They also spent a while saying they wanted to BTL a terraced house in a small town in Bedfordshire which they would rent to us at market price as if that was doing us some kind of favour (we don't live in Bedfordshire and have never planned to move there).

:lol:

Share this post


Link to post
Share on other sites

Amateurs!

My cousin has just entered his 3rd year of 'Up for sale' with no viewers at all.

Outside of Wakefield.

You'd think after 18 moths or so, he might have wised up a bit.

Has he tried putting the price up, that may do the trick? :rolleyes:

Share this post


Link to post
Share on other sites

A BTL in my area of S Glos was recently reduced from £240k to £180k, in two drops, a month or so apart. I mailed the agent to ask if it was a sign of general stress in the market and got a lovely reply telling me that everything was just peachy and that they had lots of "applicants" still wanting to buy houses.

Apparently the reason this one was reduced was because the owner canny investor wanted a quick sale, because it was "a disposable".

I didn't bother questioning it - anybody spouting rubbish like that already knows they are full of it, there's no point in stating the obvious.

Share this post


Link to post
Share on other sites

A BTL in my area of S Glos was recently reduced from £240k to £180k, in two drops, a month or so apart. I mailed the agent to ask if it was a sign of general stress in the market and got a lovely reply telling me that everything was just peachy and that they had lots of "applicants" still wanting to buy houses.

Apparently the reason this one was reduced was because the owner canny investor wanted a quick sale, because it was "a disposable".

I didn't bother questioning it - anybody spouting rubbish like that already knows they are full of it, there's no point in stating the obvious.

Many estate agents have only experienced markets in which buyers were desperately begging to be allowed to buy the houses on their books, as semi-sentient creatures of habit they are going to find it very difficult to adjust to a situation in which buyers have pricing power.

Share this post


Link to post
Share on other sites

Many estate agents have only experienced markets in which buyers were desperately begging to be allowed to buy the houses on their books, as semi-sentient creatures of habit they are going to find it very difficult to adjust to a situation in which buyers have pricing power.

I don't know, I think they are reasonably quick to understand which way the wind is blowing. I think the bigger problem is the amount of them that are balls deep in BTL themselves, and therefore can't afford for prices to drop. Which makes the likes of your average HPCer the type of "applicant" that they dread seeing :)

Share this post


Link to post
Share on other sites

In 2/3rds of the country they are back at 2004 prices anyway? Still too high though.

Exactly.What they mean is the SE and London are reversing.

Share this post


Link to post
Share on other sites

Amateurs!

My cousin has just entered his 3rd year of 'Up for sale' with no viewers at all.

Outside of Wakefield.

You'd think after 18 moths or so, he might have wised up a bit.

I can confirm this as I also know folk just outside Wakefield. Often the phrase" nothing is moving" keeps coming up. Dare I say I think we have topped.

Share this post


Link to post
Share on other sites

If this is the case when do people predict we'll see a bottom? I'm looking to buy at the moment however I'm looking at very cheap stuff anyway <£100k in the frozen North.

Share this post


Link to post
Share on other sites

My parents have had their 4 bed detached house in Berkshire on the market for the last few months, only 3 or 4 viewings and no offers in that time. They blame the estate agents and are planning to relist with a different one early next year. My parents are classic HPI-addicted Boomers who often hassle my girlfriend and me about the fact that we are not trying to buy. They also spent a while saying they wanted to BTL a terraced house in a small town in Bedfordshire which they would rent to us at market price as if that was doing us some kind of favour (we don't live in Bedfordshire and have never planned to move there).

A massive crash is needed to cure HPI addicts like my parents of this mental illness.

Its a love-hate thing with mine. On the one hand Dad doesnt want to see his house price fall. On the other, the low rates that keep prices in suspended animation have screwed the annuity rates he keeps umming and ahhing about locking in to. He's not an idiot, he knows the relationship between prices and rates.

Best thing for him, far from downsizing, is probably to cash in the pension fund, buy as big a house as possible, make sure he has under £16k of savings and live off the state.

He wont as he abhorrs benefit dependency, but he should.

Share this post


Link to post
Share on other sites

Its a love-hate thing with mine. On the one hand Dad doesnt want to see his house price fall. On the other, the low rates that keep prices in suspended animation have screwed the annuity rates he keeps umming and ahhing about locking in to. He's not an idiot, he knows the relationship between prices and rates.

Best thing for him, far from downsizing, is probably to cash in the pension fund, buy as big a house as possible, make sure he has under £16k of savings and live off the state.

He wont as he abhorrs benefit dependency, but he should.

Can he live on a state pension (currently basic state pension is £113.10 a week)?

Share this post


Link to post
Share on other sites

I don't know, I think they are reasonably quick to understand which way the wind is blowing. I think the bigger problem is the amount of them that are balls deep in BTL themselves, and therefore can't afford for prices to drop. Which makes the likes of your average HPCer the type of "applicant" that they dread seeing :)

i actually dealt with an estate agent who was sound. i basically laid my cards on the table, was honest about my buying situation and how i saw things as being screwed. she agreed it wasnt 2007 and that i knew my local market so well i should work for them! she actually said sellers need educating as many wont reduce prices despite their advice.

she said one of the things that piss her off about potential buyers is that they lie through their teeth making her job harder to get what they want. having been in sales i have to say i agree with her. due to people having dire negotiating skills they think they are being smart by telling porkies to make up for lack of negotiating skills.

i told the office about property bee- they were astounded it existed.

Share this post


Link to post
Share on other sites

My parents have had their 4 bed detached house in Berkshire on the market for the last few months, only 3 or 4 viewings and no offers in that time. They blame the estate agents and are planning to relist with a different one early next year. My parents are classic HPI-addicted Boomers who often hassle my girlfriend and me about the fact that we are not trying to buy. They also spent a while saying they wanted to BTL a terraced house in a small town in Bedfordshire which they would rent to us at market price as if that was doing us some kind of favour (we don't live in Bedfordshire and have never planned to move there).

A massive crash is needed to cure HPI addicts like my parents of this mental illness.

Don't know how you put up with that. That would send me over the edge. Good on you though for holding a very fair wider-good hpc view, against your parents.

However I know the priority for many hpcers is protecting the HPI for millions of people who have total belief in forever hpi; both those who outbid others by £100Ks/millions of pounds via mortgages, and those who own outright, and future generations matter not a thing.

Know of a couple who have recently accepted £100Ks less than original asking price; been on the market for a few years. It was on at a Jonathon Blaine style asking price, and they've been forced to accept 50% below that, although it's still considerably more than a 2007 price from my view. Two things; they finally cracked under the attrition of time in holding out for unreal asking price, and why why do EAs still try it? Hoping attrition and general circumstances begin affecting more owners, willing to cash in on hyperinflated house prices. L.A here has been helped out by inheritance of a house. Too many older homeowners believe all their hpi is down to 'their ability'.

20 Dec 2014

That ability with property has been my saving grace, too. [..] Each and every house I’ve owned has paid back the love that has been bestowed on it. [..] The best decisions have been with property. [..] property has always got me out of every single mess. I’ve owned four properties and have done all of them up and sold them at a profit, but without my mum’s property we would be on skid row. [..] I’m going to now do posh holiday lets. It sounds macabre but my mum would say: “Job well done.”

http://www.telegraph.co.uk/finance/personalfinance/fameandfortune/11303278/Lysette-Anthony-I-earned-6000-this-year-actors-cant-go-on-like-this.html

Share this post


Link to post
Share on other sites

Comments are good as usual, Aberdeen gets a special mention :D

It has even moved to the other side of Scotland according to the line under its photograph:

"Former boom towns like Aberdeen, in north west Scotland (pictured) have been hit by a slowdown in house prices"

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   209 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.