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eric pebble

Asking Prices For Homes Cut By £25,000 Amid Growing Fears About The Health Of The Property Market

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Bloody Mail, they would say 'fears', how about 'growing relief'? I said to a friend yesterday that I felt as though I'd been standing in a queue for the loo for 16 years.

"And house prices actually fell 0.8 per cent last month." [emoticon for incredulous horror]

Edited by North London Rent Girl

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wow, doesn't avert the fact they are still up 100% since 2012. :(

This can't be stressed enough. I've been laughing and crying at the market since 2005 but I can't remember a time when prices were so utterly insane as now. This is beyond a sick sick joke now. I'm at a complete loss to even understand how the so-called market can even function at these prices.

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What a funny old market, all this time that London has seen rampant hpi whilst much of the rest of the uk has been stagnant (my area included)... now London is finally stalling/falling whilst much of the rest of the country (including my area) is going in to turbo crazy buying frenzy overdrive.

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Daily Mail: Asking prices for homes cut by £25,000 amid growing fears about the health of the property market

http://www.dailymail.co.uk/news/article-3581995/Asking-prices-homes-cut-25-000-amid-growing-fears-health-property-market.html

This story was just discussed on Channel 5's The Wright Stuff. Going on the reputation of estate agents, the panel found this bit of the article amusing....

" estate agents are often to blame as they give unrealistically high valuations for a property in order to win new business."

It was stated that the average discount has increased from almost £4 to £25k since the beginning of the year, leading the panel member to state, "this is enormous, but so are high prices!"

We all know how important sentiment is with this ponzi and sentiment is definately on the turn now. Only today we now have 3 stories in the MSM, so most of the public will get acess to this message.

http://www.standard.co.uk/business/housing-market-fears-grow-as-prices-take-a-dip-a3243436.html Housing market fears grow as prices take a dip

Sliding consumer confidence is casting a shadow over house prices, Halifax warned today.

http://www.independent.co.uk/news/business/news/housing-bubble-has-burst-after-sellers-slash-asking-prices-by-average-of-25265-a7020456.html

The housing bubble has burst, analysts have said, after sellers started slashing money off their asking prices and accepting offers up to 10 per cent less than the property was listed.

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This can't be stressed enough. I've been laughing and crying at the market since 2005 but I can't remember a time when prices were so utterly insane as now. This is beyond a sick sick joke now. I'm at a complete loss to even understand how the so-called market can even function at these prices.

It doesn't. The Chinese etc aren't stumping up the 95% they owe. Expect biiig problems in PCL. Add the slowing economy and downtrebding st mkt. Popcorn time.

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Let's hope:-

  • house prices continue to climb
  • the UK doesn't leave the EU
  • we continue to see 600,000+ gross number of immigrants entering the UK each year
  • our benefits system is maintained so that many can enjoy tax credits and housing benefits
  • Carney stays in the BoE for many years to come
  • Osborne remains chancellor for many years to come
  • I keep stabbing myself in the leg - it is strangely soothing.

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Asking prices? Thats a far cry from '25% reduction on previously sold price'. For me, they simply overvalued last year and surprise surprise, didnt sell. But it does make for some great 'sale' marketing!

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This can't be stressed enough. I've been laughing and crying at the market since 2005 but I can't remember a time when prices were so utterly insane as now. This is beyond a sick sick joke now. I'm at a complete loss to even understand how the so-called market can even function at these prices.

Because the amounts that banks are willing to lend are still increasing! Cue the 100% mortgages, for 40 years and a increase from 4.5 times income to 5.5! and don't worry about paying it off until you hit 85! Papers have been full of it lately.

Edit: All in the name of helping us get on (or move up) that property ladder. :rolleyes:

Edited by renting til I die

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Bloody Mail, they would say 'fears', how about 'growing relief'? I said to a friend yesterday that I felt as though I'd been standing in a queue for the loo for 16 years.

"And house prices actually fell 0.8 per cent last month." [emoticon for incredulous horror]

Growing fears should have been the headlines in all the months and years and years of HPI+++++++ prices rise.

Instead it has been all about HPI++++ glory party time, year on year, mad-gainz ego, + BTL as some sort of excellent thing to do.

Celebrations pushing and worshiping HPI++ \o/ \o/ \o/ \o/ \o/ \o/ \o/ \o/ \o/ \o/ \o/ \o/

Too late for reasoning it now. The time for honouring yourselves on the HP++++ side will soon be at an end.

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Asking prices? Thats a far cry from '25% reduction on previously sold price'. For me, they simply overvalued last year and surprise surprise, didnt sell. But it does make for some great 'sale' marketing!

70% reductions to come......

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I'm watching a 2 bed flat that has just come on at 319,000 in a SE UK area where I know no equal flat has sold for more than 280,000 for the past ten years. It's not even the best located flat on the estate.

It's going to be my bellweather for that whole area. If it gets 250k I will be impressed. It's really 'worth' 100k given local earnings and upkeep costs.

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I'm watching a 2 bed flat that has just come on at 319,000 in a SE UK area where I know no equal flat has sold for more than 280,000 for the past ten years. It's not even the best located flat on the estate.

It's going to be my bellweather for that whole area. If it gets 250k I will be impressed. It's really 'worth' 100k given local earnings and upkeep costs.

Put in a cheeky bid of 314,950 then just rent it out, innit?

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Guest

Surely a healthy market would go up and down anyway, so why would people be worried if prices fall?

In relation to fluctuations in wages and interest rates... Rather than government intervention and easy credit for speculators

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Asking prices arent falling because of fears.

They are falling because there are few greater fools around and the houses are not selling.

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Asking prices arent falling because of fears.

They are falling because there are few greater fools around and the houses are not selling.

This.

as a home owner with a mortgage I can't wait for values to plummet. No brainer as I can move to a bigger house for a lower outlay - if I need to ever move at all.

Also, to a lesser extent, instead of BTL-owned houses rented out to people who don't give a ****** after them, owner occupiers on sensible salary multiples might be better neighbours than the 6-month lease tenant swap lottery.

not to mention the critical bit about the health of the overall economy when less resources go into a speculative bubble that screws younger generations.

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Also, to a lesser extent, instead of BTL-owned houses rented out to people who don't give a ******

UK's bottom end housing stock will become more and more dilapidated.

The value of these ex BTL will go through the floor

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