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TheCountOfNowhere

Decline in house prices starts to extend beyond London

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http://www.cityam.com/270074/london-and-south-east-housing-market-slowdown-drags-down-uk

 

London and the south east housing market slowdown drags down the UK average

 

All those ejits that paid london prices in the shires will either be stuck or bankrupt waiting for the greatest fool to arrive, they were the greatest fool.

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.....but it is not really a cut is it, for the majority selling today they are still selling for more than they bought it for.....they will just buy something for less or get more for the same money somewhere else...

Lower prices are good for everyone, less debt requirement meaning less overall cost, meaning owning outright faster.....what is there not to like?;)

 

 

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House prices in areas of Lincolnshire and the East Midlands appear to be still going up but only marginally and, I assume, driven by people who think their house is worth much more than the market and a potential buyer believes....was it ever thus!

.........the house opposite us went on the market a few weeks ago so I checked the price yesterday. I was staggered by the amount they wanted but then I researched a little further. Like sized houses etc were all at that price or even more. Is it Estate agents who are doing the pushing or over zealous sellers awarding themselves silly notions of the value of their home?

perhaps a combination of the two?

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2 minutes ago, Gorseinonboy said:

House prices in areas of Lincolnshire and the East Midlands appear to be still going up but only marginally and, I assume, driven by people who think their house is worth much more than the market and a potential buyer believes....was it ever thus!

.........the house opposite us went on the market a few weeks ago so I checked the price yesterday. I was staggered by the amount they wanted but then I researched a little further. Like sized houses etc were all at that price or even more. Is it Estate agents who are doing the pushing or over zealous sellers awarding themselves silly notions of the value of their home?

perhaps a combination of the two?

No, it's the bankers magicking money out of thing air to lend to BTLers at 0.9% interest rates with few checks that the EAs are feasting off.

Regulate the bankers, solve the problem.

East midlands, nortthants, round me has died a death.  Lots of insanely over prices houses being listed, nothing selling.

Edited by TheCountOfNowhere

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34 minutes ago, winkie said:

.....but it is not really a cut is it, for the majority selling today they are still selling for more than they bought it for.....they will just buy something for less or get more for the same money somewhere else...

Lower prices are good for everyone, less debt requirement meaning less overall cost, meaning owning outright faster.....what is there not to like?;)

 

 

The price of a house continues to be a vexed question and one's stance and opinion on this may well have to do with where one is the market place, or one's age, or how much stock one has and so on.

in general terms we all want a bouyant market for housing with a return on our investment but nobody gains from a rampant and silly  chase for housing which is all about ordinary people paying over the odds for a commodity that is still in short supply. A gentle upward movi g market is reasonable.

........at least there is some building of new houses going on. But, is it enough? Most people think not......and whilst that is the case house prices will still be on the incline....

 

 

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2 minutes ago, Gorseinonboy said:

The price of a house continues to be a vexed question and one's stance and opinion on this may well have to do with where one is the market place, or one's age, or how much stock one has and so on.

in general terms we all want a bouyant market for housing with a return on our investment but nobody gains from a rampant and silly  chase for housing which is all about ordinary people paying over the odds for a commodity that is still in short supply. A gentle upward movi g market is reasonable.

........at least there is some building of new houses going on. But, is it enough? Most people think not......and whilst that is the case house prices will still be on the incline....

 

 

What?

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20 minutes ago, Gorseinonboy said:

The price of a house continues to be a vexed question and one's stance and opinion on this may well have to do with where one is the market place, or one's age, or how much stock one has and so on.

in general terms we all want a bouyant market for housing with a return on our investment but nobody gains from a rampant and silly  chase for housing which is all about ordinary people paying over the odds for a commodity that is still in short supply. A gentle upward movi g market is reasonable.

........at least there is some building of new houses going on. But, is it enough? Most people think not......and whilst that is the case house prices will still be on the incline....

 

 

That is the mistake, treating homes as investments.....sure it is right that they should not lose money 2% gain a year linked to inflation would be fair......then other investments would be better used including real business investments and long-term savings and pension investments...... hedging by diversification.;)

Edit to say, prices do need to fall down to a level where would have moved with inflation going back at least 20 years.....the housing market is top heavy, far too many new and wonderful fancy innovative schemes and so called helpful ways of owning but not owning one, just to make you think you do own one.....when probably never will.....new ways of renting.

Edited by winkie

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12 minutes ago, Gorseinonboy said:

The price of a house continues to be a vexed question and one's stance and opinion on this may well have to do with where one is the market place, or one's age, or how much stock one has and so on.

in general terms we all want a bouyant market for housing with a return on our investment but nobody gains from a rampant and silly  chase for housing which is all about ordinary people paying over the odds for a commodity that is still in short supply. A gentle upward movi g market is reasonable.

........at least there is some building of new houses going on. But, is it enough? Most people think not......and whilst that is the case house prices will still be on the incline....

 

 

Supply and demand? Sorry but I don't think so/ unless you are very naive these days. It's been a long time since that mattered. Ask Fergus Wilson. Or google him if you have to. 

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14 minutes ago, Gorseinonboy said:

 

in general terms we all want a bouyant market for housing .

 

 

That's a bit of an assumption.

I personally want an end to immigration, real jobs, a return to council houses and a very small housing market and banking system.

The "buoyant housing market" has made the UK an unproductive hell hole.

Edited by TheCountOfNowhere

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If one were to track the asking price versus the actual price paid, I guess there would be a large difference....but, hey, that's the market place. It finds its own level. If punters are asking silly prices then their houses will not sell....which seems to be what is happening around me in Lincoln area. I think it accounts for some of the explanation. On our development over the last year all the houses for sale have now gone baring those priced in a silly way.....

......as regards blame being placed on the bankers......we all have our pet projects don't we? 

Bankers lend money, rates are low. Young, energetic people have incredible opportunity to get into a reasonably lucrative market so they take advantage of it. Why shouldn't they? The shells of commerce turn....bankers, estate agents, buyers, sellers, all play their part. 

 

Some complain about the high high price of the housing stock or the easy availability of loans. This is just where we are in the current cycle of the housing market. .....

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1 minute ago, Gorseinonboy said:

If one were to track the asking price versus the actual price paid, I guess there would be a large difference....but, hey, that's the market place. It finds its own level. If punters are asking silly prices then their houses will not sell....which seems to be what is happening around me in Lincoln area. I think it accounts for some of the explanation. On our development over the last year all the houses for sale have now gone baring those priced in a silly way.....

......as regards blame being placed on the bankers......we all have our pet projects don't we? 

Bankers lend money, rates are low. Young, energetic people have incredible opportunity to get into a reasonably lucrative market so they take advantage of it. Why shouldn't they? The shells of commerce turn....bankers, estate agents, buyers, sellers, all play their part. 

 

Some complain about the high high price of the housing stock or the easy availability of loans. This is just where we are in the current cycle of the housing market. .....

Right move index versus land reg index.

 

if you're not offering 30% below the asking price then you are the greatest fool.

Edited by TheCountOfNowhere

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9 minutes ago, winkie said:

.sure it is right that they should not lose money 2% gain a year linked to inflation would be fair.....

how would that be fair ?

Houses get older, need more maintenance, will eventually fall down,

The only reason people are being hounded into buying houses is due to the unregulated bankers trying to make profits out of nothing.

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4 minutes ago, TheCountOfNowhere said:

how would that be fair ?

Houses get older, need more maintenance, will eventually fall down,

The only reason people are being hounded into buying houses is due to the unregulated bankers trying to make profits out of nothing.

Some of the best homes are the oldest homes.....spend the 2% per year on improvements......got to give people some good reasons to buy if only to keep the existing stock in habitual order.;)

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17 minutes ago, 2buyornot2buy said:

Was just about to write that myself. 

Exactly. So many words. Such little thought.

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13 minutes ago, winkie said:

Some of the best homes are the oldest homes.....spend the 2% per year on improvements......got to give people some good reasons to buy if only to keep the existing stock in habitual order.;)

I always think the house maintenance costs are always massively over egged on this forum. Parents own a house build cira 1860 spent about £2k over 10 years. I own a semi built in 1928 spent nothing on maintenance. Even the boiler is 30 years old again cost me nothing.

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42 minutes ago, Gorseinonboy said:

in general terms we all want a bouyant market for housing

Yes of course.

Quote

with a return on our investment

NO and thrice no. You just dont get it, you cannot have something which positive yield as an investment while remaining a cheap commodity that provides good value utility and thus contributes to net living stands and wealth, its an economic impossibility. You cannot square this circle, this is why we are in the sh*t were in right now.

The only way out of the current terminal decline is to move completely over to viewing housing as utility and not investment, 100% no middle ground, you pay for the utility of shelter expecting nothing else. Its the only way that works in the long term.

 

 

Edited by goldbug9999

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10 minutes ago, houseface2000 said:

 I own a semi built in 1928 spent nothing on maintenance.

So it's in exactly the same state that it was built in in 1928, no updates at all? No fixes, no double glazing. Roof never needed repairing. No pointing. No new carpets. Original kitchen.

Wow.

Edited by Si1

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10 minutes ago, houseface2000 said:

I always think the house maintenance costs are always massively over egged on this forum. Parents own a house build cira 1860 spent about £2k over 10 years. I own a semi built in 1928 spent nothing on maintenance. Even the boiler is 30 years old again cost me nothing.

Very true......can go many years with very little spend requirement, but every house will at some point require money spent on it, roofs, damp, gutters, windows, painting and decorating, radiators .......pick up a new boiler for free or next to nothing, they are subsidised, pay for that on the fuel bill......worth consideration of keeping the older boiler they last for years very reliable pieces of kit.;)

Edited by winkie

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5 minutes ago, houseface2000 said:

I always think the house maintenance costs are always massively over egged on this forum. Parents own a house build cira 1860 spent about £2k over 10 years. I own a semi built in 1928 spent nothing on maintenance. Even the boiler is 30 years old again cost me nothing.

Not just maintenance, modernisation. Folks own a big house built pre 1900. Easily spend 2k a year on maintenance. Just papering a room cost hundreds. Carpet hundreds again. When things go, they really go wrong. Then when you have to replace features, coving etc it's big money. 

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46 minutes ago, Gorseinonboy said:

........at least there is some building of new houses going on. But, is it enough? Most people think not......and whilst that is the case house prices will still be on the incline....

Just because you're on "the incline" doesn't mean you're necessarily in a position to go up it.

giphy.gif

 

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2 minutes ago, 2buyornot2buy said:

Not just maintenance, modernisation. Folks own a big house built pre 1900. Easily spend 2k a year on maintenance. Just papering a room cost hundreds. Carpet hundreds again. When things go, they really go wrong. Then when you have to replace features, coving etc it's big money. 

The other thing is, if you find a way to avoid maintenance or modernisation then this cost will be subtracted from future sale price.

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