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Alfonzo

Effect Of The Internet..

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Been watching this forum with a mixture of delight, amusement, anger and fear over the last few months or so. I've been predicting house price disasters since 1999! :D but have to admit (difficult as it is) that I'm prone to 'The End of The World is Nigh' type attitude upon occasion, although normally a pretty upbeat type of chap..

Anyway, what are your thoughts concerning the influence of the Internet on house price movement as opposed to the last property crash? By this I mean the speed and ease of communication between us all that now exists, it seems to me that events could happen much quicker due to the ease at which emotions and sentiment can pass about via websites and forums such as this..

Back in the early '90's it was chats in the pub & reading the press for all your information - the Net has really been a godsend for allowing debate forums to be shared. It also provides a great source of girly pics too, apparently.. :rolleyes:

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The web is a great tool for searching for property.

Not a huge advantage for those looking to buy in an area they already know or live...but for those looking to relocate the web is a God send.

I check rightmove (among others) every day just in case a house comes onto the market that matches my requirements. I dare say many others do to.

I suppose the only problem with the internet is that bears tend only to notice what they want to see :D

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The Web makes it so much easier to investigate house prices and job markets abroad and get very up to date info. :) I am also checking out advice from the locals of course, and using Web sites of Estate Agents who sell to the locals, not just the ones whose business is aimed at foreign investors.

The Web also has great potential for organising collective action and protests (www.pricedout.org.uk). Unfortuately there's not much it can do to overcome problems of apathy.

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The Web makes it so much easier to investigate house prices and job markets abroad and get very up to date info. :) I am also checking out advice from the locals of course, and using Web sites of Estate Agents who sell to the locals, not just the ones whose business is aimed at foreign investors.

The Web also has great potential for organising collective action and protests (www.pricedout.org.uk). Unfortuately there's not much it can do to overcome problems of apathy.

:lol: No, but if you can be arsed to search, I'm sure there's some self-help forums on help with being apathetic.

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Its also a great medium for ramping based on journalism that would otherwise not see the light of day.

I think it works both ways and helps rapid but more extreme fluctuations in HPI etc.

Just look at AIM stock ramping, done through a few share forums. It works!

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The Web reduces EA’s information advantage over all the rest.

It has been estimated for the US market that the price premium the EAs achieve

when they happen to market and sell their own houses has fallen from 10 % to 5 % thanks to the Web.

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Anyway, what are your thoughts concerning the influence of the Internet on house price movement as opposed to the last property crash? By this I mean the speed and ease of communication between us all that now exists, it seems to me that events could happen much quicker due to the ease at which emotions and sentiment can pass about via websites and forums such as this..

Back in the early '90's it was chats in the pub & reading the press for all your information - the Net has really been a godsend for allowing debate forums to be shared. It also provides a great source of girly pics too, apparently.. :rolleyes:

I think it's because of the internet that these global imbalances (HPI) have occured together and thus to answer the question it's more now a global issue than before becuase wealth transference is easier. For instance I can live in a far off country and own a house with no debt yet am unable to get into this U.K. debt fuelled market without scare of downturn and negative equity.

It's a tough one to choose but being free from debt is really what this forums reason to be is IMHO.

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The internet helps buyers in a way finding out about property prices in perticular that ourproperty website telling prices. (allthough they missed what i payed for the house i bought last year) Helps buyers reduce asking prices a little.

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The internet has become the primary source for gleaning information in real time and equally enabling the viewer to make a more balanced and subjective view of the forces of economics on a global scale.

The internet will indeed have a profound impact on the markets as was seen during the crash of the dot com bubble. This is not a bad thing, however in working in real time the people will be making descision on their feet as opposed to the last crash whereby the public were wholly dependent on the forces at work to report to them on a more dominant and biased viewpoint.

I think the internet is still vasty underated as a medium for open communications and has a vast amount of potential left whereby business can capitalise on its prescence. The Dotcom bust sorted the wheat from the chaff IMHO and we are seeing the mature business doing very in e-commerce in a ever increasing revenue stream of business being developed wholly upon their internet prescence.

With regard to property and the mechanics of the cycles, the internet will on the one hand stave off the crash as panic will not set in overnight as was the case many times before. But for sure when the dynamics are clearly seen by the public, that the figures no longer stack up, then it will happen in an instant.

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As with my previous post i think i should also add the mass immigration coming into this country (thanks to the Labour govt) This can create housing shortage helping the greedy BTL people.

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I think the internet will make housing more affordable.

In time, people will be using the net as a portal for their office and therefore reducing costs on travel, food, phone calls and work clothes. I spend £600 a month on travel, food (at inflated prices), mobile phone and spend the odd bit on new shoes and shirts. Taking that into account it could pay a huge chunk towards a mortgage.

VOIP will soon mean free phone calls for all as competitors fight for customers for a broadband connection. Also, if your clever enough, you could be earning an income that is tax free on-line, such as betting. For those that laugh, a guy has recently had his bets limited to £7 as he made £400,000 in less than a year, so property for him would be alot cheaper and paid in cash with money earnt tax free.

Welcome to the Information Age.

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I was convinced that when open access to the Land Reg historical house prices was made freely available on the net and you could find out what a seller had bought for, that this would bring down house prices or at least stop them going up so much. Sort of "I'm not paying that much - he bought it for 30% of that only three years ago!".

What seems to have happened with our esteemed and intelligent British public is - "Wow! - he bought it three years ago for 30% of what he wants now - he's tripled his money in three years - I'd better buy it off him at the full asking so that I can make that money too!"

Unbelievable.

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I was convinced that when open access to the Land Reg historical house prices was made freely available on the net and you could find out what a seller had bought for, that this would bring down house prices or at least stop them going up so much. Sort of "I'm not paying that much - he bought it for 30% of that only three years ago!".

What seems to have happened with our esteemed and intelligent British public is - "Wow! - he bought it three years ago for 30% of what he wants now - he's tripled his money in three years - I'd better buy it off him at the full asking so that I can make that money too!"

Unbelievable.

Actually I think the vast majority of the British Public is still unaware that they can get the information so easily. I mentioned to a few vendors that I knew what they paid for their property when I was viewing houses a few months ago. They all seemed astounded that I had access to such information...

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I was convinced that when open access to the Land Reg historical house prices was made freely available on the net and you could find out what a seller had bought for, that this would bring down house prices or at least stop them going up so much. Sort of "I'm not paying that much - he bought it for 30% of that only three years ago!".

What seems to have happened with our esteemed and intelligent British public is - "Wow! - he bought it three years ago for 30% of what he wants now - he's tripled his money in three years - I'd better buy it off him at the full asking so that I can make that money too!"

Unbelievable.

I did think the same people would look into what it sold for before. This is one of the reasons i put in much lower than the asking price on my previous purchase. I dont think people can think the latter expecting to make money putting in the full asking price surely.

I think the property boom is well over - expect 1% well below inflation a year for years to come in property.

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I dont think people can think the latter expecting to make money putting in the full asking price surely.

I think the property boom is well over - expect 1% well below inflation a year for years to come in property.

I think you underestimate people's stupidity herd mentality - why else would there have been such a recent history of full asking price offers or indeed gazumping? Why do so many people talk about "missing the boat" or "securing a property", as if they are desperate? Why are people going into BTL in large quantities despite very low yields? I think the main answer to that is they have seen historical growth and expect it to continue - they want some of that growth!

Unfortunately there are indeed people who not only act in such a way, but actually boast "we had to go above the asking price to get it as there was so much competition". I personally have heard that several times.

I'd love to agree with you that the property boom is well over, but in London where I look prices are rising relatively rapidly and houses going quickly. Of course, there are local differences. I'm with Frederick Harrison on this one - this is the final spurt "winner's curse" that will go on until 2008 - massive drop from there bottoming 2010-2011. I'm not happy to wait, but I shall, as I personally see it as potentially allowing me to retire with an extra £200k-£300k in the bank because I didn't overpay on the house.

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  • 301 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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