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Buffer Bear

Hips Puts Break On House Prices

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http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770

Just for you RB.

As a result, price rises have virtually ground to a halt. The rate of increase has plummeted from 3.6 per cent in April to just 0.4 per cent this month.

The figures are revealed by Britain’s biggest property website, rightmove.co.uk.

It says 200,115 homes have been newly advertised in the past four weeks – way above the previous record of 178,158.

Edited by Buffer Bear

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Arrggghhhh - right at the end they say that people not putting their house on the market in June "could send prices soaring". Does not compute, malfunction, malfunction, 3+3=banana <disappears in puff of smoke>

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Arrggghhhh - right at the end they say that people not putting their house on the market in June "could send prices soaring". Does not compute, malfunction, malfunction, 3+3=banana <disappears in puff of smoke>

My worry too.Two weeks advantage for Bears and then we have June ,July,August........Just when interest rates would be biting have Labour again pulled off another trick to postpone a crash.

£500 aint a lot but it will put off casuals,and I have always become a vendor on a casual basis*... and see what happens.And they haven't even got inspectors ready in some areas.

*The wisdom on this site is that people put there house up when they need to not as a fancy....wrong,wrong,wrong.

Edited by crashmonitor

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I like this comment on the scottish version of HIPS which is due to start next May

"It will also be interesting to see sellers respond to the inclusion of a realistic valuation in the pack, all but scuppering any hopes of making a killing.

Would you pay £250,000 for a home when the first thing you see about it is a surveyor's report verifying that it can't possibly be worth more than £170,000? "

http://business.scotsman.com/index.cfm?id=781182007

:)

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Would you pay £250,000 for a home when the first thing you see about it is a surveyor's report verifying that it can't possibly be worth more than £170,000? "

A property is worth what someone is prepared to pay for it...

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A property is worth what someone is prepared to pay for it...

I'm prepared to buy Buckingham palace for a fiver!!

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Wot a load of crap this hips rubbish is - as if it shud make any difference having to pay 500 quid for some pack thing. Just stick 4195 quid on to your selling price it aint rocket science you muppets. You've made 327% on your house in the last 3 months so surely u can pay the 500 up front for a stupid pack? Stop moaning about a meagre few hundred quid and get on with it...

You people...

Edited by snap_crackle_and_pop

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Wot a load of crap this hips rubbish is - as if it shud make any difference having to pay 500 quid for some pack thing. Just stick 4195 quid on to your selling price it aint rocket science you muppets. You've made 327% on your house in the last 3 months so surely u can pay the 500 up front for a stupid pack? Stop moaning about a meagre few hundred quid and get on with it...

You people...

It may help you Bulls.Can I get an energy inspector come June?,do I put my property on the market to test the water? (as many do and end up selling).Sure to have some effect on supply, then ,in reverse to the current rush.

Edited by crashmonitor

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Doesn't the lending institution go on the surveyors valuation?

This is only for their (the banks) risk assesment (in the event of reposession what are the risks to the lender) nothing more than that.

If you put enough % of equity capital down yourself in relation to the banks evaluation survey you can buy it at whatever price you are prepared to pay!

For example is you have a 75K deposit, and the bank thinks the property is worth 125K but you choose to take out a loan for 150K (as 225K is what the seller want to sell it), then the bank will say yes thank you. The risk to them due to the 75K equity is reduced as they get to keep your equity if the resposession goes for less than what is still owed to them at the time it goes for auction.

EDIT: to make clearer

Edited by Odin

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Would you pay £250,000 for a home when the first thing you see about it is a surveyor's report verifying that it can't possibly be worth more than £170,000? "

That is the scottish market to a tee. It is much harder for FTBs to get a mortgage because properties often sell for much more than their survey value. This is opposed to england where the survey values are higher so it is easier to get a mortgage.

Offers over system = :angry:

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That is the scottish market to a tee. It is much harder for FTBs to get a mortgage because properties often sell for much more than their survey value. This is opposed to england where the survey values are higher so it is easier to get a mortgage.

I find it funny when the survey in the latest property porn show uses the term "At current market conditions the property would be expected to sell for £XXX,XXX". They don't use the term "This property is worth £XXX,XXX", it all depends on "current market conditions" you see :). Most people would me better buying a plot of land and building their own place upon it, they could save thousands.

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