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The Masked Tulip

House Prices Falling At Fastest Rate Since Records Began 50 Years Ago

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LMAO!

One agent, from Exeter, Devon, said he was now doing deals at between 20 and 30 per cent below the peak of 2007.

An agent from York warned that, with the market in the doldrums, predatory buyers were circling to pick off the most vulnerable sellers.

'There are sharks on the sidelines waiting to pounce on vulnerable vendors,' he said.

Another agent, from Chesterfield, Derbyshire, said he had seen 'an influx of predatory buyers' and 'savage price reductions.'

The buyers tend to be cash-rich people who are unaffected by the mortgage drought which is having such a dire impact on the property market.

They know that anybody with a 'For Sale' sign outside their home is struggling to find a buyer, and will be getting few, if any, viewings.

David Sherwood, from Colchester, Essex, said: 'On the one hand, vendors are willing to accept a compromise and take an offer but opportunistic buyers are cynically dropping their offers at the point of exchange. Hardly cricket, is it?'

http://www.dailymail.co.uk/news/article-10...-years-ago.html

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Guest DissipatedYouthIsValuable

Realistic price reductions based upon expectations of future income and expenditure in a vain effort against all odds with a ******ed monetary system to attempt to live in a family unit with some degree of decency despite being ******ed over from the day you're born while some hubristic ******s tell you you're just not working hard enough, is what I think he means.

Edited by DissipatedYouthIsValuable

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Realistic price reductions based upon expectations of future income and expenditure, is what I think he means.

Realistic? They're having a laugh trying to sell them for only 20% off the peak. I don't get out of bed for a reduction of less than 50%. :lol:

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Guest Bart of Darkness
'There are sharks on the sidelines waiting to pounce on vulnerable vendors,' he said.

I must be one of the Pathetic Sharks (Viz). It'll be 2-3 years before I "pounce". Owning my own place no longer seems a major priority.

I'll continue where I am at the moment and see what happens to the wider economy between now and 2011.

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I must be one of the Pathetic Sharks (Viz). It'll be 2-3 years before I "pounce". Owning my own place no longer seems a major priority.

I'll continue where I am at the moment and see what happens to the wider economy between now and 2011.

Seconded. See you on the beach.

sharks.jpg

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Hardly cricket, is it?

It was hardly cricket pricing FTBs out of the market in the first place either.

All is fair in Love, War and Capitalism. ;)

Edited by Dave Spart

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I must be one of the Pathetic Sharks (Viz). It'll be 2-3 years before I "pounce". Owning my own place no longer seems a major priority.

So much for the pent-up demand that would supposedly come from the likes of us.

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It's happy days watching the looks of sobering realisation on the bulls' faces on that the crash is on. All the myths on which their hysteria and irrational exuburence were built are proving to be as empty as we all knew them to be.

Thousands of years ago ancient tribes must have gathered in huge ceremonies at henges and temples to chant mantras en-masse to their Gods in the vain hope of one miracle or another.

This bunch did exactly the same, the difference is they wear suits and chant "House prices only ever go up".

:lol:

Edited by Dave Spart

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It was hardly cricket pricing FTBs out of the market in the first place either.

All is fair in Love, War and Capitalism. ;)

And it is hardly cricket taking such a negative view of gazundering while a few years back quite happily accepting the additional proceeds from gazumping.

Bleeding hypocrites!

Regards,

Q

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There are sharks on the sidelines

So where are the linesmen? Are they circling in the shallows? :blink:

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Today's Shark = Tomorrow's Cat Food.

Buying for the bounce when there isn't going to be one for years is going to be exceptionally painful.

18 years (and 5 years of total Bubble conditions) and it is all over in less than 12 months??? Nope.

It will be the same idiots buying all the way up in the bubble.

Give it a wide berth, this is just a load more guff.

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Many econimic bandits say they the crash will last as long as the boom so buying now when we have just turned the corner is plain stupid if you ask me.

3.5 X Income is a good guide but do remember we have more stealth taxes now that we all end up paying and MIRAS has been removed so 3 X income sounds better given the cercumstances and do remember prices will under shoot as they cras down if the previous crashes are anything to go by.

A three bed semi on a private estate, not Ex Council house for 70k becomes quite possible at todays value of the pound but as they start printing money and the pound devalues then it's more then liely to cost you 90k

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Another agent, from Chesterfield, Derbyshire, said he had seen 'an influx of predatory buyers' and 'savage price reductions'.

So it isn't just us then! :lol:

I take umbridge at being referred to as 'predatory' though. We only offered on no chainers because we actually needed to move. The asking prices hadn't been dropped in 12 months. Sob stories of previous higher offers and broken chains were hardly going to get much sympathy. Yes, I told them that if they wanted to wait for that buyer to come back to them, then they could be waiting for a long time and the offer might go down next time. Yes, I told them we'd rent before we significantly raised our offer. Honest - yes, predatory - no. Perhaps this EA was the one I said the word delusional to ;)

The Chessy agents/vendors had been trying to price ramp for months after the rest of NE Derbyshire had started to start chipping away at asking prices. They were very slow in dropping, so 'savage price reductions' are needed to catch up with the trend of the surrounding areas. Sounds like they've finally pulled their heads out of the sand at the EA's office though. It's not sinking in with all of the vendors yet, but that isn't unique to Chessy.

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Today's Shark = Tomorrow's Cat Food.

Buying for the bounce when there isn't going to be one for years is going to be exceptionally painful.

18 years (and 5 years of total Bubble conditions) and it is all over in less than 12 months??? Nope.

It will be the same idiots buying all the way up in the bubble.

Give it a wide berth, this is just a load more guff.

There are a lot of people buying at so called BMV. The trouble is they are actually setting the value of the houses down the street as they buy. They are the ones who are causing the crash in numbers at the moment IMHO.

You are quite right though, they will end up overleveraged cat food.

Edited by wellandpower

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I take umbridge at being referred to as 'predatory' though.

They should remember that if it wasn't for these 'predatory' buyers then there would be no market at all. Some would say that they're fools to be buying already.

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If you intend to get back into the water, here is some reference material that any serious sharks may want to use as a guide.

-26% from the peak will take us back to when housepricecrash was formed :o

http://www.fool.co.uk/news/property-home/2...emfoleml0010038 (Nice chart)

The average UK property price is now £172,415. In order for this figure to reach the £184,070 recorded a year ago, it would have to rise by 7%. Of course, given the problems in the mortgage market, I think this is unlikely to happen for several years. On the other hand, if prices were to drop by just 4%, we would be back to the £165,730 recorded in mid-2006.

Likewise, if property prices continue to dip, an 8% fall will take us back to June 2005. A drop of 12% would turn back the clock to mid-2004. House prices jumped sharply between 2003 and 2004, so the average price would have to fall by more than a quarter (26%) to take us back five years to June 2003.

Happy hunting

Fin

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It is wierd how fast the hard headed 'dog eat dog' world of the speculators has evaporated as every VI in existance now seems to be calling 'time out' on market forces and their innate human right to act without state intervention.

Suddenly compassion and state intervention have come back into fashion, just as the heros of the free market stand to loose a chunk of cash.

It's a pathetic and comical spectacle.

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  • 399 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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