Sunday, December 9, 2007

Snap a bargain!

House sales - your chance to bag a bargain

There are good reductions out there. Foxtons, for example, has a one-bed flat on Eaton Place, in Belgravia, that has been on sale since September – its price has fallen from £800,000 to £600,000. In Tetbury, Gloucestershire, Knight Frank has been trying to sell a five-bed house since October; it is for sale at £975,000, down from £1.2m.

Posted by confused76 @ 08:46 AM (842 views)
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4 thoughts on “Snap a bargain!

  • The orginal asking prices were grossly over valued initally so for example saying that the Tetbury property is bargin is hardly warranted. Nor does it consititue a so called crash in prices. I would suspect the owner has plucked a figure from the sky to see what they could get for it.

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  • You could indeed “bag a bargain” today – or wait twelve months and bag a far better bargain!

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  • here some of the comments in the Times. This article is the most commented of today

    Anyone who thinks that a housing market growing at an anualised rate of 9.1% is healthy is off their trolley. Increases in line with the growth rate of earnings is the only sustainable rate on a long term basis and we have already had years of growth in house prices way above this level. High house price growth rates are distinctly unhealthy as it typically indicates rampant debt accumulation in society, not increased wealth in society as a whole. If we have another period of rapidly rising prices stoked by a foolish BoE dropping rates down again to low levels, the levels of debt in this country are going to start to present very serious problems for the country and the stability of the housing market itself going forward.

    J Barrows, Newcastle,

    Mmmmmm, six times salary for somewhere only half decent when you’re well into the higher tax band? I don’t think so. Buying now is just propping up the house “share price” of idiots who’ve plunged into this dot com like boom. Personally, I’ll wait for the shake out in six to 18 months time when the overly stupied can’t get credit any more, can’t re-mortgage and can’t get any takers to rent or buy their overpriced boxes. Up and coming, in demand Bristol is FULL of overpriced flats that can’t be sold and can’t be rented because they’re overpriced. There’s simply a surplus, supply has exceeded demand.

    Face reality Lucy, the market’s about to plummet and all the optimism in the world ain’t going to stop it. My advice : Keep renting or stick with your parents for a bit longer, THEN you can pick up a bargain when those idiots who think “Property prices ALWAYS go up” can’t afford to fund their mortgages any more.

    Jon Guard, Bristol, UK

    B Cook, You are absolutely right, I am an FTB following the market closely. Each article I have read up to now has some smell of vested interest. Even more surprisingly some boards remove comments like ours. Try to post something about vested interest on the channel4 forums and see what happens.
    My advice for anyone wanting to buy.
    Research, research, research!
    and
    Don’t get into something you cannot afford

    Ogotai, London,

    Four key differences ??
    1.Rates lower yes but huge mortgages needed so ultimately no difference.
    2. 10.9% and as you admit 28.9% in London is unsustainable…so no difference.
    3. I and many believe we are moving into a recession so no difference…
    4.Many basic necessities are not accounted for in inflation figures including housing costs (convenient) so no difference where does the figure of 6% come from uh?? mortgages alobne are swallowing huge amounts of peoples income,many are just keeping their heads above water.

    G Reeves, Birmingham, UK

    Here’s a tip. Don’t use someone with a vested interest in ramping the property market to do your ‘exclusive research’. Makes it look as if you couldn’t be bothered getting someone neutral.
    In answer to Lucian’s points:
    1. Rates are lower but mortgages are higher. Result? We owe more, we are paying more, it costs more to service the debt. Get it?
    2. 10%+ each year IS unsustainable. First time buyers are priced out, buy to let has replaced them – but for how long?
    3. The economy has be rapidly expanding, yay! The UK has more debt than the GDP, boo! Borrowing from the future only works for a short period.
    4. Petrol, food, school fees, haircuts – EVERYTHING is more expensive now than a year ago (except for flat screen TVs, thanks Gordon).

    Finally, 600k for a 1 bed flat is NOT a bargain. The fact you present it as such is indicative of how stupid this property pyramid scheme has become.
    Bring on USA recession, bring on a dose of reality here.

    B Cooke, London,

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  • The following section must be a joke. I cannot believe the Times is worth less than toilet paper and not as comfortable either:

    “Exclusive research”
    Will house price crash?
    Unlikely, according to exclusive research for The Sunday Times by Lucian Cook, director of research at Savills estate agents, who expects prices to start going up again in the second half of next year and rise at an annual average of 5% in the next five years. He identifies four key differences from two decades ago:
    1 At the end of 1989, interest rates were 15%, far higher than now; they had risen by 76% from the start of 1988, which had a strong impact on affordability. By contrast, rates are expected to fall to 5.25% next year.
    2 At the end of 1988, average house prices in the UK were growing at an unsustainable 32.9% a year; they peaked this year at a more modest 10.9% in June (although they hit 28.9% in prime central London).
    3 The economy was growing far more slowly in 1989, and moved into recession at the start of the 1990s. By contrast, GDP is still growing, although the rate of growth is expected to slow to 2.2% by the end of 2008.
    4 House prices were far lower relative to wages in 1989, but net household incomes now are roughly 6% more than basic expenditure (which includes housing costs). In the third quarter of 1988, the same comparison revealed a deficit of 10% – which rose to more than 30% by the end of 1989.”

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