Friday, October 15, 2010

Gravity

Gazundering returns as house prices fall

Whether you believe the Halifax claim that house prices fell by a record amount last month or the Royal Institution of Chartered Surveyors’ report of more modest declines this week, there is one sure sign that homebuyers are regaining the upper hand in a weakening property market; gazundering is back.

Posted by dill @ 03:44 PM (4652 views)
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12 thoughts on “Gravity

  • mark wadsworth says:

    Righteous!

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  • sibley's b'stard child says:

    I see gazundering is greeted with a fair amount of antipathy on the comments section:

    “England needs to adopt the Scottish conveyancing laws. Failing that gazunderers should be publically flogged”.

    Still, (for vendors) it’s an ill wind that blows…

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  • sib you dont happen to also be smugdog do you? you both sound very similar

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  • sibley's b'stard child says:

    No mark, it’s probably just my propensity for double spacing (improves legibility, innit).

    Strangely enough – while making my afternoon coffee – I had toyed with the idea of creating an alter-ego ‘Contemptuous Cat’. But, now i’ve ruined it.

    If it wasn’t for those pesky kids…

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  • lol

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  • Don’t know about gazundering but I’ve seen at least 3 houses come back to market ‘unexpectedly re-available’ I think the phrase is.

    This should be happening quite a bit due to stricter lending criteria etc. yet I haven’t seen any articles on it recently.

    Has anyone else noted houses coming back on in the last month or so ?

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  • A truly wondrous last paragraph:

    Finally, do remember that if you are forced to accept less than you expected on the property you sell, you could still end up better-off if you are trading up to a more expensive home and you manage to obtain the same percentage discount on the property you buy. For example, 5 per cent off £200,000 is worth £2,500 more than 5 per cent off £150,000. What goes around comes around.

    Glory be. What is that if not suggesting (albeit perhaps not precisely recommending) gazundering along the whole chain. Wouldn’t that be shocking!

    And in a Tory paper too. Whilst the Tory politicians are promoting the reality of “stability” as opposed to further “booms” in the housing market, which I translate as: Tories ain’t gonna prop the market up, at least not at this juncture anyway.

    Happy Friday. 🙂

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  • Mick, that is exactly how I read it, too, then saw your comments. I even imagined that the buyer and vendor at the bottom of the chain should collude to to get discounts of the bottom two properties.

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  • crash bandicoot says:

    What do the Bricks Chicks have to say about this? Do they still exist?

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  • It is as if the Brick Chicks never existed if you do a Google search. You probably have to pay a subscription to the Times to access anything now.

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  • tenyearstogetmymoneyback says:

    mick rupert

    I was about to quote that paragraph myself. I still wonder if I should have accepted a 7.5% gazunder back in 1995
    when I could have bought a really nice detached house for £93K. As it was the finally insult was having to pay
    to lodge the deeds back with the Building Society, while my “Buyer” bought a larger house in the same road !

    Duncan

    Bought 1989 £65500, Best offer 1995 £52000 / Underzumped down to £48000, Sold 1999 £70500

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