Properly slump deepens - UK down 3.2%, London 6.8%!
17 December 2007, 10:54 PM
#31
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The people who will suffer from a house price fall are the government through less taxes (no sympathy), estate agents who will have to work to make their money, BTLers who I have little sympathy for, MEWs - seems risky for a X5 and people who want to sell up and move abroad.
17 December 2007, 11:02 PM
#32
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The people who will suffer from a house price fall are the government through less taxes (no sympathy), estate agents who will have to work to make their money, BTLers who I have little sympathy for, MEWs - seems risky for a X5 and people who want to sell up and move abroad.
17 December 2007, 11:12 PM
#33
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I haven't said that house prices falling was mostly bollox. I have said that the number of people requoting statistics makes the content of the thread mostly bollox.
Two years ago I thought prices would level out for a number of years, and didn't think there would be a substantial fall or 'crash' - We are probably up between 30% and 80% based on contract prices depending on area over these two years, so if there is a fall back to prices of two years ago I can still claim the statistical victory
btw - 'House prices' in my road are up an astounding 100% on the week. Last week there was one house for sale at 300k. A new build mansion has just gone on for 900k....... neither of them have sold, but if we want to do statistics based on generic averages and estate agent 'finger in the air' asking prices, then a 100% increase is correct. Now a 100% increase on my road and a 6.8% decrease in London averages out as an overall 53.4% increase....... IN ONE MONTH
It is easy to see this as a meaningless stastic, but the principle of the working is the same as the headline. In reality there has been an average fall of 0.8% across the country on contract prices, making it about 3% fall in the last 4 months, or 6% growth in the last 12.
18 December 2007, 08:33 AM
#34
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Shock news: house prices set to rise. 
................ may not be this year or even next, but they WILL rise again, maybe in five years time, but hey I have to live somewhere!. As long as there's no price crash, it doesn't matter too much unless you're getting on or off the property ladder.
................ may not be this year or even next, but they WILL rise again, maybe in five years time, but hey I have to live somewhere!. As long as there's no price crash, it doesn't matter too much unless you're getting on or off the property ladder.
18 December 2007, 11:30 AM
#35
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London house price fall of 6.8% in past month stokes economy fears - Times Online
I suppose if nobody's lending and people just can't borrow enough to buy, then price falls were bound to accelerate - but even in a quiet month these falls are steep!
Expect the BoE will cut rates in Jan despite rising inflation, but whether it will have any effect is another thing as they appear to have lost control to an extent..
I suppose if nobody's lending and people just can't borrow enough to buy, then price falls were bound to accelerate - but even in a quiet month these falls are steep!
Expect the BoE will cut rates in Jan despite rising inflation, but whether it will have any effect is another thing as they appear to have lost control to an extent..
18 December 2007, 01:19 PM
#37
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Shock news: house prices set to rise.
................ may not be this year or even next, but they WILL rise again, maybe in five years time, but hey I have to live somewhere!. As long as there's no price crash, it doesn't matter too much unless you're getting on or off the property ladder.
................ may not be this year or even next, but they WILL rise again, maybe in five years time, but hey I have to live somewhere!. As long as there's no price crash, it doesn't matter too much unless you're getting on or off the property ladder.
18 December 2007, 01:37 PM
#38
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Sorry, what the difference?
The value of something, is what someone is prepared to paid for it, If the asking price has dropped, doesn't that amount to the same thing? Unless of course these properties are being bought by mentalists that for some reason make offers above the asking price?
The value of something, is what someone is prepared to paid for it, If the asking price has dropped, doesn't that amount to the same thing? Unless of course these properties are being bought by mentalists that for some reason make offers above the asking price?
at the end of the day, the agreed sale price is deemed to be the value, as opposed to the asking price.
...and no, i'm not an estate agent!
18 December 2007, 11:50 PM
#39
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Like others I've been following the whole house price saga. I sold my house in September at perhaps close to the top of the market and I've just had an offer accepted today on another property at 7% less than it was advertised at. Did I get a bargain or did I pay over the odds? Time will tell. If you look at the median of the house price predictions for the next 12/24 months then it's likely the market will be flat overall. However there are always variations about the mean, different types of property and different parts of the country. I think a lot of recent BTL flats will come onto the market very soon, the price is dropping and landlords who were counting on capital gains to offset marginal rents will need to offload in a hurry. If the economy stays healthy and immigration continues, supply & demand will ensure that a general price crash ain't gonna happen.
The reason I'm buying now is that I hope for is a better quality of life, a place I can properly feel at home, part of the community, a short walk from decent pubs & restaurants and a double garage to work on my Scooby. It's a big bonus that my mortgage will be less than the rent I'm currently paying.
I think they've got a saying in the US, property-rich, cash-poor. I could afford a bigger mortgage, but then I'll have less money to do all the other things I want, like skiing, foreign hols and expensive bits for my car.
The reason I'm buying now is that I hope for is a better quality of life, a place I can properly feel at home, part of the community, a short walk from decent pubs & restaurants and a double garage to work on my Scooby. It's a big bonus that my mortgage will be less than the rent I'm currently paying.
I think they've got a saying in the US, property-rich, cash-poor. I could afford a bigger mortgage, but then I'll have less money to do all the other things I want, like skiing, foreign hols and expensive bits for my car.
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