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Debate House Prices
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I reckon there has been more sales in December
Comments
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Darth_Marty wrote: »Just a quick observation, it seems people use Rightmove a lot for their observations, that may have been fine 12 months ago but as up to 70% of Agents have pulled out of Rightmove it is no longer the tool it once was. They were/are so, expensive that the easiest thing an agent could do to save 50k p.a was to leave Rightmove. And thats what they have done.
Where did you get this figure? I think all the agents I follow are still on there, but I will certainly check as I 'do the rounds' after Christmas.0 -
I went to a Christmas 'do' this week and met some people I haven't seen for ages and I was surprised by how many of them had recently moved, were moving or knew of somebody who had. One of them was moving this Monday.
I was a bit miffed as I'm going nowhere fast.
I would hazard a guess that their properties ranged from 120K ish upto 350K which for this area of north Staffordshire is a top notch property.
Maybe there has been a bit of a 'get in for Xmas' rush.
Bah humbug!0 -
Why would I buy when even the head of Barclays says he expects prices to fall by another 15% this year? (as does Citigroup)?
With the houses I'm looking at, that's a saving of around 40K+ plus 25 years worth of interest - not a small sum of money.
Plus interest rates for FTB's are still quite high - the examples you quoted were for remortgages only. With interest rates widely expected to fall, it would make absolutely no (financial) sense to buy now. Without a desperate emotional/practical NEED to buy, which I don't have, I just couldn't justify it.
Plus if falls are greater, I'll save even more.
I didn't suggest you should by and the head of barclays may be correct, it seems many experts are predicitng a further 15% ON AVERAGE to reach the bottom of the market
Still, don't get caught out on the UK average, your area may be worse or indeed not so.
True the 100% mortgage availability is at present only for re-mortgages.
However everyone here was predicting you wouldn't see them for years. Could it be possible once they sort out their own house of mortgages, that they consider new customers?
Even if they don't but other lenders follow suit, surely this means there is a good possibility of much lower reposessions if people have the option to re-mortgage for 5 or 10 years at just over 5%. That is a very good long term security for home owners:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Well, my pennysworth - I walked past one of the EAs in our little town today - all three salespeople had clients sitting at their desks and there were a clutch of people looking at the window adverts. Of course this doesnt mean they are buying but its been a while since I saw people walking round town with a wodge of property details (normally people from big cities
) and yep, there were several today. 0 -
Darth_Marty wrote: »Just a quick observation, it seems people use Rightmove a lot for their observations, that may have been fine 12 months ago but as up to 70% of Agents have pulled out of Rightmove it is no longer the tool it once was. They were/are so, expensive that the easiest thing an agent could do to save 50k p.a was to leave Rightmove. And thats what they have done.
Been checking. In your neck of the woods, West Wales Properties aren't showing on Rightmove any more. I don't think Frank B Mason ever did. I'll carry on looking at this, but using Glowbrix now, even if it does sound like a smokeless fuel.0 -
Im not in anyway very financially astute, but it does occur to me, that people who are saying the house prices will fall another 15% this year - arent taking into account that those already on the market at realistic prices may have factored that in and they wont drop any lower? I think some people will be disappointed if they believe they will. If someone has knocked 30% off their house to sell quick you arent going to find that same house will be 15% less next year because it will be sold now. The 15% less prices will be those houses who are sticking to their peak prices less 15% (or less) at the moment.
I hope that makes sense
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Certainly, round where I live, the only properties being 'snapped up' so to speak, are those on at 25-30% below peak; anything less, and it languishes for months.
I'm sure there's a moral there.....0 -
FBM were on, as were West Wales and John Francis, even smaller companies with 1 or 2 branches were but its just unaffordable to the majority now. The 70% was actually from a Rightmove employee who we know quite well, they have laid off staff as a direct result but for some reason were unwilling to negotiate a decent sum to kep these agents.0
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If house prices rose 200% between the year 2000-2007 then a 15-30% drop would not really be believable with mass unemployment and no mortgages. I have noticed that the only houses that get some interest are ones which have been reduced by 30% but then again, many offers (SSTC) have been withdrawn due to lack of finance and the houses have gone back up for sale again. Now that many houses have been reduced and more so in the new year, 15% drops will now be the new "norm" in pricing and sellers will be competing with each other for buyers forcing the prices down even further. The scariest thing is that the prices were nowhere near what they have been last year compared to 7 years ago and that was when there was good job security and credit availability.0
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good call ISTL!!!IveSeenTheLight wrote: »Hi carolt.
do you think the bottom is still a long way off?
It may also be possible that this spring could see a bottoming out.
you posted this in December 2008, prices rose from Feb 2008 onwards - maybe a few more people should have taken notice of you...0
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