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Has anyone seen an impartial review of the house price situation?
Comments
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That's uncalled for, Mr B :mad:poppy100
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Please, please be nice to all other posters........ everyone is entitled to their own opinion as long as its written in a way that is not rude or insulting to anyone else.......:o0
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The investment banks are usually impartial (eg Goldman Sachs/Merrill Lynch/Morgan Stanley etc) as their reputation is worth a lot more to them than a couple of years of higher lending on mortgages/the fees from securitisation.
Goldmans in particular takes its reputation very seriously.0 -
mr.broderick wrote: »If you carry on targeting my post carol i will post a private message you posted to me 6 months ago asking was i single x
Tee hee. In your dreams....
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
Oh, andforgive me, but I thought this WAS the thread about views on house prices?0 -
mr.broderick wrote: »I dont think this forum is a fair indication of the house price situation.
Posters like carolt,missmoneypenny,neverdespair girl etc who have gambled their lives on the housing market will always talk down the market and prophecise a crash cause it suits them.
How have I gambled my life of the housing market? You know that I sold in July and rented because I was moving to a new area, then decided to stay in rented because the way the market is going. Isn't neverdespairgirl a solicitor? So will be/soon be, on a good salary. Not sure of the situatiion of carolt, sorry carolt.
You took the leap and bought a house last year, after you said you had been renting for (a year?). You made your choice and I made mine. Are you getting upset because you now feel you made wrong choices? Is that what this is about?mr.broderick wrote: »I am just about the most impartial poster on here cause it suits me either way and i don't think we'll see a crash
You just told us that you put 60% cash, into a house you just bought. How does that make you impartial?
I have lost on a house before (sold for the same as we bought for, so that's a loss) and I have gained on others. That is what happens in the housing market. Prices go up and down.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
What both bears and bulls can agree on is that lending conditions have got a lot tighter and continue to get tighter. On that basis prices have to come down as people won't be able to borrow enough to support todays prices.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Its not my fault you lot can't afford a house, get over yourselves!0
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mr.broderick wrote: »Its not my fault you lot can't afford a house, get over yourselves!
I am, I will be able to afford in 12 months the way prices are tumbling.:D
You see when prices treble and there is no sustainable reason for it then you are open for a bursting of the bubble, I don't have to even use my degree in risk management for that.
The market was completely unsustainable and the credit crunch was just the hazard to expose all this vulnerability.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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MissMoneypenny wrote: »Isn't neverdespairgirl a solicitor? So will be/soon be, on a good salary.
I'm a barrister, as is my OH, so we are both self-employed, and earning a decent living each....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
There is no such thing as the property market, only individual properties in individual areas. What shows during weaker times is that any old rubbish won't sell. In boom time ex-la heaps in nasty areas fetch decent money. In the bad times no one will touch them with a 10 foot pole.
The housing market is a free market. So how can you say something is over valued when there are people willing to pay those prices? If the population as a whole decide they aren't buying at these prices the question remains whether investors will just snap them up regardless or whether vendors will just hold out indefinitely for the price they think their house is worth or start dropping prices. It is only ever a buyers purchase when the vendor has to sell. They are only the minority and most have the option of renting out their old home and moving anyway which I think is the main reason why the probability of a big fall in prices is a lot less. If vendors aren't selling for less then buyers will have to either pay the price or do without. It then becomes a war of attrition and who can hold their nerve the longest.
FTBs aren't needed at the bottom of the chain as there are plenty of BTL investors around that will buy so they will just be priced out further as the investors will pick off the cheaper and more desirable properties while the FTBs are still contemplating their navels.
With further changes in HIP rules due in May so that you can't even market without a HIP then supply will be restricted more thus driving up prices further. Those in financial trouble will be even more likely to sell to a BMV buyer as they won't have the time to be messing around for several weeks waiting for a HIP. Again bad news for normal buyers as the EAs won't get a look in.
Those that are dropping prices on rightmove, were they just over priced to begin with? Proper land registry data showing comparables of similar properties in similar areas are the only way to tell as averages are skewed by high ticket sales or whether there was a glut of cheap flats.
Without proper, full and timely information it is hard to say what is happening. Statistics can be manipulated so the only way to do it is to research your own area thoroughly. Keep an eye on several properties that appear and see what they sell for and see what similar sold for previously.
house.co.uk and hometrack have reasonable data so they're worth looking on. The latter has an index of asking price to sale price but I don't know whether it is the asking price of a particular property that is tracked or a difference between asking prices now and sold prices on the landregistry which would always show a lag and be misleading. The faster the market was growing the bigger the gap which is inverse to common sense if it wasn't tracked properly.0
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