We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Telegraph: House price falls hit 20pc
Options
zcacmxi
Posts: 136 Forumite
Posted previously reported in the Guardian, but this story is now spreading to the other newspapers:
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3471521/House-price-falls-hit-20pc.html
I particularly believe in this comment: "Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up," said Miles Shipside, Rightmove's commercial director."
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3471521/House-price-falls-hit-20pc.html
I particularly believe in this comment: "Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up," said Miles Shipside, Rightmove's commercial director."
0
Comments
-
P.S. This mirrors my experience whilst trying to sell in Sidcup between August 2007 & July 2008.
I reduced the asking price by 14% from the agents inital valuation, and finally sold at 17% below.0 -
Interesting I said this months ago.
"An average of just 20,000 people a week put their property up for sale during the period, the lowest level recorded by Rightmove since 2002, and well down on the level of around 35,000 a week 12 months ago.
Rightmove said the low level of sellers suggested that people were not currently under pressure to sell their home, with many unwilling to enter the market until the outlook for prices had improved."
The reason why asking prices are not droping as much as the people selling dont need to they just want to walk away with their HPI.
Those people will come off the market soon as the people who need to sell redunacy and repos will kick in on their streets.
Forced sales will be the driving force for sales over the next year.
If people have not sold now and only want to lock in HPI its tuff it is to late.
If people need to move for work etc. its an unfortunate time to sell now.
Most will have to sit tight and ride the storm now.0 -
P.S. This mirrors my experience whilst trying to sell in Sidcup between August 2007 & July 2008.
Same here. Back in February we put ours on at around 8% less than the nearest similar house and got full asking within two weeks. Those who have seen the reality are now asking a further 10% less and still not selling.What goes around - comes around0 -
Ps I sold April compleated July08.
Put ours on the market 5% below June 07 price and compleated 2.5% below asking price.0 -
Rightmove, very desperate for business, and it shows.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
-
Most will have to sit tight and ride the storm now.
Circumstances can change on a daily basis, 100's today, will find their partner has cheated, 100's today, will face redundancy, 100's today will lose a relation who's house then needs to sold. These prices will set the 'normal' in any given street. It may be a comparitively small amount at the moment but it's going to gather an alarming pace over the coming months
Even 2 years (the most optimistic view) is a long, long storm to ride out.0 -
Circumstances can change on a daily basis, 100's today, will find their partner has cheated, 100's today, will face redundancy, 100's today will lose a relation who's house then needs to sold. These prices will set the 'normal' in any given street. It may be a comparitively small amount at the moment but it's going to gather an alarming pace over the coming months
Even 2 years (the most optimistic view) is a long, long storm to ride out.
Did you read my post?
Have people put off cheating and seperation until now? :rolleyes:
15,000 mate thats the difference you are in denial if you think that people have stoped being humans.:rolleyes:
As I said next stage is forced and the minority of forced will be seperation.
Please read what I put first before making bizzare arguments.0 -
I have a rather headstrong friend who insisted putting her flat on at 10% above what was suggested, a year ago. One year later, an offer of 22% under asking rejected, she is still on rightmove at the same price. Flats double the size with more bedrooms, better floor, seperate kitchen, are now on at the same price. She could have walked away with £60k in equity had she accepted the offer, which would have been fantastic for someone her age. Now I think she is looking at £60k negative equity, especially as she has decided to rent it out for a year at a price below what her mortgage covers, whilst prices "recover".0
-
A guy I worked with, in the last recession, bought a House in 1989. Year after year, during the early 90's, he maintained the value of his Home was going up! Where was this mysterious area of ever rising House prices..........................Basildon :rotfl:0
-
mystic_trev wrote: »A guy I worked with, in the last recession, bought a House in 1989. Year after year, during the early 90's, he maintained the value of his Home was going up! Where was this mysterious area of ever rising House prices..........................Basildon :rotfl:
What is his house worth now, in relation to when he bought in 1989?Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards