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House price fall "accelerating"
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Posts: 163 Forumite
http://news.bbc.co.uk/1/hi/business/7141151.stm
House prices in the UK have fallen for the fourth month in a row, says the Royal Institution of Chartered Surveyors (Rics).
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I wonder when we'll be allowed to stop ignoring the elephant in the room and use the 'C' word, as it's clearly under way. The table has turned and it is now those who deny it's happening that are starting to look a bit stupid. The roller coaster has just tipped over the edge and there is only one possible outcome....0
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It says prices are falling, but less houses are actually selling.
That would indicate that those who HAVE to sell are having to accept a lower price due to credit crunch, higher interest rates, the fact that it's christmas/winter, and the unsure market, but others are obviously just not bothering to sell.
Given that there's no inclination that interest rates will rocket, maybe if prices DO drop significantly, every man and his dog will be out there trying to snap up all those properties where people HAVE to sell, while at the same time keeping their own property?!
That means that all those hoping to get on the housing ladder and snap up a bargain could be competing against experienced buyers in a market where there are very few properties for sale.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
dannyboycey wrote: »The roller coaster has just tipped over the edge and there is only one possible outcome....
down a bit? then up a bit? then down a bit? then up a bit? just like the market always has over time?
you'll be predicting last nights lottery results too before long?0 -
Given that there's no inclination that interest rates will rocket, maybe if prices DO drop significantly, every man and his dog will be out there trying to snap up all those properties where people HAVE to sell
Who's going to buy something today... when it will be cheaper tomorrow?
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It says prices are falling, but less houses are actually selling.
That would indicate that those who HAVE to sell are having to accept a lower price due to credit crunch, higher interest rates, the fact that it's christmas/winter, and the unsure market, but others are obviously just not bothering to sell.
Given that there's no inclination that interest rates will rocket, maybe if prices DO drop significantly, every man and his dog will be out there trying to snap up all those properties where people HAVE to sell, while at the same time keeping their own property?!
That means that all those hoping to get on the housing ladder and snap up a bargain could be competing against experienced buyers in a market where there are very few properties for sale.
Eh?
How are all the current home owners financing these purchases? Certainly not through equity release and additional borrowing from the banks. Also once property prices dip for a street, why would anyone suddenly pay more?
Plus if people are upsizing, the house they are moving to will come down in price as well, so there is no need to sit tight.Keep the right company because life's a limited business.0 -
down a bit? then up a bit? then down a bit? then up a bit? just like the market always has over time?
you'll be predicting last nights lottery results too before long?
So four months of drops is down a bit? When was the last time house prices dropped 4 months in a row?Keep the right company because life's a limited business.0 -
every man and his dog will be out there trying to snap up all those properties where people HAVE to sell, while at the same time keeping their own property?!
That means that all those hoping to get on the housing ladder and snap up a bargain could be competing against experienced buyers in a market where there are very few properties for sale.
But there just isn't the money to lend to these people anymore. That's the key point.
FTB'ers waiting in the wings to snap up a bargain will be bitterly dissapointed unless they are debt free and have sizable savings.
Anyway, we may not see the 'bottom' of this market for 5+ years!0 -
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So four months of drops is down a bit? When was the last time house prices dropped 4 months in a row?
Before they last went up... see a pattern?
Unless you just bought your first home (and have no or little equity in the house) I would not worry as the one you will be buying will also have gone down. With prices more than doubled over the last 6-7- years I think most people who have had their property for a while have nothing to worry about - even if they dropped by 50% we would be no worse off than we were 6-7 years ago.0 -
Who's going to buy something today... when it will be cheaper tomorrow?
Er... perhaps those that are buying a home rather than an investment, and those that have seen an ideal property in the ideal location on the market NOW, and those that don't have a crystal ball...
I'd rather pay more for a house that I want NOW, than have a cheaper one in a less desirable location tomorrow thanks!
Unless interest rates climb rapidly, I still think the market will stall rather than fall, and people will just stay put rather than sell.
For anyone who's taken out a mortgage and is being forced to sell for reposession, then that's their own fault for not doing their maths homework!! We were offered a mortgage at 5x our joint salary, but it didn't take much calculating to work out that we couldn't feasibly afford that and it was too risky!!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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