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MSE News: Property professionals report house price drops
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The Royal Institution of Chartered Surveyors says 8% more of its members reported a fall than a rise in values in July ..."
"The Royal Institution of Chartered Surveyors says 8% more of its members reported a fall than a rise in values in July ..."
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Comments
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I'm trying not to be rude, but how come this isn't on the
Debate House Prices & the Economy board?You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
Reason it's here (like all future house price stories) is that board you've mentioned is hidden to those not logged in. Therefore, anyone coming from the news story to the discussion may get an odd-looking page.0
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I thought the headline recently was that house prices were increasing......
I wish they'd make up their minds...
However banks are more cautious lending often only up to 4 times your annual income so unless you're on £100,000 a year as a first time buyer you may as well forget it.
Otherwise for existing owners it's a question of borrowing to upgrade or banking cash to downgrade. And with the savings interest rates as they are no one in their right mind is going to do the latter.
Another factor is that the lending repayment levels are at an historic low at 0.5 % to presumably enable mortgage repayments not to go too high. However with looming job losses and of course the fact that the government cannot keep this level for too long will inevitably force a rise in interest rates and borrowers on the edge will collapse and lose their properties and this will weaken the house prices. And the devaluing of sterling otherwise known as quantative easing must be having an effect too. They may not look as if they've lost much value but £300,000 isn't worth what it was 2 years ago.
And another factor that sellers won't drop their prices they're simply not budging. It's the question of the immovable object and the irresistable force I guess.
I think the so called double dip is already in progress.0 -
It says both demand and supply increased, with the average agent seeing 292 registered house hunters in July, up from 279 in June.
I sold a house last year and the general impression I got was that buyers find properties by scanning "Rightmove" (*) rather than trawling round high street estate agents.
I remember one saying he could operate his business out of a "porta cabin" on the industrial estate, but sellers still expected an office on the High Street.
(*) other property listing sites are available - but Property Bee uses Right Move !0 -
All the house price surveys over the last few months have shown the trend of falling house prices.
We all know that house prices are extremely overvalued and set to fall at some time.
For all those considering buying don't get your housing market data from the tabloids but journals and broadsheets. Ignore anything which says estate agents, CEBR or Housing Federation say as they have a vested interest in talking the market up.
House prices will continue to fall from here and that is a good thing for ftb and people wanting to upgrade.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Brit why are you so against shared equity in your sig?
It has been a very good thing for us housing bears, these places are being sold at auction very cheap. I do feel sorry for anyone who had put money into overpriced shared quiuty schemes. I dont feel sorry for the banks though.0 -
Reason it's here (like all future house price stories) is that board you've mentioned is hidden to those not logged in. Therefore, anyone coming from the news story to the discussion may get an odd-looking page.
I'd never noticed this because I'm always logged on when I use the forums. Why is it hidden? Why have a house price discussion board and then not post house price discussion threads in it? It doesnt seem to make any sense.0 -
This area of the board was set up back in 07/08 when a major bull v bear argument was developing as Northern Wreck was falling over.
(if I remember correctly these skirmishes were breaking out in the general investment area.
By the time Summer 2008 arrived, especially after the weekend of 13th September it was obvious to anyone with half a brain cell and a smattering of economics/business experience that the period 2004/06 was well and truly over. The logical advice to any first time buyer was to sit on their hands and for any buyer who had a NR together mortgage, to brush up on the bankruptcy laws - as they just might need them.
However a lot of newbies blundered into what had been called "the ghetto" and was by then know as "doom & gloom", armed with the knowledge of global economics, gleaned from the pages of OK magazine, they tended to get well and truly beaten up in their fairy land world. Mainly postings along the lines of "what makes you think that the rest of the world owes you a living".
There also developed a schism between those in business accepting pay cuts and short time working and those on the public payroll, who also still seamed to be living in fairy land. They probably don't think that any more. So against this background, that probably gave some people sleepless weekends - the hard core arguments on here were made for consenting adults only. There are still some nasty trolls about but the majority of us have respect for each other; what ever the argument.
Well as things have panned out so far, the strain of making everyone say 10% poorer, has been achieved by devaluing the currency, slashing the interest rates and upping the inflation rate. So far so good: no mass repossessions against a massively slumping housing market.
Some but not much light at the end of the tunnel - perhaps now is the time to build or rebuild your own home: they have not thought of a way of taxing you. you might save a load of stamp duty and marketing expenses - but you night lose your job and run out of money:
Love on the dole in a house with a leaking roof and boarded up windows.0
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