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Debate House Prices
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British housing market - a view from the US
penguine
Posts: 1,101 Forumite
http://seattletimes.nwsource.com/html/realestate/2008047131_britain13.html
In the US, prices have fallen almost 18% since the peak of the housing market 2 years ago -- and the worst hit areas have seen falls of 30%.
And the housing market in the UK may be more vulnerable because of the chain system.
(There is an advert for new builds in the Seattle area embedded in the middle of the article which I found a bit confusing at first -- thought the pic was of a new build in Wexham!)
In the US, prices have fallen almost 18% since the peak of the housing market 2 years ago -- and the worst hit areas have seen falls of 30%.
And the housing market in the UK may be more vulnerable because of the chain system.
(There is an advert for new builds in the Seattle area embedded in the middle of the article which I found a bit confusing at first -- thought the pic was of a new build in Wexham!)
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Comments
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Don't you have a chain system in the USA?0
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No. You can put in an offer on a contingency basis -- meaning you will only purchase a house subject to your own sale going through -- but this is not standard.0
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This is common in other countries aswell.. The chain has its advantages, but the fact that you "buy" a house only to loose it 3 months down the line because of the chain (or other reasons) is stupid.0
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So what happens as standard?
I've never owned property in the US so I'm not an expert -- but I think typically you would sell your own house before buying another one. If your sale fell through and you'd already put in an offer on another property you'd either have to arrange a bridging loan or pull out of your purchase, losing your deposit (but if your buyer had pulled out they would have lost their deposit too).
It does mean a house purchase generally proceeds far more quickly.0 -
Had a property in the US and it went through in 4 weeks. It was fantastic and a lot less stress and hassle!0
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Someone told me they don't have a chain system in France either.
It seems to me that if you don't sell the house you are in, you have to have a time where you own 2 houses or a time when you own no house.0 -
OMG - an outward looking piece of journo from the USStatistics are like a lampost to a drunken man...more for leaning on than for illumination
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must be an ex pat journoIt's a health benefit ...0
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