House prices fall for the 10th month

ginvzt

Just seen this report:

http://www.citywire.co.uk/Personal/-/news/money-property-and-tax/content.aspx?ID=309501

Another drop. Nationwide figures out on Thursday. I think it could be more bad news. (well, good for me if prices drop as I am looking to buy)

Prices fell 1.2 per cent in July, an acceleration on the previous month's fall of 1 per cent, and May's fall of 0.5 per cent.

The time it takes to sell a property jumped by almost a week to an average of 11 weeks, rising from 10.3 weeks in June. Homeowners pushing for a quick sale have had to accept just 90.9% of their asking price falling from 91.6% last month.

sarkin

Do hometrack not base thier figures on asking prices?

carolt

Think so.

Found this bit interesting:

"Homeowners pushing for a quick sale have had to accept just 90.9% of their asking price falling from 91.6% last month."

So getting close to assuming 10% off prices. Makes them look better already.

Still wouldn't buy now, though.

Dithering_Dad

carolt wrote: »

Think so.

Found this bit interesting:

"Homeowners pushing for a quick sale have had to accept just 90.9% of their asking price falling from 91.6% last month."

So getting close to assuming 10% off prices. Makes them look better already.

Still wouldn't buy now, though.

This from the BBC: "House prices fell by 1% in June from May, capping annual increases at 0.1%, Land Registry figures show. ". Soon this year's gains will be wiped out, though I wonder how long or if it is indeed likely that the last 10 yrs worth of gains will be wiped?

When will you buy, carol? Are you placing a set time limit on purchases, or are you looking at individual properties? I ask because a mate of mine has just bought a bungalow with a huge garden at a really knock-down rate (the owner died and his son wanted rid quickly).

brit1234

Nationwide figures are out on Thursday followed by Halifax next week. Its been leaked they show a big fall in the Nationwide figures, Halifax usually seem to be about the same.

That will make all this tosh of 25% increases look increasingly stupid.:rotfl:

ginvzt

I am looking forward to Nationwide figures!!!! Hope it is a big drop as we have seen a house we would like and we would want to get more than 15% off the asking price...
I think that all the news saying that house prices are dropping make vendors to think twice before refusing an offer.

carolt

Dithering_Dad wrote: »

When will you buy, carol? Are you placing a set time limit on purchases, or are you looking at individual properties? I ask because a mate of mine has just bought a bungalow with a huge garden at a really knock-down rate (the owner died and his son wanted rid quickly).

Not planning to buy for a couple of years, partly for personal financial and partly for broader economic reasons. On the broader front, I expect prices to fall pretty sharply for a couple of years, possibly longer. On the personal front, my eldest is just going into year 4; when she gets near year 6 we may well look at moving nearer the catchment areas for better secondary schools, as my youngest will by then have started at the (excellent) primary. But not too far, so they can all continue at that school. As it's v oversubscribed, even though he'd probably get in due to having siblings there, there's a small chance he might not, so we probably wouldn't want to move before then. Also, once my youngest starts school, we can probably look at buying on a multiple of 2 salaries (or rather 1.5), rather than just 1, as we have been doing. Should make getting a mortgage more straightforward.

That said, I keep a close eye via rightmove etc on properties in our area and the couple of areas we're thinking about moving to. If my dream home came up at a reasonable price AND we could get a mortgage (by no means sure, with the credit crunch), then I might look at buying it early. But it's very much on a back burner. Until a year and a half ago, I spent hours regularly feverishly scanning property ads, fearful of letting our dream property pass us by. I felt like I was camping in our rented house, rather than really putting down roots there; lots of stuff still in boxes etc. Now I'm of a different mindset and accept this is our family home (we've been here over 4 years!), which makes the whole experience much more pleasant.

(Of course, as luck would have it, a dream property did pass us by - twice. One came on the market the weekend we moved into our current (rented) house. The EA contacted us on the Friday, but as we were moving on the Sat, I didn't ring them till Monday. It had gone (and I know the people who bought it - lucky sods!). In the second case, it came up whilst we were away on holiday. Such is life. But in the current market, I am sufficiently 'not looking' that I have asked all EA's (pointedly) to take us off their lists 'as we didn't want to buy with prices falling like this'.. )

BTLNEWbie_3

carolt wrote: »

Still can't afford to buy now, though.

Keep saving up maybe one day you will get there.;)

BTLNEWbie_3

ginvzt wrote: »

I am looking forward to Nationwide figures!!!! Hope it is a big drop as we have seen a house we would like and we would want to get more than 15% off the asking price...
I think that all the news saying that hosue prices are dropping make vendors to think twice before refusing an offer.

Just because figures might show 15% drop does not mean all vendors will take that into account or even care what they are.
By the way as in most of your posts, what does 'hosue' mean?

carolt

BTLNEWbie wrote: »

Keep saving up maybe one day you will get there.;)

I shall do.

Are you going to get a proper job or keep living off others' hard earned in the meantime?

ginvzt

BTLNEWbie wrote: »

Just because figures might show 15% drop does not mean all vendors will take that into account or even care what they are.
By the way as in most of your posts, what does 'hosue' mean?

I just keep mistyping that one!!!!! Ok, off to look for spell checker for Firefox...