sales are up! why?

dopester

0james0 wrote: »

Either you are mis-informed or you live somewhere a lot more expensive than the rest of us. £40k! you haven't a clue!

Don't whine at me james. If you think it is wrong go complain to this newspaper, and many others I can link to who reported similar information yesterday. And it will get much worse.

http://www.metro.co.uk/money/article.html?in_article_id=280703&in_page_id=36

Homeowners and buyers suffered a triple whammy of bad news on Tuesday. Mortgage lending is down 65 per cent on last year, first-time buyers need an average deposit of nearly £40,000 and a quarter of owners with so-called 'sub-prime' mortgages are falling into arrears.

dopester

0james0 wrote: »

Thank god for ignorance!

Yes; that post you made is full of it.

pickles110564

Austin_Allegro wrote: »

Indeed - it was only a few months ago on this forum that talk of ANY drops in house prices or economic troubles ahead was greeted with derision or disbelief. We're ahead of the 'outside world' slightly because people on here tend to take a bit more interest in their financial affairs.

All people on here are interested in bad news because it makes them feel better about themselves and maybe one day prices will be so low that they can get on the wonderful ladder...........................in their dreams!:rotfl:

annie123

quote:I know you don't have info to hand but...

• When did the properties come on to market and at what asking price?
• How long were they on the market for?
• What was the asking price in the month the property sold and what was the actual sold price

Bit extreme I know but it might (or might not) help explain answer to your question.[/quote]

answers as follows

1. july.......... on at 650k to start to now sold @650
2. march .......on at 495k reduced to 475 july sold @447k
3. march........on at 425k never reduced price sold @390k
4. feb........... on at 750k reduced 2 weeks ago 725k sold @ 675k
5. april...........on at 365k never reduced sold @ 338k
6. april...........on at 285k reduced to 275 june sold @240k
7. march........on at 525k reduced may to 500k sold @ 482k
8. october 07..on at 420k first sold 410..in jan then reduced last month to 375...sold at 365k

hope that helps with ideas.
talking to people today several seem to think that whilst prices may go down a bit more over the next couple of months they are worried that they may rise quickly!

I've been through this before last time and whilst yes some months are busier than others, this is an unusually high jump even in a good market, august is second to only to december c**p sales

fallthrough rate running at about 20% bit higher than usual.

it will be interesting to see what the papers report next month for august

Dan:_4

dopester wrote: »

FTBs need near a £40,000 deposit for an average priced house at the moment, there are no cheap and easy teaser interest rates around, so servicing a mortgage is more expensive, added to which energy / fuel / food has been hitting incomes as well.

Unemployment is beginning to bite, the general economy is deteriorating quite rapidly, and people are weighed down by debt.

Oh please dopester, stop it. 40K deposit??? I know your obsessed with buying your own house one day but don't post such utter rubbish.

Everyone knows that mortgages are more expensive, energy / fuel / food etc but people can and will afford it.

Unemployment will not return to early 1990 levels.

You seem to wish for people to lose jobs and and their homes just so you can pick it up on the cheap. You are Selfish and Greedy - maybe you should go out and try and earn a decent salary instead of praying that other people fail so you can gain.

annie123

ftb do need 40k plus deposit for a flat where i work and they have it. most mortgage deals require 20% deposit

Dan:_4

annie123 wrote: »

most mortgage deals require 20% deposit

No they dont

annie123

Dan: wrote: »

No they dont

yes they do for the better rates and slightly lower arrangement/rip off fee

Dan:_4

annie123 wrote: »

yes they do for the better rates and slightly lower arrangement/rip off fee

Of course you will get better rates with a larger deposit!!!

0james0

annie123 wrote: »

ftb do need 40k plus deposit for a flat where i work and they have it. most mortgage deals require 20% deposit

No they definatley don't! -the best deals so, but that is no different than 12 months ago and won't be any different in 12 months time.

Dopester wrote:

Don't whine at me james. If you think it is wrong go complain to this newspaper, and many others I can link to who reported similar information yesterday.

Sorry for having a whinge at you but that confirms my previous post. People believe what the papers say. -despite the fact that its not true! If the papers had said buy now the market has bottomed out would you now be adament that this was the time to buy?

There are so many people who want/ need to buy for what ever reason. Most of these people want a home/ new home and will do what ever it takes to get it.

statistics have shown that those who bought and held onto their houses in the early 90's are now the ones that are better off and the ones that paid off their mortgages simply through equity growth. If you're planning on buying now selling in 12 months then maybe I'd say hang on, remember a house is for life not just for xmas, its a long term thing.

Yes prices are falling, but will people still be taking huge reductions off the asking price in 12 months? I doubt it. The people taking big reductions are the ones that have been on the market for a long time, the new vendors are more well informed and wont be so desperate. Now you can buy a house under the current value, thus future proofing it from future drops.