Nationwide -1.7% MoM. -12.4% YoY

BruTamUK_2

As much as I want to see prices fall (I'm currently renting and saving), houses in my area are still being overvalued.
Houses that have dropped around 20% have been selling. But similar houses are coming in the market at the original asking price. What are EA's playing at. This is keeping the prices generally high. At what point will EA's change there tactics?
People who cant sell dont seem interested in dropping there asking price when EA's are putting similar properties on the market for the same price or slightly more.

Davesnave

dervish wrote: »

agreed - to think that children read this also.

I've worked with children for around 35 years. I can assure you that the likelihood of their reading this board is small and, even if they did, it is still a much healthier environment than the places a lot of them will have come from!

Any kids reading this:

• ignore DD: he's one of those funny men they told you about in PHSE
• get to bed!

dopester

BruTamUK wrote: »

As much as I want to see prices fall (I'm currently renting and saving), houses in my area are still being overvalued.
Houses that have dropped around 20% have been selling. But similar houses are coming in the market at the original asking price. What are EA's playing at. This is keeping the prices generally high. At what point will EA's change there tactics?
People who cant sell dont seem interested in dropping there asking price when EA's are putting similar properties on the market for the same price or slightly more.

A house has just gone on the market on the street I live on.

They are asking a peak 2007 price. :rotfl:

It only takes someone else to put their house up for sale on this street, who really needs to move, and prices up for a realistic sale, to highlight just how much the other house is over-valued, and better set current market-value.

Already I'm seeing it on Rightmove. Some people are aggressively cutting their asking prices, to fall in to a range where it outshines much lower-quality houses who are asking the same price, in the very same area.

dopester

obsessed_saver wrote: »

The interview with our favourite Nationwide spokesperson:

http://thecrownblogspot.blogspot.com/2008/10/nationwide-september-data-out-today.html

Hilarious. I wondered if she'd even make a TV interview appearance this month, after all her previous outlooks, and after her boss came clean with a more negative outlook a couple of weeks ago.

She is now putting house prices in to "value context" by looking at the beginning of the decade. Hilarious. :rotfl:

baby_boomer

Telegraph - Fionnula is a Pollyana of the housing market

"Yippee! House prices are now falling more steadily."

Tracy Corrigan gets as irritated by such stupid statements as the elderly invalid who was told by Pollyana that she should be glad that she could still thrash her legs around in her bed.

dopester

baby_boomer wrote: »

Telegraph - Fionnula is a Pollyana of the housing market

When at last house prices do stabilise, property will be more affordable for first time buyers, and many homeowners will still have done pretty well out of their investments – house prices are more than 60 per cent higher in real terms than at the start of the decade.

And the long-term trend growth of real house prices of about 2.7 per cent, according to Nationwide, looks sustainable, given the structural shortage of supply in the UK market. This is supported by demographic trends such as high levels of divorce and immigration.

- Assumes we are not going back to prices at the start of the decade and even further back.

- Supply, and shortage of supply (not that there is any) does not support any price level nor determine prices.

Affordability does. If you are cash rich, you can pay what you can afford to pay, if you choose to do so. Otherwise affordability depends on what lenders will lend you to buy a property.

The supply is there, and you can want and demand a property as much as you want.... makes no difference if you don't have the monies/funds, (your own or the banks) to buy it.

If you are a good strong credit risk with secure and stable income and future, credit will be more accessible. If you have a shakier credit history, no deposit, and work in a sector where the prospects are not good, credit will be harder to get.

Given the direction of the economy, and unemployment and pay-cuts, affordability won't be supporting house prices.

They will look ever more unaffordable, even when prices are slashed.

BACKFRMTHEEDGE

BruTamUK wrote: »

As much as I want to see prices fall (I'm currently renting and saving), houses in my area are still being overvalued.
Houses that have dropped around 20% have been selling. But similar houses are coming in the market at the original asking price. What are EA's playing at. This is keeping the prices generally high. At what point will EA's change there tactics?
People who cant sell dont seem interested in dropping there asking price when EA's are putting similar properties on the market for the same price or slightly more.

Truth is, that when you look at the detail in the report you see that the average decrease in HPs is dragged down alot by the very large drop in NI (30%). Many desirable areas, both in the North and South, are seeing drops of only 4-5% annually. When you think how high HPs were last year then a drop of just 4 to 5% is not going to make those houses feel affordable for many, let alone cheap. Add to that the massive increase in fees for getting a mortgage and the hike in interest rates, and I think many will still find houses extremely expensive.

Dithering_Dad

PasturesNew wrote: »

a] They're dull f3ck3rs if they're in this bit
b] There's a LOT worse every day in the Discussion Time, where I imagine most children would hang out.

I think children reading this board need to find out there are alternative ways of spending their time. And maybe if they've got an umbrella to hand they can amuse themselves for a while. Maybe check out the old Bruno videos too; like a rounded education.

With the education levels in schools currently, I doubt many would understand the word ejaculate (which incidently means "To utter suddenly and passionately; exclaim.", for those not in the know).

Also glad to see that you picked up on my Bruno/Umbrella link, full marks for that. Actually, talking about links - I only know about Bruno because of a link posted into this very forum that took me to a site where a man was doing a very strange thing with a brolly - an education that would surely scar any of the many 5 year olds that regularly trawl the Housing boards, looking for HPI/HPC advice as they save their deposits. :rolleyes:

carolt

BruTamUK wrote: »

As much as I want to see prices fall (I'm currently renting and saving), houses in my area are still being overvalued.
Houses that have dropped around 20% have been selling. But similar houses are coming in the market at the original asking price. What are EA's playing at. This is keeping the prices generally high. At what point will EA's change there tactics?
People who cant sell dont seem interested in dropping there asking price when EA's are putting similar properties on the market for the same price or slightly more.

Don't worry - the point is - they're not selling.

Where I live, EA's desperate for business are still trying that old trick of overpricing properties initially to get them on their books, then knocking down the price within a few wweeks when surprise, surprise! they get no interest. So a couple of properties have actually come on about 5% over peak price.

But it makes no difference to selling prices.

Obviously, people can ask what they like, and those who aren't motivated sellers but just testing the water, may well overprice in the hope of finding some mug stupid enough to pay what they ask. Or maybe they really are stupid/arrogant enough to imagine their house will sell at that price when others haven't.

Either way, it's of no significance.

In my area, the reduced properties are not selling either (that have taken 15-20% off), so those asking more clearly have no hope.