Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

blisk3

Rochdale_Pioneers wrote: »

BUT we are trapped. I now work in Sheffield, and trying to sell last year quickly became an idiots game (happily I'm given a fully expensed 5-series to make the commute less of a hassle). Several neighbours also trying to sell at various points over the last 18 months who have also given up. A guy down the street with a near identical house to our own managed to talk Barratts into taking it as part exchange. Now they can't sell it either and they're planning to auction it where I'm confident they'll make a loss.

The housing market is effectively dead up here and has been for a couple of years. Nothing sells unless its a repossession stupid price. I could look to rent this place out but don't want to have the hassle of being a landlord, and by the time the lettings agency take their cut the rent wouldn't cover the mortgage anyway. I'm not going to sell at a stupid price leaving me with money still owed to the bank, and even assuming I got the remaining balance of the mortgage for it you now need the 20% deposit described for a reasonable mortgage deal?

So whats the plan? Wait. House was bought for the long term, has enough room (OK so more would be nice), is in a nice neighbourhood. My job in Sheffield may not last forever and for now I have a way to get there anyway. But we are trapped. About 1/3rd of my neighbours would sell if they could, so we're all trapped.

You could be waiting a long time.

Nobody wants to lose money or admit to themselves that market will not get back to where it was, as it's so easy to believe in hype that it always will & turnround is just around the corner.

The bubble has to burst eventually.

Pete111

padington wrote: »

It seems London asking prices went down big time since the riots ...

http://www.bloomberg.com/news/2011-08-14/london-house-prices-plunge-as-financial-turmoil-takes-its-toll.html

Also there will be lots more trouble a head as well when the cuts actually kick in and 2012 is looking like a perfect once in a lifetime Uber economic storm ...

Good for the younger generation though if prices do come down loads I suppose.

Well I don't know about the whole of London but I do know we had a 2% below asking price offer accepted on Wednesday last week on our flat in Wimbledon.

The negotiations (upwards) happened as the TV screens were filled with burning buildings so from our perspective I can't say it had a negative effect.

A long way to go to completion obviously but thought I'd share that one with you...

blisk3

UK housing market 'challenging'

blisk3

Scottish house prices drop 3.7% in past three months

blisk3

NE England leads house price fall

House prices in the North East of England fell by 8.8% in the year to July, as figures show that every region of England and Wales, except London, experienced an annual drop.

This will continue for years !

blisk3

GHUOL_REWIRED wrote: »

Nope. Still no crash. But keep waiting and paying off your landlords mortgage. They'll appreciate your generosity.

House prices in the North East of England fell by 8.8%.

Pimperne1

blisk3 wrote: »

House prices in the North East of England fell by 8.8%.

Yep, good news if you live in the NE (although there might be some bad news reasons for the fall ie unemployment).

blisk3

uk, eu & global economies tanking


Home prices 'fell 1.2% in August'

blisk3

GHUOL_REWlRED wrote: »

...nevernever hpc

Just be patient

blisk3

GHUOL_REWlRED wrote: »

Oh I'll be patient. Meanwhile thanks for paying off my mortgage and providing me with a pension for the last 8 years.

You sound a little aggressive, what's up ?