Property asking prices - people are STILL holding out

Cannon_Fodder

and quality people managed to get themselves repossessed...!?!

it will not have gone for 'normal' street value, but repo/street value.

and will undermine the street's prices for years to come.

mewbie_2

God Almighty - they're out in force tonight!

Maisie - couple of tiny things.

Exhibit 1. "Selling would allow us to release some equity which would be wonderful however we have a Plan B which is to release some equity". This sentence is nonsense.

Exhibit 2. "schools to organise, furniture to move etc etc as well as a big dog". In your other post you mentioned two dogs? Did one eat the other one?

StevieJ. "I find it quite amusing that people get upset that some sellers don't wish to sell their houses". So.. are you saying they are not sellers? Or everyone is secretly a seller?

Trolls - please keep it real. Er.

Maisie11

Bit rude Mewbie. I forgot to add that our plan B would be to use the equity in the house to borrow some money and stay where we are. It is going to cost over £60k to move from this place.

With regard to our dogs as you are so interested in minor details. We have had two dogs over our 9 years in this house. Some LL's are asking you to commit that your dog doesnt go upstairs. Ours doesnt anyway but I cannot be bothered with all of that nonsense. I would rather have a house that I can call my own. Also in 10 years the mortgage will be paid off. These serial renters. What happens when they retire. At 80 they will still be paying rent whereas I will own my own place.

I quite agree with StevieJ. Why are people so upset that we dont take large price reductions in our houses. Is it for their own ends so that they can end up with something they couldnt afford before. With potentially 75% equity in our house we can afford to decide whether it is worth us selling at this particular time. Buyers are deciding whether it is the right time for them - surely sellers have that same right....

I agree that sometimes circumstances dicate that we NEED to sell but if that was the case there would be lots of houses selling a very low prices compared to their asking price and that is clearly not the case. Lowest levels of buying in a long time.

Raffles99

A couple two doors down from my mother have had their house on at £180k since last Christmas. They have just turned down an offer of £170k saying they want £175k minimum ....

lostinrates

Maisie11 wrote: »

These serial renters. What happens when they retire. At 80 they will still be paying rent whereas I will own my own place.

depends on situations, some will be hard up, like buyers who overstretch or suffered sadcircumstances, others will have saved the equivalent of a repayment part of a mortgage and spend their retirement traveling the world or whatever takes their fancy. Aquaintance of mine is moving into a cottage on an estate that has visitors. In return for a wonderfully secure tenancy she must open her cottage to the public twice a week and let the estate gardener take care of the gorgeous garden! Its not for me, like you, I want property, but in our circumstances buying would not have been the wisest financial decision because of our age and circumstances.

I quite agree with StevieJ. Why are people so upset that we dont take large price reductions in our houses.......

I personally am not upset, though I am waiting to buy good for you! I get a little frustrated when people who have had an entirely different set of economic circumstances assume that we buyers should be forced to stump up what they want to sell their houses for and fail to understand that markets change and sometimes their changes/improvements really aren't worth bucking the trend for, even then I'm not really upset.

I don't understand why differences have to mean anger and upset. I have no problem, and some envy!, for people who managed to buy years ago and have loads of equity and security and I see all the reasons for them to sit tight, and if I were them I would, (that said I personally wouldn't like like living with my house on the market for ages for more than one reason). I understand the frustration of people who bought unwisely recently, beliveing that it was the only sane thing to do despite the maths, I so nearly was one! I also understand those who will probbably never buy....quite frankly if I had no wish for children and big, difficult to move animals I can see the lure of DH taking seats in different office round the world every couple of years and spending our lives exploring the globe. Its circumstances that have lead to our situations sometimes, not our various ethical, political and investment beliefs!

pickles110564

Cannon_Fodder wrote: »

and quality people managed to get themselves repossessed...!?!

it will not have gone for 'normal' street value, but repo/street value.

and will undermine the street's prices for years to come.

Oh yes it has, when prices come up on Land reg I will give you street name and you will all be able to see 4 yourselves.

His business went tits up big time that is why he went under.

brit1234

Maisie11 wrote: »

2. House prices are dropping by up to 50% - maybe a 1 bed new build might but a period 4-5 bed house in say Gerrards Cross....

50% falls was so last year, we have moved 50%+ falls now. And yes houses are determined by the same rules of fiance and economics of flats. Both will fall big, if you don't believe me look at the price falls in Fuham with property bee.

Maisie11 wrote: »

What ever happened to starting off with a flat and moving upwards.

The problem is the price bands were so big between properties people could not move up the ladder. Thats why people were finding it cheaper to do extensions. Crazy stuff i know. With prices crashing the gaps between these properties will be easier to span.

Max_Headroom_3

Max_Headroom wrote: »

I reckon (have always reckoned) these places are realistically worth about £100K to be affordable to the sort of people that should be able to afford them (young families, first time buyers etc) which is a reasonable deposit and then 3.5x a £25K salary (or combined lower salaries in the case of a couple).

Out of interest I just had a look on Rightmove and found about five for sale, every single one asking £150K+!

Just goes to show, despite all the media and all the reports of the financial problems, lack of available credit and achieved house prices dropping, sellers just refuse to accept their properties are worth less than they were.

I don't think we'll start to see the real price drops until these sellers are forced to start visibly dropping their prices in order to create the opportunity for a sale. At the moment people must be looking at what they can borrow and what the asking prices are and just not bothering in which case no sale and no resultant price drop data.

Well one month(ish) on and I thought I'd take another look. All the houses at £150K are no longer listed, and there's one lone 2 bed on the estate up for sale with a garage (which non of the others had).

Price..?

£129,950

Guess the message is finally sinking in.

ad44downey

Max_Headroom wrote: »

.

I see it like an avalanche. It's just starting to slide, but it's not until it really picks up some momentum that it'll pick up any real weight and speed.

Muppets are always the last to see the blindingly obvious

domcastro

I still think they're all overpriced. And now with this interest cuts, the sellers will be more stubborn