House sales slump 53% across UK ..

Cat695

hethmar wrote: »

Yes, on the one hand I see our pension reducing before my eyes, but on the positive side may be the retirement country cottage with sea view will be more within reach.

Well unless things get really really bad (like the govement disappear) then my pension is very safe(maybe not the best at 800ish quid a month but better than a kick in the b*llocks), one benefit of being a soldier...full pension at 40 (unless i stay in)

StevieJ

luvpump wrote: »

I think some have got to get it in there heads that when a "Recovery" does begin it will be a slow affair ... The Crazy lending Multiples that propped the market up are gone ... Some seem to be holding on to this fantasy that if they hold out for 12 months the good times will be back again, they wont ....

Can you not understand that it does not matter, if someone sells their house for less they will buy the next one for less. So no rush to sell that house.

hethmar

Only downsizers will lose out as far as I can tell.

dopester

Cannon_Fodder wrote: »

according to http://www.homemove.co.uk/news/23-06-2008/official-figures-reveal-slump-in-home-sales.html

"Rightmove said around 172,000 homes were put up for sale during the period May 11 and June 14, pushing the total number on sale above one million for the first time since records began."

And there are circa 6 million+ homes in England owned outright (no mortgage debt) - which I think is great.

If they had no interest in STR, and treat their homes as homes (not cash machines)... most full-owners shouldn't really suffer too much from the crash (except the economic crash might hit incomes).. other than seeing values fall.

The number of homes owned outright continued to rise, by 71,000 to almost 6.4 million.

http://www.timesonline.co.uk/tol/news/politics/article1567419.ece

markelock

hethmar wrote: »

Yes, on the one hand I see our pension reducing before my eyes, but on the positive side may be the retirement country cottage with sea view will be more within reach.

are you talking about erosion?

luvpump

StevieJ wrote: »

Can you not understand that it does not matter, if someone sells their house for less they will buy the next one for less. So no rush to sell that house.

A BTL Landlord who needs to off-load property or properties quickly, couples seperating, a Job relocation, An inherited second property depreciating by the day, That dream house has just come on the market, Redundancy, unable to keep up repayments, there are Dozens of reasons why people cannot wait ad infinitum, Can you not Understand ?? ..... All this in a Recession means house prices have a long way to go yet ..sorry

pioneer

House prices are an illusion; grossly overinflated in order to keep you working from the cradle to the grave. House price deflation is a good thing as I consider it money that I never had and don't treat my home as an investment. Why do you think governments around the world are spitting blood for pnces not to go down; why are they insistant on lending;lending keeping people in perpetual debt, their carrot is gradually eroding as people are waking up to the fact that they have been living the American/UK Nightmare & not the dream. I personally don't want future generations to be born into mortgage slavery and a barron planet left to us by greedy baby boomers & corporations & hedge funds . Even the Stock markets/gold/commodities have had the stuffing knocked out of them; it was all just a load of frofth anyway; now your starting to see a glimse of what the world really looks like; lets hope It all goes south and then goes sideways for a decade or two as it would be lovely to live in reality again !
But be sure we are only human and some greedy ba**tards will spoil it; and its impossible to fight the fed;mervin;gordo & the illuminarty hell bent on hu
man farming.

THOUGHT over but I hope it strikes a chord; with some anyhow.

confused31_2

I can honestly say i have not noticed anywhere near 50% drops by me, maybe 10% tops, i thinks its going to be a long wait until these prices fall anywhere near 50%.

I hope they do, but i thinks its just wish full thinking, you may find a bit of a hovel going down 50%, where people are desperate to sell but it hasnt got to that stage yet by me.

confused

Kez100

Well, it has dropped 12% in one year and those sales/asking prices you are seeing mean diddlysquat. The sales mean nothing because they are so few and so a seller cannot say a 10% reduction will get a sale for sure. The asking prices mean nothing because they haven't sold.

What you have at the moment is sellers up high and buyers down low.They need to come together and until they do we will not get a market that you can rely on for accurate measurements. Low sales are good to that extent -we still know the market is adjusting.

Statisticswill say the movement has to be toward the buyers opinion because prices are still to high for FTBs, lending is more difficult (re deposits) and the country is in a state of paranoia which will either get worse (if terrible news continues) or better (as people relax and don't fear the end of the world)

Faster the better and then the economy as a whole will suffer less.

While sellers live in denial it is going to be left to the desparate and repossessions to help the market meet an equilibrium. Perhaps some will comeonto the market with a more realistic mindset too and that will then highlight those in the EA window which are overpriced. At the moment some,a whole generation in fact, are still stunned prices can fall. Anyone my age will remember the last crash. I do, I had NE to sort so I could move. If it carries on people will start to believe will they ever rise again. It's sentiment a lot of it.

It won't be just hovels sold at much lower prices. I paid 62.5% in 1994 of asking price (1992 valuation which was never altered) for my beautiful home here.

I am in the 30-40% camp. Houses could do with dropping 50% but I do think there are so many FTBs out there waiting have been priced out for years that they will jump on the ladder once significant drops have occured.

jamescredmond

ooh err...

I've just been over to propertysnake and the average fall is 17% of ask price.

factor in a negotiated 5-10% discount and inflation...............

prop.snake might not be an exact tool, but even I'm gagging in disbelief at the drops.

those who are digging their heels in and refusing to face facts continue to sit on their incredible shrinking assets - 3 in my street alone.