Lets list those categories that HAVE to sell, ie, those that set the market price.

JayZed

Kez100 wrote: »

Growing family I disagree with. They don't have to sell as they can share rooms. Moves are aspirational. Only likely to feel motivated if deal both ends works out (i.e big discount on new property). They won't be forced to accept a low offer if they don't want to.

I agree. I'm in this position - don't have to move but would like to in a year or so. Since I'm planning to trade up, I'm hoping that the "loss" I make by selling my flat in a depressed market will be more than offset by the "saving" that I make by buying a larger and more expensive house in the same depressed market. If this doesn't work out I'll stay put for a while.

In other words, people who are trading up are not necessarily selling because they have to - they may choose to do so because of, rather than in spite of, current market conditions.

Cannon_Fodder

kennyboy66 wrote: »

Its a huge move to sell what has been the family home, these people are not generally highly motivated to sell until the prospect of illness or infirmity.

Add to that kids who may have gone to university and then return home for a couple of years while they save / pay down debts.

As some people are keen to point out, we have "ONLY" seen an official -10% drop so far, which has not even happened at all in some regions/areas/house types etc...

So, downsizing now should be the ideal time to maximise return on the 200%-250% growth (depending on whose figures, what region etc) if you can trade down.

Many families deliberately go for a bigger house than they know they will need in retirement, precisely to take advantage of the ability to down-size, for cash reasons.

Even if they don't want the cash-in-hand, its useful to be able to trade some rooms for a better location/outlook/view/village etc...

Cornwall and Norfolk top the % of aged population - around 24% iirc of each county is retired...coincidence?

WTF?_2

JayZed wrote: »

I agree. I'm in this position - don't have to move but would like to in a year or so. Since I'm planning to trade up, I'm hoping that the "loss" I make by selling my flat in a depressed market will be more than offset by the "saving" that I make by buying a larger and more expensive house in the same depressed market. If this doesn't work out I'll stay put for a while.

In other words, people who are trading up are not necessarily selling because they have to - they may choose to do so because of, rather than in spite of, current market conditions.

Trading up becomes a lot less expensive as prices fall - the steps of the ladder get closer.

Plus, you might as well take advantage of the desperate interest rate slashing panic measures to secure a cheap long-term fix for yourself.

kennyboy66_2

Cannon_Fodder wrote: »

Cornwall and Norfolk top the % of aged population - around 24% iirc of each county is retired...coincidence?

Surely the ideal time to trade down would have been a year ago, but agreed it is not a bad time tod do so.


Not a coincidence that both place have high % of retired people, but not the whole reason either.

1) Both counties have little job prospects for younger people, who often move away
2) Both counties have proprtionatly less high education centres - another draw away for younger people.
3) Both also have much lower non white immigration (tend to be lower age group) & a lower non white population full stop.

Really2

Cannon_Fodder wrote: »

Cornwall and Norfolk top the % of aged population - around 24% iirc of each county is retired...coincidence?

The Town i used to live in the average age was 55 and increasing.

StevieJ

PasturesNew wrote: »

People who have split up.

In many cases that will be two properties required instead of one

IveSeenTheLight

PasturesNew wrote: »

People who have split up.

This doesn't nececitate a need to sell.
they could sell to one or another or indeed not sell at all

I know two couples that split. 1 about 5 years ago, another about 18 months ago. neither have sold their joint properties

The longer term split is on hold because he does not want to sell and she will not accept the offer he has given and want to put it on the market. Stalemate.

The other couple, she will not sell to him, but off him or put on the market. Again stalemate

kennyboy66_2

It sort of makes you think that if there all these forced sellers, or highly motivated sellers out there, then why are there so few transactions at the moment ?

Really2

kennyboy66 wrote: »

It sort of makes you think that if there all these forced sellers, or highly motivated sellers out there, then why are there so few transactions at the moment ?

Beacuse in reality the sales of repos etc only makes up the minority of sales yes they will drive the market "avergae down" but lets not distort the fact that only 40,000 -50,000 homes will be reposessed this year.

It is not a masive slice of the market (at the moment)

Conrad

Really2 wrote: »

Sales people.:D They bloody have to if they work for me.

Why would some one have to sell to stop the loss?

Ive been keeping an eye on repos and EAs dealing tell me most in the new build sector are for exactly this reason - to stop a mounting loss, or just throw in the towell. They can afford the payments but chose not to as they feel the system duped them into paying more than double todays value.