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

Conrad

Really2 wrote: »

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)

My point is that repos are only one portion of the motivated sellers pie, thats the whole point.
Remember also that many will sell before being repo'd that were in arrears.

Really2

Conrad wrote: »

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.

I know an EA (family member) and he as never seen that.
Why would you sell or repo for 50% less knowing
A) you have to pay the money back
will never be able to get credit, house, rental property because of your credit history.

I can't see it and my family member does not see it. And if the person as got the money to pay the court will take it and give it to the bank and make them pay it.

Conrad, it just does not add up.
people will not destroy their lives for the feeling of being "duped"

Davesnave

kennyboy66 wrote: »

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

Unfortunately, some of us didn't have the good fortune to sell at peak but, as you say, it's still better to go now rather than suffer further drops next year.

We shall trade up, but it's a lifestyle change with an eye to where things could be heading, so we'll sit on the sidelines for a while and watch affordability increase. We have decent cash, but no prospect of/desire for a mortgage.

Yes, this means we are waiting for things to get worse. While we'd like to see a fall to 2002 prices, we know you should be careful what you wish for! If it gets much 'better' than that, it will be worse for everyone, us included.

besonders1

Kez100 wrote: »

Growing family I disagree with. They don't have to sell as they can share rooms.

It might be true if it was brothers and sisters sharing a room together then no problem but if it was mixed gender obviously then that could force an upgrade to a 3 bed house.

IveSeenTheLight

baileysbattlebus wrote: »

We're in that category - small mortgage, large house, financially fairly comfortable - no need to sell.

We aren't retired yet, but don't need the house to help finance retirement either.

Impotantly in relation to this thread, you are confirming that you don't need to sell.

chrisandanne

Flippers.....There is a man in the village who has bought up any house coming onto the market cheap in the last few years and done them up with the obligatory beech kitchen and B & Q bathroom...very annoying. He now has three houses up for sale, that I know of, all at last years prices.

Other people who are chasing the market down are trying to lock in some HPI I think. A lot of genuine sellers have removed their house from sale and will come back in when the market is more stable and they can get their next house for less. A x

Conrad

Really2 wrote: »

I know an EA (family member) and he as never seen that.
Why would you sell or repo for 50% less knowing
A) you have to pay the money back
will never be able to get credit, house, rental property because of your credit history.

I can't see it and my family member does not see it. And if the person as got the money to pay the court will take it and give it to the bank and make them pay it.

Conrad, it just does not add up.
people will not destroy their lives for the feeling of being "duped"

I wouldn't make it up. But one example is Colchester - dozens of voluntary repos there over the last 6 months for exactly this reason. Abbotts, Bairstow Eves, WH Brown and Barnard Marcus auctions have been selling flats for 50% less than 2007 price.

I also know Barratts have sold new builds off plan and now they are completing owners are walking away.

You wont damage youre credit forever - I worked through the last recession and know many people that got mortgages on normal terms a few years after being repo'd.

Conrad

besonders1 wrote: »

It might be true if it was brothers and sisters sharing a room together then no problem but if it was mixed gender obviously then that could force an upgrade to a 3 bed house.

Yes, and someone I know is in a cramped studio and have been trying to upgrade to a house but unable to sell. Thier nipper is growing fast so they truly are desperate to sell.

Some other motivated categories;

+ Moving due to distain for current locaction/ bad neighbours

+ Moving to get into school / nursery catchment area

+ THE 3 Ds. Deaths, divorce and destitution

Cannon_Fodder

A multitude of reasons, some good, some indifferent. The point is not whether you can adequately justify them in a theoretical sense on a website, but whether in the real world anyone is affected and acting...

...whilst being a big drop from the "good old days" of 2007, turnover of around 32,000 properties a month is enough to impact statistically.


"Getting on with lives, rather than putting it on hold", was once the mantra - there must be some people adhering to that view, and their stats end up in LR eventually...

...and set the price for their street.

Really2

Conrad wrote: »

You wont damage youre credit forever - I worked through the last recession and know many people that got mortgages on normal terms a few years after being repo'd.

Ok purchase £150k Repo auction sells for £75k

They owe £75K they would do well to pay that back in two years.
Also how are they going to live in the mean time rent etc.

I can not see how someone thinks "Lets sell or repo at a massive loss now" Knowing they will need to live some where.
Unless they are the terminaly thick I can not see any sense in it.

I would rarther deal with NE than a volantary reposetion unless my financial situation was dire.
But you say these people can afford it.