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Debate House Prices


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Are house prices really going down?

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Comments

  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    MrsTine wrote: »
    Well don't assume that all properties have reduced in value... Interestingly houses in our village have not dropped a penny in the last year. :)

    No clues as to where you live. Have you, perchance, some force-field around the village which keeps out the real world?

    Let me think.......South Hams?
    .......Creekside village with access to Carrick Roads?
    .......Lake District?
    or is it one of those not-very-villages inside the M25?

    Do tell! (You don't need to be too specific.)
  • skap7309
    skap7309 Posts: 874 Forumite
    kennyboy66 wrote: »
    When did an estate agent become a professional ?


    Knew someone would get in there with that one :rolleyes: ;)
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    I keep watch on house prices in my BTL area. No falls since 2007 there either - at least, not on the properties I'm watching.

    A 3 bedroom house was for sale at £75K but increased to £80K in Spring 2008. I wanted it to fall to around £50K but it sold in August 2008 for the (new) asking price of £80K.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    Gorgeous_George wrote: »
    A 3 bedroom house was for sale at £75K but increased to £80K in Spring 2008. I wanted it to fall to around £50K but it is now (goes to check sold prices)

    GG
    Oh come on man! How long does it take? I haven't got all night.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    It sold for £80K. Rent could only be £450 per month (£475 through an agency perhaps). When advertised on RM it was let at £425 per month.

    Assuming the £450 is achieved that's a gross yield of just 6.75%. A long way short of what I would need.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    Looks like they have a way to fall yet then.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    mewbie wrote: »
    Looks like they have a way to fall yet then.

    Quite possibly but saving a deposit for an £80K house is a lot easier than one costing £160K. A mortgage is much easier to secure for an £80K house than for a £160K house. If prices do eventually fall, they have less distance to fall than houses in the more expensive areas.

    For all these reasons, I am still confident that cheaper areas will not fall by as much (percentage-wise) as more expensive areas. Shame really, as I could pay cash if they did. I could look for a house that needs some work but I'm far too busy at work and holiday commitments take up all my spare time.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • shaven-monkey
    shaven-monkey Posts: 651 Forumite
    kennyboy66 wrote: »
    Whilst this always has a chance (a very slim one at that) of working, you would really have to make offers on lots of properties to get even one call back.

    Meanwhile word gets round all the estate agents (because they have got nothing else to do) that you are a bit of a time-waster / looney.
    Pretty soon every offer that you make is put to a vendor with the caveat that "the prospective buyer puts offers on everything then tries to gazunder".

    If you did happen to look like bagging a real bargain, you can be almost certain that any unreputable estate agent would tip someone else off that there was a really distressed seller and you would lose the property anyway.

    One call back is all it takes to save £100,000. If that's wasting time then I'm happy to waste estate agent's time.
    I wasn't suggesting making offers on lots of properties, just the one or three that you actually want.
    The estate agent will not tell their client the offer is placed on everything and then gazundered because when they call you back they are desperate to take you up on your offer and you only need 1 callback to get the house you want. It's not likely to happen but if I had the option of spending 10k on rent for a year to save 100k on buying a house then I see that as financial sense.

    It's going to be a buyers market for a good while, so why not enjoy the benefits?
    Any disreputable estate agent will tip someone else off that the seller is distressed but that's what they call "lowering the asking price".
    "Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." - Norm Franz
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    nixinix wrote: »
    Prob why you don't think a FTB should have a 3 bed!!! Just sold our 3 bed for £114,500......

    I don't think anything of the sort, I think you are mixing me up with someone else?
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    kennyboy66 wrote: »
    When did an estate agent become a professional ?

    The same time as some LLs started boasting about only renting to "young professionals", meaning anyone with a job, as far as I can gather.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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