Land Registry - 12.2% YoY drop in England and Wales.

StevieJ

!!!!!!? wrote: »

That wasn't actually what he said.

i.e.

I have an idea about what I'm willing to pay.

Doesn't mean that I think that I should be able to buy any house in the UK for that price because .....

I also have an idea of what that should reasonably get me.

See, not too difficult to get the logic, eh? I don't know how you construed it to mean that the OP was saying all houses should cost only what he could/wanted to pay.


BTW: Same goes for the tired argument of 'but many people won't sell their house for anything less than summer 2007 prices'. Fine, I'll go to another vendor with a similar property who will. It's not like I'm a property romantic who believes there is only one house in the world that is my soul-mate and there are plenty of houses out there.

Fine, I'll go to another vendor with a similar property who will.

It will come down to effective supply and effective demand as it always does, it depends how many 'similar' properties there are compared to how many active purchasers.

boyse7en

!!!!!!? wrote: »

That wasn't actually what he said.

i.e.

I have an idea about what I'm willing to pay.

Doesn't mean that I think that I should be able to buy any house in the UK for that price because .....

I also have an idea of what that should reasonably get me.

See, not too difficult to get the logic, eh? I don't know how you construed it to mean that the OP was saying all houses should cost only what he could/wanted to pay.


BTW: Same goes for the tired argument of 'but many people won't sell their house for anything less than summer 2007 prices'. Fine, I'll go to another vendor with a similar property who will. It's not like I'm a property romantic who believes there is only one house in the world that is my soul-mate and there are plenty of houses out there.

His post was "This does not take into account the effect of recesssion and biblionic unemployment figures. If you are looking at buying now and have nothing to sell i'ld offer no more than £100K."

This tells me what he is willing to pay, but gives absolutely no indication of the type, location or condition of house he could reasonably expect to get for that amount.

WTF?_2

StevieJ wrote: »

Fine, I'll go to another vendor with a similar property who will.

It will come down to effective supply and effective demand as it always does, it depends how many 'similar' properties there are compared to how many active purchasers.

Absolutely, but the notion that because person x "won't sell for less than summer 2007 price" that the market will therefore remain at or close to that level is bunkum.

People generally buy and sell houses for practical reasons.

Very few people will have the luxury of saying "Well I was going to sell but not now because I think the market price should be much higher based on what I saw houses going for in August 2007".

There was an awful lot of speculative trading on top of that during the boom but this has now dried up. Those who speculated on prices continuing to go up and borrowed to get into the market will especially not have the luxury of sitting tight. Although of course, they may well find themselves unable to sell because of negative equity and waiting for repossession to play itself out.

All the factors that have boosted the market upwards have gone into reverse. There are no fundamentals around to pin prices at anything like the peak and all indications are that prices will go at least as much lower again as they already have.

The only questions left are 'how low will they eventually go?" and "how long will they take to get there?".

jungli_jim

boyse7en wrote: »

His post was "This does not take into account the effect of recesssion and biblionic unemployment figures. If you are looking at buying now and have nothing to sell i'ld offer no more than £100K against a £150 asking price.
This tells me what he is willing to pay, but gives absolutely no indication of the type, location or condition of house he could reasonably expect to get for that amount.

Exactly i have the luxury of choice, i rent at the mo post Divorce and am acruing savings at £1250 a month. I only need a 2 bed preferably with garden and garage. Anything over 85K means i need a mortgage. I am in no hurry to buy into a falling market and irrespective of wheather LR figs lag by 2 or 3 months HP are on a oneway course for the next 12 months. Where will i be in 12 months time.....same job, house buying fund at 101K and AV house prices at £130K if they continue to fall at Nov 08 LR fig.:beer:

WTF?_2

jungli_jim wrote: »

Exactly i have the luxury of choice, i rent at the mo post DV and am acruing savings at £1250 a month. I only need a 2 bed preferably with garden and garage. Anything over 85K means i need a mortgage. I am in no hurry to buy into a falling market and irrespective of wheather LR figs lag by 2 or 3 months HP are on a oneway course for the next 12 months. Where will i be in 12 months time.....same job, house buying fund at 101K and AV house prices at £130K if they continue to fall at Nov 08 LR fig.:beer:

So you don't want a mansion in Belgravia or Sandbanks for 100k then

Thanks for clearing it up.

jungli_jim

No got one of them already, i keep the DB9 at Berkeley Square and the Veyron at Sandbanks....

boyse7en

jungli_jim wrote: »

Exactly i have the luxury of choice, i rent at the mo post DV and am acruing savings at £1250 a month. I only need a 2 bed preferably with garden and garage. Anything over 85K means i need a mortgage. I am in no hurry to buy into a falling market and irrespective of wheather LR figs lag by 2 or 3 months HP are on a oneway course for the next 12 months. Where will i be in 12 months time.....same job, house buying fund at 101K and AV house prices at £130K if they continue to fall at Nov 08 LR fig.:beer:

Fair enough, but if you want to edit your posts, please don't add it into the quoted bit. It confuses an old codger like me when I read things with my name on that I don't remember writing.

I think you're right to wait before buying at the moment. Worst case (for you) is that house prices level off, but I can't see a sharp turn back upwards again so you should have plenty of time to buy during the 'stagnant' period.

Could you tell me what 'post DV' means too?

poppy10_2

Ouch. With credit to HPC.co.uk:

bob79

Kez100 wrote: »

Cornwall -6.5%?

I'm very surprised. Won,t ever get to FTB market if it doesn't move faster than that!

Having said that I am not seeing second home owners selling up, which also surprises me. Perhaps the summer and holiday rentals make enough to not have to worry. Although nothing much is selling there isn't much coming onto the market. Most property up for sale was on the market most of 2008 or longer. We also have very little in the way of new build estates so the big reductions on those won't be showing in our statistics.

Thanks to the interest rate cuts, many people have ridiculously low mortgage payments. The government also very much presses banks not to repossess when people do fall into arrears. So there will be relatively few properties on the market that are on the market due to the sellers not being able to pay the mortgage anymore. We'll have to wait longer for that to happen (if it will happen at all: the priority of the government seems to be to avoid this happening; and they have all our tax pounds to prevent it from happening :mad:).

WTF?_2

bob79 wrote: »

Thanks to the interest rate cuts, many people have ridiculously low mortgage payments. The government also very much presses banks not to repossess when people do fall into arrears. So there will be relatively few properties on the market that are on the market due to the sellers not being able to pay the mortgage anymore. We'll have to wait longer for that to happen (if it will happen at all: the priority of the government seems to be to avoid this happening; and they have all our tax pounds to prevent it from happening :mad:).

All this will do is drag out the process - unless of course they are gambling on stoking inflation up enough to rescue house prices in the next 12 months.

Because that's all that will support house prices - runaway monetary inflation.

I don't think they can manage to invoke the massive inflation required in such a relatively short time but I wouldn't put anything past these idiots.