Will Estate Agents Have A January Clearout?

StevieJ

Cat695 wrote: »

I'm sure he was just talking about average don't you

Obviously not

besonders1

before_hollywood wrote: »

i've seen a couple of places where if you knock 30% off the price i'll buy it

I'd want a lot more than that knocked off before you catch me buying!

chucky

before_hollywood wrote: »

i've seen a couple of places where if you knock 30% off the price i'll buy it

i snapped up (purchased) two properties (not new build) in July and August at around 25% off peak prices - they are around.

haven't looked recently but i'm sure that they are around.

i looked to match a motivated seller who had already made decent HPI on that property.

before_hollywood

besonders1 wrote: »

I'd want a lot more than that knocked off before you catch me buying!

i'm looking at places where 30% off will make the asking price under £35k with my deposit taken off :j :j :j :j :j

MrDT

before_hollywood wrote: »

i'm looking at places where 30% off will make the asking price under £35k with my deposit taken off :j :j :j :j :j

A nice enough place I've been looking at, with 30% off the current asking price would see me only needing a 44k mortgage (plus deposit money). Keep saving for another year, I figure I'd need a 36k mortgage.

If the gf and I were to buy together right now with 30% off, we'd only need a 24k mortgage. If we were to buy this place together in a years time, saving as we have been, not losing our jobs etc, we'd only need a 12k mortgage.

With a 12k mortgage I could flip burgers for a living, missus could do similar or even be a housewife, and we'd still have no money worries.

Hell, could keep saving for one more year on top and buy for cash.

I always hoped to be mortgage free by the time I was 40. Maybe I'll trim that down to be mortgage free by 30! :cool:

I have a hard time visualising such drops because of this, I mean, surely everyone would be doing it? Seems too easy. Thing is houses here have been selling for ~300% the 2000 land registry prices at peak, so it's not really impossible. Problem is that the vast majority here just won't save. They spend what they have along with what they don't have. Not everyone will be buying with small mortgages, as not many of them have the means to do so (and means doesn't equate to salary, it equates to good habits). Those who do save will probably 'have' to buy a 'better' house to reflect their 'status'. Don't intend on falling into that trap, being a wage slave for life.

Only downer is that high unemployment will hit very hard here. Maybe the burger flipping jobs wouldn't exist even if the sh*t really hit the fan?

before_hollywood

i not got a gf but my plan is thus:
small mortgage= crap hits fan i still have a house

MrDT

before_hollywood wrote: »

i not got a gf but my plan is thus:
small mortgage= crap hits fan i still have a house

It sounds like a good plan. I suggest insuring yourself to the eyeballs or having such a small mortgage that a paper-round would cover the repayments if you want to be as close to 100% secure as possible It's not really feasible for many people to be totally risk free. Minimising risk as you suggest means you'd probably be fine barring complete social collapse and zombies roaming the streets etc though