The market is gathering momentum.

Conrad

sympatex wrote: »

i'm offering on houses at 10-15% off asking price (asking prices which haven't budged since last october) and i'm getting no where. The mrkets not moving here!

Yes, it takes two to tango. Whilst motivated sellers at the margin have to sell and to an extent set a prescident, at the same time most of us do not have to sell and this too has to be factored into the direction of any market.

I can only speak for my region, and what I'm finding is a picture of people making a concerted effort to reduce debt rapidly, far cheaper existing mortgage payments for those comminjg off fixed rates and people basically knuckling down.

I've taken the decision not to follow the news so intensly, as there really is a gulf between the headlines and the reality.
Indeed, I tedn to find a lot of folk pay little or no attention to the news, and as such these tend to keep the market going.

I suspect these forums are a magnate for those of us who are perhaps more obsessive and anxious than most.

sympatex

conrad, you're probably correct. 2009 will not be a good year though.

Really2

sympatex wrote: »

conrad, you're probably correct. 2009 will not be a good year though.

I don't think it will be either but perhaps from what as happened over the last year some have evaluated how "safe" they are.
With IR so low it may have pushed them to make a jump sooner rather than later.
If it is right or wrong who knows but they obviously feel that they can handle a decision if it is wrong.

pandamonia

Conrad wrote: »

Yes I'm a pessimist by nature, but I have to report new trends that are feeding through into higher sales numbers.

The realist will welcome all inputs in order to accurately take the temperature of the economic landscape.


+ Increased business from those wanting to upscale in view of the fact the gap between rungs has decreased. For example houses here that were £300k are now typically £250k, whereas the 2 beds have fallen by only about £25000, so the upscaler is £25000 better off.


+ Marked increase in activity for 2 bed and the cheaper 3 bed houses, as people down size. In an area such as Great Dunmow there is a growing shortage of proprties in this range.

+ Lenders dipping toes back into the market; Alliance & Liecester are bombarding me with the following messages - ' we accept most state benefits as income, we accept 100% of commission and overtime'

+ C & G (that os so cautious lender) give up to 5x income as a multiple on the sourcing software brokers use.

Another lender this morning agreed this 'risky' case; Age 57, limited self employed income proof, agricultural tied on the property (so hard to resell if repo'd), recent £3000 ccj, recently had to sell last business'. I've had him write his own budget planner and sign plus requested an Accountants endorsement to protect myself.


It's not booming, but there is a definite upsurge and I am able to place mortgages for most as long as there is a reasonable deposit. Remortgages are significantly down as people are simply rolling onto variables and trackers at anything from 1.1% - 3.5% in most cases I've seen.

This is rubbish.

A&L charge 2% fee and not a single 90% LTV Mortgage

C&G offer high interest mortgages at 5x salary with fixed rates over 5.7% not a single Tracker for 90%

Britiannia just removed the best 90% mortgage off the market their SVR mortgage!

There is not a single tracker available for people with less than 85% LTV

Only 1 SVR mortgage for 90% LTV

All otheres are fixed at stupidly high interest rates well over 5%

I wouldnt call this any kind of recovery

Really2

pandamonia wrote: »

This is rubbish.

A&L charge 2% fee and not a single 90% LTV Mortgage

C&G offer high interest mortgages at 5x salary with fixed rates over 5.7% not a single Tracker for 90%

Britiannia just removed the best 90% mortgage off the market their SVR mortgage!

There is not a single tracker available for people with less than 85% LTV

Only 1 SVR mortgage for 90% LTV

All otheres are fixed at stupidly high interest rates well over 5%

I wouldnt call this any kind of recovery

Why the strong response the guy is a FA?

Cannon_Fodder

Conrad wrote: »

I am able to place mortgages for most as long as there is a reasonable deposit...

What is the usual "reasonable" deposit? And how does it compare to the previous 2-3 months requirement?

And how anxious do I have to be to be classed as an obsessive?

Tell me now, man, now....!!

StevieJ

Really2 wrote: »

Why the strong response the guy is a FA?

Why,why do you think? he posted a nearly positive story :beer:

Conrad

pandamonia wrote: »

This is rubbish.

A&L charge 2% fee and not a single 90% LTV Mortgage

C&G offer high interest mortgages at 5x salary with fixed rates over 5.7% not a single Tracker for 90%

Britiannia just removed the best 90% mortgage off the market their SVR mortgage!

There is not a single tracker available for people with less than 85% LTV

Only 1 SVR mortgage for 90% LTV

All otheres are fixed at stupidly high interest rates well over 5%

I wouldnt call this any kind of recovery

I merely report it is getting busier for me.
Your'e right to say the higher ltv deals still aren't quite where people need them to be.

A mid recovery is afoot of that I'm certain.

pandamonia

Conrad wrote: »

I merely report it is getting busier for me.
Your'e right to say the higher ltv deals still aren't quite where people need them to be.

A mid recovery is afoot of that I'm certain.

Activitiy doesnt count as recovery.

Prices are falling and offers are well below asking, auctions are selling 20% below todays value and interest generated is becuase of the awareness of falling prices rather than a recovery in the market. People with the most equity are still free to move around and put offers in on other homes also people taking advtange of trading up because of the need for extra bedrooms etc.

i would not call any of this a recovery.

Conrad

To be fair I did said 'mild' recovery. That is, a transactional increase compared with the trend of the last few months.

Completions wont show up in the figures yet but I suspect you will see headlines in the next 2 months to back up my on the ground observations.