House prices fall 1.8% in feb

pizzagirl

poppy10 wrote: »

I love that picture. It's one which I never get tired of looking at!

TDS_2

Dan: wrote: »

...this is great news for all you FTBers out there...house prices are, on average, 20% lower then 18 months ago.

Surley, it must shortly be the time to buy???

It's certainly heading in the right direction, but I personally don't see any reason why the downward trend will stop any time soon (within 2009).

chucky

skap7309 wrote: »

I have been very curious about the property market for 18 months now. Would i fork out for one in a falling market? Not on your Nelly.

Repeat x 1,000,000+

That does not really mean HPI is going to return anytime soon.........

i've banged on about this for ages and have been called a bull and a few other choice names in there too.

I don't think it's a bad time to buy if you buy well.

My particular case is property purchased in August 2008 - purchase price £380k for cash, at peak it would have been valued at £475k. It's for a BTL so can't remotgage for 6 months - i've just re-mortgaged and the valuation came back at £440k.

Would it sell for £440k? Definitely not as nothing is really selling unless they vendor is desperate. It's also paper money as this isn't materialised until you sell anyway.

longtimelurker_2

TDS wrote: »

It's certainly heading in the right direction, but I personally don't see any reason why the downward trend will stop any time soon (within 2009).

Indeed - and the ever-present prospect of interest rates going up, up, up on a large new mortgage...

Wookster

TDS wrote: »

It's certainly heading in the right direction, but I personally don't see any reason why the downward trend will stop any time soon (within 2009).

For sure there is no end in sight, and not while unemployment continues to rise and confidence continues to ebb away.

Its just a pity that a fall in house prices drags everything and its mother down with it. The notion of wealth being the difference between what you paid for your house and its worth is really quite destructive.

mustrum_ridcully

I think we'll see a return of somethings similar to the 90's where the general trend was downwards, with the occassional spike (together with the associated pedictions of HPI returning).

Some bulls would do well to look what bears were saying 4/5 years ago and how crazed they looked, then stop and think about how they might sound just as crazed today. I actually find it quite funny that the bulls are behaving in the same way as the bears, hailing every bit of "good news" and ignoring or having silly arguements about the "bad news". Oh the irony...

piggeh

I have to wonder why sellers are keeping their prices above supposed market value:

1)Estate Agents overstating value to gain business (or at least have it on the books then maybe revise value later on).
2)Seller's debts need a certain value to be reached on property sales to pay off other debts (credit cards etc).
3)Over optimism.
4)Chancers.

Some figures on seller's total liabilities, EA strategy etc, would be interesting.

mr.broderick

Bf109 wrote: »

Prices back to April 2004.

Anyone who bought a house in the last 5 years has lost money.

Actually that is interesting, as soon as i read this i scrambled for my wallet, good news nothing missing, laptop turned on, current account unchanged, pheww, checked savings account online, money still there. Will you please stop these vicious rumours...

Graham_Devon

mr.broderick wrote: »

Actually that is interesting, as soon as i read this i scrambled for my wallet, good news nothing missing, laptop turned on, current account unchanged, pheww, checked savings account online, money still there. Will you please stop these vicious rumours...

I like what you did there

Maybe you should go hunting for a little realism while your there, I think you lost that!

ally81

Just today 3 houses in the relatively small area I'm looking at buying in suddenly dropped another £15k into my affordability level. I can't believe I can now consider houses that were recently £40k beyond me.