Estate Agent asks sellers to drop prices 40-50%

scousethife

ES10 wrote: »

Well you jealous lot ...when you do eventually find some poor mug who has to sell ..and if your house falls in price at the next recession - bet you're the first ones on here moaning about it!

I (and I'm sure most other house owners will agree) would rather be carried out feet first than sell my lovely unmortgaged BIG house that I've worked hard and made sacrifices for all my life at a bargain 70% off ..aint never EVER gonna happen! Dream on in your teeny weeny rented places ! :rotfl: :rotfl:

Hey look at that......Someone acting all conceited and telling lies on the interwebz.

I aint ever seen that before, I do hope it doesnt start a trend.

Dithering_Dad

I'm confused -do you all live in Northern Ireland?

If 'yes', then I'm happy for you if prices are going down to a reasonable level. If 'no', then what relevence does it have to the rest of the UK? You might as well talk about how much Eire, France or Dutch house prices have fallen for all the relevence to Uk prices.

mbga9pgf

ES10 wrote: »

Well you jealous lot ...when you do eventually find some poor mug who has to sell ..and if your house falls in price at the next recession - bet you're the first ones on here moaning about it!

I (and I'm sure most other house owners will agree) would rather be carried out feet first than sell my lovely unmortgaged BIG house that I've worked hard and made sacrifices for all my life at a bargain 70% off ..aint never EVER gonna happen! Dream on in your teeny weeny rented places ! :rotfl: :rotfl:

That's fine, but what happens when you want to upsize and realise the next rung of the ladder above yours has also fallen a similar amount and you can now upsize for much less?

500K falls 30% = 350K
1 Million falls 30% = 700K

Price to move before crash = 500K

Price to move after crash 350K.

So, I have concluded, you are talking @rse.

I have also concluded, that once you are carried out feet first, your little-us will be scrabbling for the inheritance rather than pay expensive council tax on a home that reminds them of their dead parents. Which means they will sell for the market rate; which means ultimately, prices will still fall.

Whilst this does not directly affect you in all probability, take a nation of forced sellers and movers and wake up and realise your home is now worth far less than it was in 2007.

nickcc

Spent most of last week looking round Helston in Cornwall for houses, found nothing suitable. Nothing new coming on market as potential sellers won't lower prices.
New Wimpey/Bryant estate nearing completion with most houses sold so little choice there.

nickcc

mbga9pgf wrote: »

That's fine, but what happens when you want to upsize and realise the next rung of the ladder above yours has also fallen a similar amount and you can now upsize for much less?

500K falls 30% = 350K
1 Million falls 30% = 700K

Price to move before crash = 500K

Price to move after crash 350K.

So, I have concluded, you are talking @rse.

I have also concluded, that once you are carried out feet first, your little-us will be scrabbling for the inheritance rather than pay expensive council tax on a home that reminds them of their dead parents. Which means they will sell for the market rate; which means ultimately, prices will still fall.

Whilst this does not directly affect you in all probability, take a nation of forced sellers and movers and wake up and realise your home is now worth far less than it was in 2007.

Not much chance of your children inheriting as the government will force you to sell your house to pay the nursing/retirement home fees.

leftieM

Dithering_Dad wrote: »

I'm confused -do you all live in Northern Ireland?

If 'yes', then I'm happy for you if prices are going down to a reasonable level. If 'no', then what relevence does it have to the rest of the UK? You might as well talk about how much Eire, France or Dutch house prices have fallen for all the relevence to Uk prices.

NI prices have an impact on average prices across the UK wrt Halifax, Nationwide and DCLG firgures, but not the land registry as we don't have that resource here unfortunately.

SingleSue

ES10 wrote: »

Well you jealous lot ...when you do eventually find some poor mug who has to sell ..and if your house falls in price at the next recession - bet you're the first ones on here moaning about it!

I (and I'm sure most other house owners will agree) would rather be carried out feet first than sell my lovely unmortgaged BIG house that I've worked hard and made sacrifices for all my life at a bargain 70% off ..aint never EVER gonna happen! Dream on in your teeny weeny rented places ! :rotfl: :rotfl:

70% off what?

The perceived 'value' at peak? The actual purchase price?

If my parents accepted 70% off actual purchase price, their house would sell for £1,200! From top of the market prices, their house would sell for £63,000 or thereabouts.

It all depends on when you purchased or where you are taking your calculation from.

Kez100

nickcc wrote: »

Spent most of last week looking round Helston in Cornwall for houses, found nothing suitable. Nothing new coming on market as potential sellers won't lower prices.
New Wimpey/Bryant estate nearing completion with most houses sold so little choice there.

Problem down here is the lack of property. If one town has nothing you want then you have to go some way to find another town and that will add to travel costs (assuming you work when you are here). With summer coming up that is when the annual average wage is mainly earned so people will be too busy to even think about moving house at a low value, plus they will want to hold out for tourists that might take it off their hands at a higher value. I know that is unlikely to happen now, but it has been happening year on year so that is the mindset they probably have.

Also, it seems like it is b****y miserable living in a lot of places at the moment. We might be poor down here but we always have been poor so that is nothing new and - at least when the sun shines - our lives are lifted from the economic fog by beautiful coastline and tranquil setting.

mbga9pgf

SingleSue wrote: »

70% off what?

The perceived 'value' at peak? The actual purchase price?

If my parents accepted 70% off actual purchase price, their house would sell for £1,200! From top of the market prices, their house would sell for £63,000 or thereabouts. You cant just say that house prices always go up then forget wages also go up comparably too!


It all depends on when you purchased or where you are taking your calculation from.

If you look at wage-inflation adjusted median prices, the peak to trough fall needs to be around 40% to match the last few crashes. Although this is no ordinary crash, I dont believe it will be as bad as 70% unless you live in northern ireland and bought a newbuild flat.

If house prices go up 3% and wages go up 3%, then you havent made a bean I am afraid!


Remember, a 50% fall counters a 100% rise, not a 50% rise!

40% median fall return us to sensible multiples and affordable housing. We aren't even half way there yet!

besonders1

nickcc wrote: »

Not much chance of your children inheriting as the government will force you to sell your house to pay the nursing/retirement home fees.

I would imagine with that attitude we have just seen, that his/her children would see getting their hands on the sale of the house to get the cash into their wallets/purses as more important than letting their parents go into a home to be looked after properly!