Estate Agent asks sellers to drop prices 40-50%

mbga9pgf

besonders1 wrote: »

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!

They better price to sell then! Deposits dont grow on trees you know and you need a BIG one to get a mortgage these days!

They arent making house price increases any more you know! :rotfl: :rotfl: :rotfl:

SingleSue

mbga9pgf wrote: »

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!

I know, I was just pointing out that it depends on where people are looking at 70% off to start off with in relation to the post I quoted...the perceived value of their property when at the peak or what they purchased it for.

Think you added a bit of your reply in my quote as I certainly didn't say anything about wages and houses going up....I know houses don't always go up in value (I am one of the bears by the way) as I lost out big time in the last recession but I am not sure I agree with salaries going up comparably...I would be paid the same now for the same job that I was doing in 1992 (I was pretty well paid though) and house prices were a hell of a lot cheaper back then! Salaries around here have not kept pace with the house price rises at all.

I also agree that we haven't seen anything yet...this has still a long way to go.

Dithering_Dad

leftieM wrote: »

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.

Exactly, but just because an off-shore region and ex-battle ground of the UK has a huge dip in house prices, how does this help someone who is Kent or Manchester?

I don't want to have to keep railing on about this, but I feel duty bound to say again that anyone who is looking at buying a house should stick to looking at averages in their area, rather than worrying about the national average, which is IMHO completely irrelevant unless you are looking to buy a house with a 70% (or whatever) discount and don't care where in the UK you wish to live.

Certainly in my area (South Pennines), the vagaries of the NI market is going to have ZERO effect on house prices here and unfortunately we won't be seeing 70% drops in my village no matter how much I watch NI prices or indeed hope and pray.

Unless you want to buy in NI, I don't see it's relevence. Sorry.

leftieM

Dithering_Dad wrote: »

Exactly, but just because an off-shore region and ex-battle ground of the UK has a huge dip in house prices, how does this help someone who is Kent or Manchester?

I don't want to have to keep railing on about this, but I feel duty bound to say again that anyone who is looking at buying a house should stick to looking at averages in their area, rather than worrying about the national average, which is IMHO completely irrelevant unless you are looking to buy a house with a 70% (or whatever) discount and don't care where in the UK you wish to live.

Certainly in my area (South Pennines), the vagaries of the NI market is going to have ZERO effect on house prices here and unfortunately we won't be seeing 70% drops in my village no matter how much I watch NI prices or indeed hope and pray.

Unless you want to buy in NI, I don't see it's relevence. Sorry.

Likewise, the vagaries of the market in the south Pennines have little impact on NI house prices.

Sorry to risk upsetting you, but this forum isn't about what's relevant to Dithering Dad. NI house prices are relevant to NI dwellers such as me.

I suggest you ignore threads that don't interest you. That's what I do.

Dithering_Dad

leftieM wrote: »

Likewise, the vagaries of the market in the south Pennines or any other part of Scotland for that matter, have little impact on NI house prices.

Sorry to risk upsetting you, but this forum isn't about what's relevant to Dithering Dad. NI house prices are relevant to NI dwellers such as me.

I suggest you ignore threads that don't interest you. That's what I do.

ummm, that's why I asked the original question "I'm confused -do you all live in Northern Ireland?". You replied and went on about UK national averages, and so I responded about the dangers of using national averages as an indicator for local purchases. With your text about the South Pennines being irrelevent to you, you've simply underlined my statement.

Had you simply said "Yes, I live in Northen Ireland", I'd have said, "excellent, I hope you get a house for a decent price".

Also, there is a difference between being disinterested in a subject and seeking clarification in a subject. Hey ho, message received though - I'll leave you and all the other contributors (who must also be from NI) to it. Good luck

chucky

Brit1234 (the OP) lives in West London/Middlesex - why would he post something about house prices for Northern Ireland?

I'm surprised that he has such an interest in the NI housing market or is more of the the usual from him... :rolleyes:

nickcc

Kez100 wrote: »

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.

Lived in Carleen (wheal Vor) for seven years before moving to Torquay. No longer working but need to go back to poorly Daughter who lives in Helston, so very frustrating when you need to move but nothing suitable.

nickcc

I don't understand how anyone can imagine that house prices will fall so low. If you look at the cost of building materials, land and wages this can never happen. Perhaps if builders took a sixty percent wage cut, raw materials dropped by sixty percent and we reclaimed the land from the sea maybe we could hope for this dramatic price cut.

ad44downey

leftieM wrote: »

Likewise, the vagaries of the market in the south Pennines have little impact on NI house prices.

Sorry to risk upsetting you, but this forum isn't about what's relevant to Dithering Dad. NI house prices are relevant to NI dwellers such as me.

I suggest you ignore threads that don't interest you. That's what I do.

Well said. Next Daddo will be trying to say that threads about London house prices have no influence on anyone else in the country :rolleyes:

Kez100

nickcc wrote: »

Lived in Carleen (wheal Vor) for seven years before moving to Torquay. No longer working but need to go back to poorly Daughter who lives in Helston, so very frustrating when you need to move but nothing suitable.

Saw loads of to rents in the Cornishman newspaper I picked up today. Starting about 500 pcm. Couple much cheaper if you wanted a temporary small shared place.

Sorry to hear about your daughter.