House prices at April 2004 levels? where I cannot find them

incher

lostinrates wrote: »

Of course. i think, logically the bottom value is the price of the materials and the land price.

And presumably both of these have gone down in value lately?

skap7309

incher wrote: »

O.i.e.o ??

'Offers In Excess Of''

matbe

I believe prices of materials have risen.

Not sure on price of building plots though.

dopester

incher wrote: »

And presumably both of these have gone down in value lately?

Building labour rates too.

Dan:_4

skap7309 wrote: »

Not really Dan. Also where is this national average coming from? The Shetland Isles? Reason is it seems every single other area of the UK is not seeing drops. You only have to search these forums on a daily basis to see no-one seems to be witnessing anything like what is reported.

When I mentioned the national average, I was referring the the monthly figures released by Nationwide/Halifax or Land registry index. You will only know what your house is worth when you some to sell it, and as people will only sell if they are forced to at the moment I am not surprised they deny and price falls.

skap7309 wrote: »

A quick check on Home.co.uk for my area shows sellers have dropped their prices 7% in the last 12 months. The same search using LR figures (the only one i really take notice of) shows Cambridgeshire has dropped 13.9% over the same period. Very similar figures can be found using Rightmove / Haliwide etc combinations.

That is my point, every area is different. I am fed up of reading posts 'advising' potential buyers to "ask for another 1.8% off the price because of the recent Nationwide figures"

skap7309 wrote: »

Stats out this week showed the number of house transactions fell to a 50 year low. Given the population explosion & houses available compared to 1959 that is some shocking statistic. It all adds up to housing STILL being grossly overpriced and only a massive and lengthy correction will straighten it out as 10 x income multiples / 125% mortgages will not return for decades.

All this proves sellers are being far too unrealistic across the country and if that is not enough evidence then i do not know what is.

Not everyone requires a 10 x income multiple / 125% mortgage to buy a house - even in 2007.

lethal0r

in the average north west town where I live prices are back to 2005 in general. take into account theyre going to sell for a few % below asking I expect most will sell for 2004 prices.

ukcarper

Surely people in negative equity who can still afford to pay their mortgage will not sell unless something forces them to and this will also have a effect on how far houses will fall.

Other things that effect the amount of properties on market and therefore how far prices will fall are fewer people downsizing not worth it if price difference to small. People who inherit property rent it out instead of selling because of very low interest rates.

ad44downey

thegibdog wrote: »

You're right, a lot of asking prices are still at 2007 levels. But there's a big difference between asking prices and sold prices, especially when potential sellers refuse to accept that their property could have decreased in value.

This is it. The vendors whose asking prices are at 2007 levels are the idiots whose properties have been on the market since 2007 and never sold. The dumb vendors will never get a buyer.

ukcarper

ad44downey wrote: »

This is it. The vendors whose asking prices are at 2007 levels are the idiots whose properties have been on the market since 2007 and never sold. The dumb vendors will never get a buyer.

You may call them dumb but what makes you think they really want to sell

mark5

House prices were going up for maybe 10 years and now some would be buyers expect them to fall back 5 years in the space of 18 months!

A seller is entitled to ask what they want for a house the same as a buyer only needs to offer what they think a house is worth!