Is it me or are houses starting to sell?

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Conrad wrote: »

I think it will bottom out this year as N Rock and RBS increase lending which will cause others to follow as they don't want a loss of market share.

I disagree, obviously NR and RBS have no choice but to dance the government's tune, however the 'others' will probably let them get on with it, the reason ?, simple, I wouldn't lend anyone 90% of something thats lost nearly 21% of it's value in only 15 months, especially when there is a chance that the people I lent it to may lose their job, so why would the banks ? I would be lending my money to less risky alternatives.

I mean, think of this, even the most bullish people think the market is going to lose another 10%, that means if you take one of these mortgages when they become available (big 'if'), you will be in NE by the end of the year. Not nice.

As far as 'market share' goes, it doesn't really matter if you're not interested in it. The market needs £125 billion injection each year to stabilise prices at current levels, which leaves RBS and NR's 'investment' of £15 billion this year looking small. The main problem for the government is that £125 billion needed, no longer exists, and won't do again.

annajayne

Hello,

I'm a first time buyer from Worcester. I have had an offer accepted verbally on a house two weeks ago I'm just waiting for the vendors to find somewhere suitable to move to! I get the impression things have started moving again thanks to people in simiar situations to myself where lower offers are being accepted.

Saying that, tonight I have been to a property auction where at least four of twelve properties did not meet reserves therefore are still for sale! So who knows really? Its all swings and roundabouts.................

ruggedtoast

roxy889 wrote: »

I'm watching a couple of areas Worcester and Bristol, and I am finding that quite a few of the houses in Bristol that I was watching are selling and a couple in our price range in Worcester hae gone under offer (nothing has gone under offer in this price range for the last year). Green shoots?

Is anyone else getting this feeling?

Yeah its only logical really. Now half the country is looking to be sitting on giant piles of redundancy money it stands to reason they'll all jump in and the enormous pent up demand will get the market going again.

chucky

ruggedtoast wrote: »

Yeah its only logical really. Now half the country is looking to be sitting on giant piles of redundancy money it stands to reason they'll all jump in and the enormous pent up demand will get the market going again.

is that the 6% of unemployed people - did all of them receive redundancy payments?

UK employment rate is 94% currently - not that bad really

ps. there is some movement in my area but in general i don't know if it's a huge amount

jockster211

The only properties moving around central belt of scotland are the ones that are realistically priced;) . Too many sellers are still in denial of -ve equity, or maybe just 'need' to get the price they're after.

We're watching several websites & probably no more than 2 or 3 per week are coming on/moving off no all are sales, some are being rented. But even those prices are coming down.

Bethankim

We have put ours back on the market - first went on in May 2007 at £135K - its back on at £90K now (offers above) its realistic, its needs a little cosmetic work but at a 3 bed semi with huge garden its a good price.

we have had 3 viewings in 10 days, with the one yesterday coming back for a second viewing so fingers crossed. I am certainly seeing a few more SSTC about, and its the realistically priced ones that are going.,

We are pragmatic as long as it clears the mortgage and fees we are happy. A house on the next road sold 2 weeks ago for 120K - so if its done up they new owners will be getting a good deal.

accoring to my estate agent, its people with savings who are getting no return who are buying now cause they will get a better return than having it in the bank.

Sir_Humphrey

Bethankim wrote: »

accoring to my estate agent, its people with savings who are getting no return who are buying now cause they will get a better return than having it in the bank.

So the annual IR on my savings is -17% then? Estate Agents really do talk a load of !!!! sometimes.

chucky

Sir_Humphrey wrote: »

So the annual IR on my savings is -17% then? Estate Agents really do talk a load of !!!! sometimes.

not to be pedantic or be difficult but are you buying the House Price Index Average or are you buying an actual property?

as you know each local area and every road will have different property prices and are driven by different drivers; ie school catchment areas, quiet road etc... are housing price indicies nothing more than a guide?

people are in a position that they will believe that they need to invest their savings in something else to get a better yield or even capital appreciation - be it equities, gold or even property

ps. i have no illusion that property prices are not dropping

Sir_Humphrey

chucky wrote: »

not to be pedantic or be difficult but are you buying the House Price Index Average or are you buying an actual property?

as you know each local area and every road will have different property prices and are driven by different drivers; ie school catchment areas, quiet road etc... are housing price indicies nothing more than a guide?

people are in a position that they will believe that they need to invest their savings in something else to get a better yield or even capital appreciation - be it equities, gold or even property

ps. i have no illusion that property prices are not dropping

I doubt that many, if any houses have actual price increases (bank IRs can only go as far as zero). If you factor in very low inflation, poor returns on alternative investments, liquidity and risk factors, saving still seems the best option in the short term.

You do not need to maintain savings, pay ground rent or service charges etc etc.

StevieJ

Sir_Humphrey wrote: »

I doubt that many, if any houses have actual price increases (bank IRs can only go as far as zero). If you factor in very low inflation, poor returns on alternative investments, liquidity and risk factors, saving still seems the best option in the short term.

You do not need to maintain savings, pay ground rent or service charges etc etc.

Throw in there the possible inflationary effects of Quantative and Monetary easing