Get ready for Capitulation....Fear is here, people will start to accept lower prices

Blacklight

b0rker wrote: »

Why has this nonsense made 5 pages of posts?

The Original Post was just some uber bear posting his typically over the top doom mongering opinion with no references to back up the "point" being made.

Come on guys, stop taking the bait from these maddies. All they come on here to do is talk the market down in any and every way possible as if their post which is read by a few hundred people will affect the tens of millions of people in the UK who DO NOT READ THIS FORUM!

Sheesh!

This is a great post. I like the part where it says: "All they come on here to do is talk the market down in any and every way possible as if their post which is read by a few hundred people will affect the tens of millions of people in the UK who DO NOT READ THIS FORUM!"

crusty_toenail

We are 60% down is some parts of northern ireland, we are in the midst of this capitulation and still falling (nationwide - over 40% down) from peak!

I've just bought a house, but I can see more falls ahead.

It is just a matter of time for rest of UK to follow...........remember the market was propped up artificially after banking collapse, so perhaps a good time to sell to rent??

ess0two

Blacklight wrote: »

This is a great post. I like the part where it says: "All they come on here to do is talk the market down in any and every way possible as if their post which is read by a few hundred people will affect the tens of millions of people in the UK who DO NOT READ THIS FORUM!"

And you can see why certain elements of this forum will never own,when crap like this thread is posted as a certainty to happen in the future.

Hell even the OP has since bought.

Blacklight

crusty_toenail wrote: »

We are 60% down is some parts of northern ireland, we are in the midst of this capitulation and still falling (nationwide - over 40% down) from peak!

I've just bought a house, but I can see more falls ahead.

It is just a matter of time for rest of UK to follow...........remember the market was propped up artificially after banking collapse, so perhaps a good time to sell to rent??

And as we all know the rest of the UK always follows what happens in NI

Linton

crusty_toenail wrote: »

We are 60% down is some parts of northern ireland, we are in the midst of this capitulation and still falling (nationwide - over 40% down) from peak!

I've just bought a house, but I can see more falls ahead.

It is just a matter of time for rest of UK to follow...........remember the market was propped up artificially after banking collapse, so perhaps a good time to sell to rent??

Is it possible that the NI market is more influenced by the prices in the South than what's happening in GB?

mbga9pgf

ess0two wrote: »

And you can see why certain elements of this forum will never own,when crap like this thread is posted as a certainty to happen in the future.

Hell even the OP has since bought.

Yeah, at 30% off local market value! :beer:

Aint repos BRILLIANT!

phil_b_2

mbga9pgf wrote: »

Yeah, at 30% off local market value! :beer:

Aint repos BRILLIANT!

But surely if there wasnt any other sufficient competition to challenge and beat your -30% offer, then there was no one else willing to pay that sum? Thus what you paid IS local market value.

As they say, property is worth what someone is willing to pay for it 'n all that.

mbga9pgf

phil_b wrote: »

But surely if there wasnt any other sufficient competition to challenge and beat your -30% offer, then there was no one else willing to pay that sum? Thus what you paid IS local market value.

As they say, property is worth what someone is willing to pay for it 'n all that.

We got outbid by 30K. Unfortunately, the other party had a chain as long as a giraffes neck and the asset management firm didnt want to risk it (I believe) as it was the week of the general election.

Lots of things went in our favour that normally wouldnt. The surveyor valuation came in well over our offer too, which was a nice independent confirmation of the bargain we got.

DervProf

phil_b wrote: »

But surely if there wasnt any other sufficient competition to challenge and beat your -30% offer, then there was no one else willing to pay that sum? Thus what you paid IS local market value.

As they say, property is worth what someone is willing to pay for it 'n all that.

While I feel that it`s bad news for the repo`d vendor, mbga9pgf`s obvious pleasure of buying at 30% below local market value can`t be undermined by saying that the price paid IS local market value.

If all the other houses in the street had been for sale @ £100k, and mbga9pgf managed to buy one for £70k, due to a repo, then that is cause to be pleased, and at the time of purchase it was 30% BMV. It may well be that all of those other houses will now only fetch £70K (doubtfull though) due to the sold price of the one up the road, but at least mbga9pgf didn`t have to cough up £100K.

Linton

DervProf wrote: »

While I feel that it`s bad news for the repo`d vendor, mbga9pgf`s obvious pleasure of buying at 30% below local market value can`t be undermined by saying that the price paid IS local market value.

If all the other houses in the street had been for sale @ £100k, and mbga9pgf managed to buy one for £70k, due to a repo, then that is cause to be pleased, and at the time of purchase it was 30% BMV. It may well be that all of those other houses will now only fetch £70K (doubtfull though) due to the sold price of the one up the road, but at least mbga9pgf didn`t have to cough up £100K.

I guess its an example that a price isnt just measured in £££s. £100K at some undetermined point in the future was worth less to the vendor than £70K now.

Other vendors may have other priorities.