chasing house prices down.

Annpan

confused31 wrote: »

Has for keeping the hip alive, why would i want to buy another one?? its not costing me anything to market my house, and it wont put any viewers noses out of joint as they would not want the house for the price i have it at.

I'm sure someone told you on your other thread that you can take your house off the market and as long as you put it back on within 12 months your HIP is still valid - apart from searches which don't last long anyway.

lostinrates

A house came into my price bracket on Friday, having been 40% more expensive sine joining market last year in summer. It went under offer this morning (I was hoping to view this week).

It has significantly undercut other properties of its type in the very large area I'm looking in.

The sellers were not forced sellers I understanf from the agent, but have bought elsewhere already and decided that they would rather move on so rather than creeping down settled for a nice round number and a hefty reduction. I think if one can afford to cut a price by that amount and walk away in profit its a good strategy. It will raise questions for the other sellers of similar property who are chasing the market down in 5 -10% chunks -I hope.

confused31_2

Annpan wrote: »

I'm sure someone told you on your other thread that you can take your house off the market and as long as you put it back on within 12 months your HIP is still valid - apart from searches which don't last long anyway.

a hip lasts at least 12 months from when you market your house mine has been on the market for 16 months, so by taking it off for more than 28 days, the hip would expire.

It dont really matter no one will want it at the price i have got it at.

GDB2222

Running_Horse wrote: »

I disagree, they will return as soon as they can get credit, and then prices will stop falling.

I strongly disagree with that statement, so I wanted to give you my 2p worth. during the last price crash, prices dropped quite sharply for three years and then levelled out for another three years. During this whole time, there was no real problem getting mortgages. The problem was that people could see that houses had become overpriced, and they were not prepared to pay the old prices.

Even if the banks are prepared to lend more, are people prepared to take on the debt whilst house prices seem to be falling very rapidly still? it takes quite a long period for confidence to be restored in the market, and peoples' expectations of future prices seem to be based on what has been happening over the last couple of years.

besonders1

also to add, when banks do start lending they are going to be more stricter regarding the lending multiples and the criteria to be eligible for a mortgage. Most of the prices will be a reflection on this.