Here's what the experts say - further falls in house prices of 10-65% to come

**woody123**

Hi,

I know of 2 couples who have their properties on the market and both have been asked by the estate agent to lower their asking price.. Both have refused!!! Now both of them will take their houses off the market.

So the point i am trying to make is if lots of people did the same then prices would decline slowly or stagnate so first time buyers keep waiting and waiting because of people not being realistic.

I have to admit if i was in their shoes having bought in 2005 and seeing the house worth 10 to 20k less i wouldn't be too happy either.

Hope you understand what i've just said as its my first post on a topic like this.

chrisandanne

Hi Woody...what you have to remember is that these peoples houses make no difference to the market, it's only houses that actually sell that set the prices.......and the only houses that are selling in my area are ones priced realistically (in this market) from the start, or ones that reduce by a hefty amount to a realistic price.

I have also noticed sold prices on the Land Registry are a lot lower than the asking prices... suggesting people are taking offers.

A x

penguine

Conrad wrote: »

Certainly in the south east we are approaching the bottom this summer.

What makes you think this? (Genuinely curious.)

carolt

Wishful thinking.

Pobby

The bottom this summer? I doubt that very much!

chucknorris

Pobby wrote: »

The bottom this summer? I doubt that very much!

Late next spring is the earliest that I can see and I don't think it will pick up quickly either

Graham_Devon

Conrad wrote: »

99% of these muppets got it all wrong on the run up to the crash. Certainly in the south east we are approaching the bottom this summer.

The South East has some of he highest prices, and also, a lot of the people loosing their finance jobs living in it.

With respect to your prediction, I just cannot see the bottom being just 6 months away. Simply because of wage reduction in that area, firstly through loss of jobs, and secondly through those people having lost their jobs, getting lower paid jobs. Wage cuts will effect the people in the south east, at say 5% pay cut much more than someone "oop norf".

People have to be able to afford those house for the prices to stay that high. One of the major ways people have been able to afford them, is through equity.

We have yet to see in the UK negative equity actually kicking in, and actually stopping people moving.

When that kicks in, it's going to become even more dire. People just do not have the money to buy, let alone the biggest factor, confidence. We can try out hardest to manufacture confidence, which is fine. But when coming to putting pen to paper, it takes a hell of a lot of manufacturing confidence to get a family to sign a deal in these times. The only people moving now are those who need to (family, jobs) & those who can afford to (no mortgage and the other house costs them no more)

Wookster

Conrad wrote: »

Certainly in the south east we are approaching the bottom this summer.

Conrad does have his own vested interests in the property market

With all the economic signs getting worse, and with more and more bad news I don't see how anyone could reasonably think that the end is in sight.

Graham_Devon

Wookster wrote: »

Conrad does have his own vested interests in the property market

With all the economic signs getting worse, and with more and more bad news I don't see how anyone could reasonably think that the end is in sight.

I'm not having a go at conrad here. But with that in his signature, I do kind of worry about the advice a lot of people are giving at the moment. Went past an estate agents today and it had "NOW is the BEST time to BUY" in the window.

Theres optimism, and theres downright lies to try and make a buck.

Theres a fine line between the two, and many seem to be overstepping it.

ninky_2

Graham_Devon wrote: »

I'm not having a go at conrad here. But with that in his signature, I do kind of worry about the advice a lot of people are giving at the moment. Went past an estate agents today and it had "NOW is the BEST time to BUY" in the window.

Theres optimism, and theres downright lies to try and make a buck.

Theres a fine line between the two, and many seem to be overstepping it.

There is very little difference between advertising and lying I find.

I think there will be several mini "bottoms" and false recoveries but I don't think prices will recover until at least spring 2013.