Dramatic slowdown in the Housing market

meanmachine_2

Estate agents are violently opposed to HIPs because they're likely to slash volume dramatically. And that's what they care about - transactions and turnover.

They claim that it'll increase price inflation, but on the other hand, it'll stop greedy vendors putting their property on at a stupid price. If it doesn't sell within a few months, they have to pay again for another pack.

I think it seems sensible to me. Any form of regulation in this wild west style market is to be welcomed.

meanmachine_2

Woby_Tide wrote:

So why do people keep posting the info when as you point out that everyone knows it's made up to fit a point of view. (And erm aren't you one of the property bears with a predictable tack?)

That's my point. The OP shouldn't have posted the details, because it's all rubbish.

And can you really say my posts are predictable? I rarely post here these days as I got bored of all the estate agents jumping on anything that was remotely critical/bearish.

lisyloo

You should not read much into one months figures in isolation.
A better view would be looking at the article in the graph.

http://news.bbc.co.uk/1/hi/business/4754642.stm

So far I would say it looks like a fairly orderly slowdown.

Bestthingsinlifearefree

"The average price of a home has dipped by 0.2% to £158,573 over the past month, after jumping by 1.5% in January, according to Nationwide. That pushed the year-on-year rate of increase down from 4.4% to 3.7%."


If it dipped .2% this month but went up 1.5% last month (1.5% - .2%)= In the last 2 months house prices up 1.3% and in the last 12 months have gone up 3.7%

Call me old fashioned but steadily rising house prices are not a sign of a house price crash.

meanmachine_2

£158K!??!!! I thought house prices were 200K!! Or aren't they 180K?!!

Look, let's stop this rubbish.

And bestthings, as Martin points out, this is a consumer revenge site. It isn't a place for estate agents or mortgage lenders or even brokers to constantly peddle their spin. So save your breath.

The only people who benefit from rampant HPI are those groups, not consumers.

claz

i think some basic laws need to be brought in to sort out the housing market i don't think a HIP will work as in my opinions it just adds to the number of problems you already encounter when purchasing a property.

i think a law need to be passed that stops people pulling out last minute and costing everyone a lot of money eg. fine them X% of the purchasers fees or something of the sort, i also think some laws need to be passed about gazumping as we were gazumped on one property but luckly this was before we had paid for a survey

the housing market isn't fair at the moment as you could end up paying thousands and the day before you exchange someone could pull out and a whole chain can break down because of this losing people thousands of pounds, this is what the government should look at instead of HIP's

Bestthingsinlifearefree

meanmachine wrote:

£158K!??!!! I thought house prices were 200K!! Or aren't they 180K?!!

Look, let's stop this rubbish.

And bestthings, as Martin points out, this is a consumer revenge site. It isn't a place for estate agents or mortgage lenders or even brokers to constantly peddle their spin. So save your breath.

The only people who benefit from rampant HPI are those groups, not consumers.

errr...meanmachine I am just commentating on the figures. Its not my fault house prices are steadily rising and I did not produce the report.

Anyway I thought a month or so ago you announced in a huff to the world you would not be commenting on property price threads any more.

Good to have you back.

mystic_trev

I'm well known to be a bit of a "bear" STR'ed last November and stuck the money in an ebond earning 5.10% I do however own two BTL's ones more than trebled (1996) and the other more than doubled (1999) I own them outright so it's a usefull source of extra income as I don't work! I just think the prices of Property have gone stupid, and that sooner or later they'll be a correction of between 20 - 30% What surprised me with these latest figs is that I was expecting a healthy increase in Prices, as I don't believe any correction will start until the Autumn.I thought we'd entered a period of "capitulation" but then .... hey - who knows?

mystic_trev

Sorry I should have added my reasons for there being a potential "crash"

Level of mewing

General level of (now record) debt - see how many pepole are viewing the "Housing forum" on this bb to the amount viewing the "debt forum"

Potential increase in base rates - up in USA - going up in Europe and going up in Japan.Who's next?

All - IMVHO

Stewboy1978

Try and buy a house in Edinburgh and see if the market is crashing :rolleyes: