RICS Say it's close to bottoming

ruggedtoast

House prices have never bottomed out or stayed flat. Theyre either going up too much or down too much.

By August property bee will be reporting that many of these sales have fallen through. Increased supply will have fed through as buyers are lured back to the market. I then predict a sustained continuation in the downturn.

Asking prices will in all likelihood continue to rise for the next few months as cash buyers are removed from the market and the chancers start offering money they dont have.

System

StevieJ wrote: »

What is your point

He's never, EVER had one, what makes you think he'll have one now?

PasturesNew

chewmylegoff wrote: »

you considering buying again yet?

Can't. Need a job first... no point buying a house randomly then finding a job 100 miles from it!

I want to be 2-3 miles from a job.

chewmylegoff

FT.com just published an article - no point linking to it as you need to subscribe:

Dig into the numbers of the Royal Institution of Chartered Surveyors’s May housing market survey and it is clear that most valuers remain congenitally gloomy. The seasonally adjusted net balance of surveyors reporting falling prices narrowed again in May and is now almost half the levels it reached in June last year. But the latest reading of -44.1 remains well in negative territory and is still at levels seen in much of the early 1990s’ correction. Celebrate that if you like.

macaque_2

Fewer homes? - Yes
More buyers? - Yes
Prices up in the North for the last 3 months and expected up for the next 3 months? - Yes
Buyers returning? - Yes

Have house prices reached an affordable level? - No
Will interest rates stay at 1/2%? - No
Has unemployment stopped rising? - No
Have incomes stopped falling? - No
Has the government got borrowing under control? - No
Are the public addressing their debt crisis? - No

Have we seen the end of the house price crash? - Don't make me laugh

Really2

macaque wrote: »

Fewer homes? - Yes
More buyers? - Yes
Prices up in the North for the last 3 months and expected up for the next 3 months? - Yes
Buyers returning? - Yes

Have house prices reached an affordable level? - No
Will interest rates stay at 1/2%? - No
Has unemployment stopped rising? - No
Have incomes stopped falling? - No
Has the government got borrowing under control? - No
Are the public addressing their debt crisis? - No

Have we seen the end of the house price crash? - Don't make me laugh

I think you have just highlited a good point long term fix are a great buy at the moment.

Other thing is most accept rates aint going to take off over the next year+.

inspector_monkfish

PasturesNew wrote: »

Fewer homes, more buyers

http://www.myfinances.co.uk/news/mortgages/property/house-prices/fewer-homes-and-more-buyers-hold-up-house-prices-$1302377.htm

Prices up in the North for the last 3 months and expected up for the next 3 months

http://breakingnews.iol.ie/news/ireland/rise-in-norths-house-sales-to-continue--survey-414080.html

Buyers returning

http://www.telegraph.co.uk/finance/economics/houseprices/5476901/House-prices-recovering-as-buyers-return-say-estate-agents.html

What is RICS definition of 'close' ?

1mth? 3mths? 12mths? 2yrs?

Davesnave

MRSTITTLEMOUSE wrote: »

We live in the north and houses are shifting no problem.
Even houses which were on the market for ages have had sold boards up in the past couple of weeks.
I have'nt seen a huge drop in prices either,not compared with the south of the country anyway.

You should read the thread 'To those selling in these difficult times' on the other channel. Plenty of people from 'Oop north' on there & some at their wits' end without viewings for weeks.

But it isn't everyone, by any means. I just think that your opening sentence, covering a huge area, is a wild generalisation.

Or did you mean to add 'around me?';)

pawpurrs

I think we could well see house prices rise for a few mths with the spring bounce lag in figures coming through, then it will be a long hard cold winter, with prices falling again. So hoping I get a buyer in the next couple of mths, before bedding down for winter.

Cat695

Really2 wrote: »

I think you have just highlited a good point long term fix are a great buy at the moment.

Other thing is most accept rates aint going to take off over the next year+.

But it would be nice to see how many people are actually taking LONG term ones (to me long term means over 5 years) because I just have this feeling those that have only taken the 2-3 year ones are going to have a little shock when it comes to remortgaging......as no way are interest rates going to stay this low that long....and if HP stay as they are then they won't have gained much LTV

money needs to be clawed back by the banks (including the QE cash from the BOE) interest rates may not rise this year or even next but you can bet they will rise soon enough in time for people remortgaging.

and so back to square one....

lets just hope people are over paying mortgages whilst on their cheap fixed rate