Buyers beware as confident home sellers start to hold out for the asking price

michaels

Especially with HIPs meaning it costs a couple of hundred quid to 'fly the kite'

inspector_monkfish wrote: »

if they don't need to sell, chances are the in the current climate, they won't even put it on the market in the first place

a few years ago, when prices were rocketing, people were putting houses on the market, just to chance their luck and see what they could get...

hence there not being so many properties for sale, let alone actually selling

kennyboy66_2

StevieJ wrote: »

I know a large number on here have thought that they can only ever go down.

Well if prices don't come down by 60% then I for one will be waiting for the next property crash in 2026.

MrDT

honeypopper wrote: »

People who don't need to sell will hold out until they get the price they want. Or they'll stay put. People seem to forget that only a minority of sellers are in arrears, or in neg E, over 90% of homeowners have at least 75% equity in their homes - or own them outright. They ain't gonna sell cheap!:rotfl:

:rotfl:

"4.8% of Britain's homeowners are in negative equity – trapped in properties worth less than their mortgages" that was a couple of months ago, source, CML.

More up to date is this from the BoE last week - "Negative equity affects between 700,000 and 1.1m households, the Bank suggests." It says that "around 7%-11% of UK owner-occupiers with mortgages were in negative equity in the spring of 2009".

One in ten mortgage holders in negative equity.
Half of the homeowners in the UK are mortgage free (see numerous old threads)
One in twenty homeowners in negative equity...

Stacks up ok to me.

How you get "over 90% of homeowners have at least 75% equity in their homes" from this is anyones guess! Would love to see you quote your source, linky linky?

chucky

MrDT wrote: »

:rotfl:

"4.8% of Britain's homeowners are in negative equity – trapped in properties worth less than their mortgages" that was a couple of months ago, source, CML.

More up to date is this from the BoE last week - "Negative equity affects between 700,000 and 1.1m households, the Bank suggests." It says that "around 7%-11% of UK owner-occupiers with mortgages were in negative equity in the spring of 2009".

One in ten mortgage holders in negative equity.
Half of the homeowners in the UK are mortgage free (see numerous old threads)
One in twenty homeowners in negative equity...

Stacks up ok to me.

How you get "over 90% of homeowners have at least 75% equity in their homes" from this is anyones guess! Would love to see you quote your source, linky linky?

not that i disagree with your point but it's probably less than those reports with the house price increases over the last few months and the majority that are is less than £10k

However, the majority of households are so far only suffering from relatively small levels of negative equity. Data from the Financial Services Authority (FSA) shows that 56 per cent of households affected had less than £10,000 of negative equity.

There is no data that accurately measures the scale of negative equity, but Bank analysts have drawn together external estimates which indicate that the figure could range from seven to 10 per cent.

Household surveys suggested a slightly lower figure of seven per cent in negative equity, the Bank said, but this is likely to be an understatement due to respondents’ propensity to overstate the value of their homes.

More objective data from the FSA on the flow of mortgage lending indicates that about 10 per cent of owner-occupier mortgagors were in negative equity by the end of the first quarter of this year.

http://www.cityam.com/news-and-analysis/z2vkv32hb8.html

IveSeenTheLight

MrDT wrote: »

Half of the homeowners in the UK are mortgage free (see numerous old threads)

How you get "over 90% of homeowners have at least 75% equity in their homes" from this is anyones guess! Would love to see you quote your source, linky linky?

Don't have a link or time to look for one, but you seem to admit that 50% of all homeowners have 100% equity

MrDT

IveSeenTheLight wrote: »

Don't have a link or time to look for one, but you seem to admit that 50% of all homeowners have 100% equity

Of course I do, 50% of homeowners have no mortgage, they have 100% equity.

Do you believe that of the remainder over eight in ten have at least 75% equity? Bearing in mind that one in every ten of them are in negative equity.

Only one in ten mortgage holders have a ltv anywhere in the range 0% to 75%?

Nonsense, and you knows it

ruggedtoast

I find it immensely disagreeable, that as we spin along towards 3 million unemployed, and probably a million more "off the books", Estate agents, and property pundits, appear to be as numerous as ever.

geoffky

meanwhile a car salesman was quoted as saying now is the best time to buy a car because it might keep me in a job if i repeat it often ..

geoffky

honeypopper wrote: »

People who don't need to sell will hold out until they get the price they want. Or they'll stay put. People seem to forget that only a minority of sellers are in arrears, or in neg E, over 90% of homeowners have at least 75% equity in their homes - or own them outright. They ain't gonna sell cheap!:rotfl:

HAVE YOU THOUGHT OUT WHAT YOU ARE SAYING?

ITS LIKE SAYING I WILL SELL MY CAR FOR 30K AND I WILL WAIT UNTIL I GET IT...:rotfl::rotfl:
the market supply's the prices not the seller...go and ask a person who where i live has had the house on the market for 250k and has waited 2 years so far for that magical price.. meanwhile they all had visas to go and live in canada but they have now run out as no one will pay the silly price they wanted two years ago and certainly will not pay it now....they refused a 210k offer 18 months ago..:rotfl::rotfl:

Dan:_4

geoffky wrote: »

HAVE YOU THOUGHT OUT WHAT YOU ARE SAYING?

ITS LIKE SAYING I WILL SELL MY CAR FOR 30K AND I WILL WAIT UNTIL I GET IT...:rotfl::rotfl:
the market supply's the prices not the seller...go and ask a person who where i live has had the house on the market for 250k and has waited 2 years so far for that magical price.. meanwhile they all had visas to go and live in canada but they have now run out as no one will pay the silly price they wanted two years ago and certainly will not pay it now....they refused a 210k offer 18 months ago..:rotfl::rotfl:

You can't compare property and cars, I thought you would have known that Geoff.

Where you live maybe different to where someone else lives, the market varies completely on location, town, street - i thought you have known that as well.