Debate House Prices


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The value of residential land falls 50% in one year

All the indicators for bigger falls are there. so where will the falls stop..


http://resources.knightfrank.com/GetNewsResource.ashx?Id=0d921d74-9004-418a-a034-db44cb429642&type=1
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.

Comments

  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    geoffky wrote: »
    All the indicators for bigger falls are there. so where will the falls stop..


    http://resources.knightfrank.com/GetNewsResource.ashx?Id=0d921d74-9004-418a-a034-db44cb429642&type=1

    Not sure, but the dead cat bounce is now seemingly running out of steam, and there are serious storm clouds on the horizon, you never know, the 70% club thread may have to make a return.;)
  • geoffky
    geoffky Posts: 6,835 Forumite
    The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    geoffky wrote: »
    The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..

    Yeh, I live on the Staffs/Cheshire border, the only way prices are going is down, and even then it's 260+ days on average for a sale, flats are 667 days !!, which basically takes you back to the boom time, will these places ever sell again ?, seems unlikely without 10 years of HPI being wiped out.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    I think the main issue on this story is even though correct the buyers are out of the market.

    No housing builder is going to buy any more land until a recovery is well under way and their own landbanks are depleted.

    Like the article mentioned the only purchases are speculative.

    I think this points out one thing. Hardly any houses will be built until the economy is in recovery.
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    Just noticed your post count Really, jesus you're nearly as sad as me, in fact you joined a little later, so possibly sadder.:D
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    geoffky wrote: »
    The thing is here in sunny cheshire we have not had the bull trap and things are at a all time low..the house we like dropped another 9k yesterday,now 210k from 299k..
    ad9898 wrote: »
    Yeh, I live on the Staffs/Cheshire border, the only way prices are going is down, and even then it's 260+ days on average for a sale, flats are 667 days !!, which basically takes you back to the boom time, will these places ever sell again ?, seems unlikely without 10 years of HPI being wiped out.

    according to Rightmove - sales are going through after about 77 days.
    i guess you both don't live in desirable areas :D
    http://miranda.hemscott.com/static/cms/5/2/8/2/binary/9028662145/3190758.pdf
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    ad9898 wrote: »
    Just noticed your post count Really, jesus you're nearly as sad as me, in fact you joined a little later, so possibly sadder.:D

    I am trying to be as sad as Graham :)
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    chucky wrote: »
    i guess you both don't live in desirable areas :D

    Wouldn't want to live anywhere else, the border of the Peak District is 10 mins walk away, Manchester, 45 mins, little crime that I know about, semi rural, etc.... I guess everyone has a different idea of desirable. For instance I think London is a dump, yet I think 10 million people live within the M25, and they can't all be wrong.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ad9898 wrote: »
    Wouldn't want to live anywhere else, the border of the Peak District is 10 mins walk away, Manchester, 45 mins, little crime that I know about, semi rural, etc.... I guess everyone has a different idea of desirable. For instance I think London is a dump, yet I think 10 million people live within the M25, and they can't all be wrong.

    it was a joke Ad ;)
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