House price crash? not where I'm looking....

PasturesNew

One of my neighbours sold for £X 4-5 months after the peak, the next one sold for £X/2 8 months later. And the cheaper one was better.

jmt

Gorgeous_George wrote: »

SSTC is not sold.

I believe that cheaper areas up North are not hit as hard as the South because property did not hyper-inflate up there as it did down here. Maybe it's because Northerners are not as daft as Southerners or maybe because they work harder for their money.

GG

I'm not a yorkshire gal, but I wish I was as the peeps are lovely and so is the area. I have always thought that the people 'up north' like value for money and perhaps that is why there does not appear to be a HPC.

I do agree that SSTC is not sold, but I shall watch the property price websites over the next few months.

jmt

Mobeer wrote: »

I think concluding that "HPC is not nationwide" because one property sold at somewhere just under the asking price is perhaps extrapolating a bit too far. Perhaps "HPC is not true of every single property sale occurring in the UK" might be more reasonable?

Yes, your wording is better but over the last 6 months 3 have been up for sale - 2 are showing SSTC with 1 currently available (although this is 1st floor @ £89,950).

silvercar

In my area I can show you roads that have dropped in value by 20%+ since the peak (mainly FTB territory) and I can show you roads that have increased steadily over the last few years with no dips in prices ( mainly 3 bed semis) and roads where prices haven't changed at all over the last 2-3 years (bigger places).

FoxtonsRIP

jmt wrote: »

I bought a 1 bed flat in Sept 2007 for £77,000 (at the peak) and have been worried over the last few months about negative equity but after talking to the local EA last weekend I was told that a flat in my block is now SSTC for just under asking price of £94,950, so I am beginning to think that the HPC is not nationwide - some areas are bucking the trend :undecided

This is a common ailment - A state of mind in which the value of everyone's house falls in a house price crash, except your own house of course. You need to go and see Doctor Reality Check and soon too. Good luck.

WhiteThierry

jmt wrote: »

I'm not a yorkshire gal, but I wish I was as the peeps are lovely and so is the area. I have always thought that the people 'up north' like value for money and perhaps that is why there does not appear to be a HPC.

I do agree that SSTC is not sold, but I shall watch the property price websites over the next few months.

As a yorkshireman myself, the thought that we work harder than other people is a bit outdated, we have as many scroungers as the rest of the country. its the same as southerners thinking we all have flat caps and whippets, i guess sterotypes work both ways

a house i was watching in wakefield, w yorks, sold 110000 in october and same house sold for 90000 in april :eek: so the crash certainly didn't avoid their street.

brit1234

Sorry but mortgage lending is the same nationwide. Prices are limited by the new restrictive lending unless all the people in your town have huge cash reserves in some weird collective lol

LizzieS_2

It comes down to the same equation that led to property price increases - supply being less than demand.

In some areas or even some property types there will be little or no effect - demand is still greater.

It depends on the area (thinking here not just of a city/town but sub areas within those), what unemployment rises are like in that particular area and what employment is there for those buying.

Also, the overall downslide has put people off enquiring about selling, so supply is down in some areas more than demand.

Graham_Devon

One of our estate agents around here has had their knuckles wrapped for falsely putting houses as "SSTC" to fill up their windows with "sold" houses and also so they could say to prospective clients who were interested, "well if you put in a higher offer all they can do is say no..."

Made the window look good, made them look good to potential sellers, and they must have done a deal with the homeowners. They did it to about 10 properties, which easily made their window look like everything was rosy and now was the time to buy.

Was in the local paper about a month back.

My mum and dad are also selling, and they have tried a few dodgy tactics with her. Her's went SSTC (she never met the buyer, estate agents wanted to take them round themselves at the buyers request so mum and dad went out) and suddenly, they wanted to put an offer in.

But, the thing was, the house up the road was for sale and someone was interested, so suddenly, mums house goes SSTC, and the person down the road get's a higher offer than originall, then mums falls through. Was highly bizzare how it was all "secret" and the estate agents were "dealing with it". This was about 8 months back.

jmt

FoxtonsRIP wrote: »

This is a common ailment - A state of mind in which the value of everyone's house falls in a house price crash, except your own house of course. You need to go and see Doctor Reality Check and soon too. Good luck.

I'm NOT selling, so it really makes no difference to me. I have only commented as this is what APPEARS to be happening at the moment, but time will tell!