Housing Market to rescue UK economy...

Cannon_Fodder

chucky wrote: »

mortgage availability is the key and to me looks to be more important to drive supply.

they will return. the number of them is anyones guess.

they won't need to sell if they're not forced sellers?

Do we need to define "forced"? I tend to use the expression in relation to why they came to market - were they forced to market...

I would call someone accepting a disappointing price, in order to be able to complete a chain/move jobs, as reluctant, not forced...

If they HAD to have a higher figure because of the mortgage/LTV/NE, then yes they wouldn't sell. But thats a choice, rather than why they came to market...

Forced sale conjurs up Probate, repossession, rushed sale just before repo...

ruggedtoast

A lot of people know theyre on borrowed time and are trying to offload their properties before the hammer falls and rates rise again.

wolvoman

Cannon_Fodder wrote: »

...as lots of people do DIY to improve where they already are, because they cannot, or do not want to, move...

http://www.mirror.co.uk/advice/archive/homes/2008/04/18/don-t-move-improve-your-home-instead-98487-20387271/
http://www.independent.co.uk/life-style/house-and-home/property/houses-as-homes-dont-move-improve-1333106.html
http://www.newsoftheworld.co.uk/lifestyle/186364/Dont-moveimprove-The-best-ways-to-add-value-to-your-home-with-Louisa-Fletcher.html

As I do lots of work advising clients in this retail sector that isn't actually true.

Most DIY activity occurs in the 6 month periods preceding and following a house purchase/sale.

The DIY stores rely on house sale transactions more than the desire to improve to stay.

IveSeenTheLight

wolvoman wrote: »

As I do lots of work advising clients in this retail sector that isn't actually true.

Most DIY activity occurs in the 6 month periods preceding and following a house purchase/sale.

The DIY stores rely on house sale transactions more than the desire to improve to stay.

Can agree with that, although in my experiance, doing up properties I have bought and lived in has taken more than 6 months.

In my wifes case, it seems to be a bit of a constant improvement project.
We tend to go from room to room. Once round the whole house then it's time to tweak the first room again

Cannon_Fodder

?
B&Q and Kingfisher UK CEO Euan Sutherland said: "We've identified room to improve in our show room collections and we're really pleased with the results. We expect the product areas to be a hit with customers especially at a time when many people are improving rather than moving."
http://www.diyweek.net/news/news.asp?id=12504

confused31_2

ruggedtoast wrote: »

A lot of people know theyre on borrowed time and are trying to offload their properties before the hammer falls and rates rise again.

I dont think they are around by me the properties have been on the market for 1 to 2 years and they have not really been reduced on price.

As for people offloading due to interest rates going up, its just not going to happen at least until after the election, and theres no way conservatives will come in and crank the interest rates up straight away forcing people out of their homes in there first 12 months of office.

I always thought house prices where going to fall and it was going to be my chance to jump up the ladder, now im thinking i might have been wrong.

As for people predicting 50% falls i think they were kidding themselves.

baileysbattlebus

Yakubu22 wrote: »

What about over the course of this year compared to recent years? 1 month's stat doesn't hold much weight on its own

36% of FTB's is about par for the course in recent years before that it varied between between 40% and 50%+

2001 39.5%
2002 31.9%
2003 26.1%
2004 24.9%
2005 33.8%
2006 36.6%
2007 35.4%
2008 35.2%

http://www.communities.gov.uk/documents/housing/xls/141380.xls

from 1993 data is based on returns from all mortgage lenders - so it probably captures the vast majority of them - apart from cash buyers - I'm sure some FTB's pay cash.

chucky

baileysbattlebus wrote: »

36% of FTB's is about par for the course in recent years before that it varied between between 40% and 50%+

2001 39.5%
2002 31.9%
2003 26.1%
2004 24.9%
2005 33.8%
2006 36.6%
2007 35.4%
2008 35.2%

http://www.communities.gov.uk/documents/housing/xls/141380.xls

from 1993 data is based on returns from all mortgage lenders - so it probably captures the vast majority of them - apart from cash buyers - I'm sure some FTB's pay cash.

that another HPC urban myth out of the window...

mizzbiz

IveSeenTheLight wrote: »

Can agree with that, although in my experiance, doing up properties I have bought and lived in has taken more than 6 months.

In my wifes case, it seems to be a bit of a constant improvement project.
We tend to go from room to room. Once round the whole house then it's time to tweak the first room again

Ooh i'm so like that!