Interest rate raise already having an effect ?

andyboyo

In the area I live we were the last to see the price rises filter through whilst in the rest of the country houses were achieving double digit growth. I guess I was lucky because I relocated at the right time from the South Coast back to Wales (I'd gone there for work purposes).

The situation we have now is that prices seem to have reached their ceiling and house sales have been pretty much stagnant since mid 2005 - people changing estate agents regularly but not willing to budge lower on prices. Therefore not too many sales being achieved and the majority of properties being in the local papers for 6 months and some even 18 months. The only ones really selling are those which have been completely renovated and are immaculate.

I wonder what's going to happen here next ? A house price 'correction' seems to be not too far away !! At least in this area anyway.

Jorgan_2

meanmachine wrote:

And you say this like it's a good thing?

Compare this to 10 years ago when FTBers made up 40-50% of the market.

Starting to get worried yet?

No? You should be. When the !!!!!! falls out of the BTL market, you're not going to have any FTBers around to bail you out mate.

You read far more into peoples posts than they actually post. I was trying to point out that the majority of buyers don't buy starter homes.

Not worried, been in this business too long, started in 1991 so I've seen what bad looks like. I've got more FTBers registered than BTLers at the moment. Prices in this area are static at present, have been for about 12-15 months.

Hereward

Jorgan wrote:

You read far more into peoples posts than they actually post. I was trying to point out that the majority of buyers don't buy starter homes.

Not worried, been in this business too long, started in 1991 so I've seen what bad looks like. I've got more FTBers registered than BTLers at the moment. Prices in this area are static at present, have been for about 12-15 months.

Surely the BTLers are buying starter homes, as this is their most lucrative market? This would increase the sales of such houses and push up the starter home prices.

UK007BullDog

My local estate agents have run out of properties to show to people for sales. They have many lookers and viewings as well. They wish more people would put their properties on the market if they are also looking to buy. There are long chains developing slowing the whole process down.

realwildone

My local estate agents have run out of properties to show to people for sales. They have many lookers and viewings as well. They wish more people would put their properties on the market if they are also looking to buy. There are long chains developing slowing the whole process down.

Every EA says this. It's called sales or EA tripe.

Have they got houses in their windows. If yes the above is false.

realwildone

Which part of what I posted is EA bull realwildone, please be more specific.

All of it. If you aren't an ea I will eat my hat. You type in a ea bull!!!! way.

meanmachine_2

UK007BullDog wrote:

My local estate agents have run out of properties to show to people for sales.

Oh dear. They'll go out of business then. There are far too many estate agents in this country anyway. Good riddance.

Funny. In my area - N Essex - the same 300+ properties have been stuck on the market for about six months.

Not the case in parts of London, where I know all reason has left the market, but where I live, things have been pretty slow for a while. At least, that's how I see it on the outside.

Jorgan_2

realwildone wrote:

All of it. If you aren't an ea I will eat my hat. You type in a ea bull!!!! way.

Your hat is safe, I am an Estate Agent and you just type bull.