House Prices Heading up not down

IveSeenTheLight

Emy1501 wrote: »

I phoned up an agent to look at a property over the weekend. he was suprised we were under offer as they were struggling to hold chains together due to Haliwide figures etc. Also said he was concerned about a double dip etc due to problems will banks and their commercial loans book. Completely different from the talk this time last year. I'm not surprised though they are struggling to keep chains going with their negative talk though.

I have a friend who's selling a property.
Only put it on last week and already there are two noted interests.

As you know, I'm not too keen on anecdotals with no back up, so here's a link to the property.
http://www.espc.com/buying/292190.html

Emy1501

IveSeenTheLight wrote: »

I have a friend who's selling a property.
Only put it on last week and already there are two noted interests.

As you know, I'm not too keen on anecdotals with no back up, so here's a link to the property.
http://www.espc.com/buying/292190.html

Not sure the relevance. I'm in South London you are in Scotland if I am correct. 2 different markets.

I'm just repeating what an EA told me. maybe he can't do his job I don't know. The property I went to see was about 20-30% over priced o maybe thats why they are having problems selling.

I have always told it as it is in my area whether things are looking up or not.

chucky

Emy1501 wrote: »

Not sure the relevance. I'm in South London you are in Scotland if I am correct. 2 different markets.

I'm just repeating what an EA told me. maybe he can't do his job I don't know. The property I went to see was about 20-30% over priced o maybe thats why they are having problems selling.

I have always told it as it is in my area whether things are looking up or not.

how do you know it was 20%-30% over priced?

is that you're opinion or is that fact?

IveSeenTheLight

Emy1501 wrote: »

Not sure the relevance. I'm in South London you are in Scotland if I am correct. 2 different markets.

It's extremely relevant.
People need to understand their regional variations
https://forums.moneysavingexpert.com/discussion/898381

If you wish to discuss South London in particular, which district in particular is the market your referring to.

IveSeenTheLight

chucky wrote: »

how do you know it was 20%-30% over priced?

is that you're opinion or is that fact?

Properties will sell at a price that is mutually agreeable between the buyer and the seller.

Just because a buyer is not willing to pay a particular price, does not mean it's over priced. It's simply valued higher by the seller and is worth more to them.

Emy1501

chucky wrote: »

how do you know it was 20%-30% over priced?

is that you're opinion or is that fact?

House next door went under offer 6 weeks and had an asking prices of 10% lower. it was in really good condition. the house Looked at needs about 25-40K of work and the agent admited it had had nothing done for 30 years. I doubt the house next door sold for asking price and they are similar size houses

Bullfighter

Is this the same CEBR that in 2006 praised the European Wholesale Financial Market as being the engine room of growth for the next decade?

http://217.154.230.218/NR/rdonlyres/57B1B296-B4BA-4E73-AD07-45FD223BFDB3/0/BC_RS_Wholesale06_execsummforweb.pdf

NEXT!

Bullfighter

Rinoa wrote: »

http://www.dailymail.co.uk/news/article-1299358/House-prices-heading-say-experts.html



Basically, shortage of homes + low interest rates = no crash.

:beer:

Basically, wage stagnation + less credit = crash

IveSeenTheLight

Emy1501 wrote: »

House next door went under offer 6 weeks and had an asking prices of 10% lower. it was in really good condition. the house Looked at needs about 25-40K of work and the agent admited it had had nothing done for 30 years. I doubt the house next door sold for asking price and they are similar size houses

Is your friends house in the same street as next doors?
Just property size is not a simple calculation of value.
Location is extremely relevant.

It's also not wise to get too hung up on individual properties, you need to compare on a wider basis.

Individual properties can be subjected to a wide varying factors which determine how much the seller is willing to sell for.

It could be that next door's was a bargain

Linton

Bullfighter wrote: »

Basically, wage stagnation + less credit = crash

'fraid not. Far more likely stagnation or a relatively small temporary drop. Less credit will decrease the building of new houses. A drop in prices will reduce the number of houses coming onto the market.

Less credit wont do the average FTBer much good because he/she wont be able to get the credit, so any drop in prices would be irrelevent.