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Debate House Prices
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Why are People Selling if its so bad to sell?
Comments
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we are holding off upsizing until we know the lie of the land re interest rates and potential further house price drops. Our house wont sell anyway (3 identical on same street for sale!) so we are in no rush.
i have seen some rather large properties come on the mkt in the last month at reasonable prices.
i think its the simultaneous selling and buying that is stopping a lot of ppl moving, there is simply more supply than demand.
But if you look at the market as a whole, house prices are unsustainable. with average house price and average incomes way off affordable in the south-east even in a 2-person wrking household.0 -
Lots of people are coming to the end of government backed mortgage support schemes.
Which means unless they sell, they are F*cked. The time the government bought them to bury their heads in the sand is rapidly coming to an end.0 -
Sorry if its been said before but many are selling now because they think prices will be much lower in a few years.0
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Sorry if its been said before but many are selling now because they think prices will be much lower in a few years.
Why didn't they do that in 2008 when it was 'a bit more obvious' i.e. the world was ending :eek:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Why didn't they do that in 2008 when it was 'a bit more obvious' i.e. the world was ending :eek:
Lol, the ones who will be selling in 2008 are the ones who brought in 2006-2008 at inflated prices, they never brought a home, they brought an investment.
Imagine sitting down, telling your missis:-
Hi Hun, Sorry I think house prices will be lower in 2 years than they are now, so im going to sell the house for 120k now rather than 100k in two years (incurring 4k worth of fee's, plus another 1k in fees on renting and deposit). Im going to give up my 0.99% tracker rate, and RENT (some dingy great house) , Yes the kids have to move school, and of course make new friends, and yes maybe the neighbours will be nice and have respect for us as we will be renting. Landlords arnt that bad, oh and renters have a lot of rights now. So basically we can buy at 100k (plus 3k worth of fee's) in 2012 on a 2.99% tracker in 2 years (cause we are not getting a payrise, and cannot raise further credit either probably, IF we both work still of course), so we can spend another 10k doing it back up to the way we like it, we can get that on the knock then at 10.9% APR easy peasy... OK what do you think?
Overall NET position... SAME, but a significantly WORSE mortgage
HASSLE - MAJOR...
POINTLESS? - YES
WHY would people do it... Only people who think they will be worth 50% less, maybe, little eccentric too perhaps.
I just think people have to live in the real world. There are far more houses out there worth 100k to 160k than probably all the other categories almost put together. There isnt a big enough saving to do this. If everyone did this to drive down prices, where will all the rental properties come from? Yes landlords, will they be distressed sellers when they have willing tenants?
People will still be potentially earning the same money now, as they do then, but even this wont drive prices down. Stagnant is the word.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
It is like saying if food price is so high why people are still eating
Good point. I've cancelled dinner....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »Good point. I've cancelled dinner.
It's ok, i've a few bread crusts left over i could PM to you.
White or brown?0 -
Who said it is a bad time to sell? If you are moving house, a housing market that is falling is a good thing, since the house price of the house you are buying is also falling, so there will be less stamp duty, and less estate agent fees, and sometimes the mortgage fee will be smaller.
If you are selling up out of the market altogether it is a bad thing, but almost everyone just sells up to buy a similar or better house... and for those people, temporary fluctuations in the housing market make little difference.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
[QUOTE=Batchy;35563381
Imagine sitting down, telling your missis:-
Hi Hun, Sorry I think house prices will be lower in 2 years than they are now, so im going to sell the house now.
.[/QUOTE]
I'd have your nuts for that - "I'm going to sell" and "telling"........much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
It's ok, i've a few bread crusts left over i could PM to you.
White or brown?
thanks - but we're going on holiday in a fortnight, so a missed dinner or two will help with the bikini-diet (-:...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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