House prices in the South East fall significantly

Dirk_Rambo

nice try sibeley but it doesnt look like any ones buying it

ps. its grate to have yet another hpcrash.co.uk reject on the forum. welcome abored

DervProf

Sibley wrote: »

Houses where I live are selling for more than 2007 prices but then I'm in that golden Sevenoaks/Tunbridge Wells area everyone keeps going on about.

Marred only by a very small, but ugly brown stain ?

BTW, I`m a homeowner that isn`t too happy with low interest rates.

DervProf

Dirk_Rambo wrote: »

nice try sibeley but it doesnt look like any ones buying it

ps. its grate to have yet another hpcrash.co.uk reject on the forum. welcome abored

Sibley wasn`t rejected, Sibley was booted out. Something to do with wielding a large, sharp weapon.

Ic1male

chucky wrote: »

i'm interested...

how much is significantly - the article didn't mention how much they'd fallen and was curious where you'd made that number up from...

Significantly means more than a little.

Heyman_2

Heyman wrote: »

Who has ever said that then? Namecheck some usernames for me, I'm genuinely interested?

Still waiting - I'll take that as a 'no-one' then :T

Schrodingers_Cat_2

I don't see anything in the report that says house prices themselves have fallen significantly.

What's more, house prices are not going to just suddenly plummet by 30%. Unlike the last big house price fall, house prices have now been high for quite some time, which means a far larger percent have paid a lot for their houses. Those people are simply not going to sell their houses at a huge loss.

It's one thing when maybe 20% of the market have overpaid......the remaining 80% can force the price down. But when MOST people have overpaid.....there's simply no force there to push those prices down hugely.

I suspect prices may fall slowly over maybe 10 years. Any longer than that and they will naturally rise again as incomes increase and houses become more affordable.

carolt

Another interesting thread I missed.

Barnetbear

Well, there's a detached I know of that's been on for a while and they over the past week reduced it from a fairly cheap (for these days!) price to a price about 10% less in one go but added "offers over".

This suggests that there are quite a few vendors out there happy to take 10 and 15% off.

I say if you really feel you want to buy now in case somehow prices continue up or stagnate (that would need more dangerously lax lending, further supply constraint and significant wage inflation for starters) then offer 20% off or more, they can only say no.

People I know bought houses in the 90s crashes paying 60-70% of the asking price on a take it or leave it basis in some parts of Gtr London, saw it with my own eyes, some vendors grabbed it with both hands because they'd been on the market for years!

Around here one neighbour moaned to me he's been on for 10 weeks just 3 viewers. But 10 weeks was nothing back then. In any case, these neighbours only paid £205K in 2004 and they want no less than £280K now.*

Down the road they want almost double what they paid in '05!

Yes, they might get it if a twit comes along with access to funds, I don't say it's impossible - although there are five yes five up for sale within yards of each other, I promise I kid you not, like daffodils. 3 with the same agent. They all pretty much went on the market at the same time - for years there was none for sale there, now looks like they've all panicked together.

*edited to add they have done a lot of refurb apparently but I doubt £75K worth of it!

neverdespairgirl

Sibley wrote: »

Renting is dead money ......

I don't consider the rent we pay to be "dead money".

It rather usefully gives us a roof over our heads.

Barnetbear

Sibley wrote: »

I love it when the bears get a glimmer of hope.
.:rotfl:

I often ask myself what my frame of mind would be had I been in and bought.

Then I look at the lists of property on the internet and I see sold sold sold and I think well things are still selling, but then I look a bit more closely and see they had been reduced before being sold, then I come back a few days later and see they are back up for sale again, about half the time reduced a little bit more.

I wince when I see the very occasional price going up. I would probably wince a lot worse if I'd bought and saw the reductions that I see almost daily along with the solds becoming "unexpectedly back on the market", so at the mo my nervous system says to me Sibley was correct about the govt being so dependent on HPI/bank bal sheets that it threw in everything including the kitchen sink to rescue it from '05 to '09, but they might just have run out of sinks now.