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House prices
Comments
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hmm, in my area (SE) estate agents have usually used the nearest sold price plus 5-10% as an asking price. Until recently. Now those same asking prices are falling, which I think is somehow relevant to actual sold prices they expect to achieve.HAMISH_MCTAVISH wrote: »Asking prices are irrelevant to actual sold prices, which is why property bee should come with a financial health warning for idiots.
In most areas, sold prices are stable or rising.0 -
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Doctor_Gloom wrote: »err I wouldn't listen to hamish the clown if I were you. He's been ramping house prices for yonks now. Probably because if they fall any more in value he'll be out on the street. There's only one way for house prices and that is down.
Thank God for the voice of reason, eh?!0 -
HAMISH_MCTAVISH wrote: »Asking prices are irrelevant to actual sold prices, which is why property bee should come with a financial health warning for idiots.
I can't see many people paying over asking price at the moment can you?
So the sold price is going to be even less than asking."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
House prices rose rapidly before 2007 because of bad lending by the banks. Instead of lending people what they could afford which is about 3x their income, they were lending up to 8 times income and over 100% of the value of the property. This bad lending has now been made illegal and as a result, people can no longer borrow enough money to pay the price that house sellers are asking. The average house prices that is being asked is still over 7 times the average income which is completely unrealistic now that borrowing this amount is completely out of reach for housebuyers. This is why house prices are going to fall much further in the next few years.0
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