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MSE News: Halifax: house prices dive in record plunge
Comments
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southantrim3 wrote: »as people go into negative equity...
It's gonna be fun, and I'm looking forward to it (
What a nice person you are!0 -
Im in the process of buying a house, havent got to the exchange part yet (formal mortgage offer agreed and everything), any one offer me some advice given todays news on the 3.6 fall in price? should I look to negotiate the whole 3.6 off. any advice appreaciated!!!0
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i can't take any notice of these figures...all the hse price sites say our hse is worth way MORE then what we have it on the market for and still can't sell!!!
and no there is nothing scary or wrong with the hsouse to put people off!Saying Thank You doesn't cost anything :beer:0 -
Reality check: Many people do not NEED to sell their houses and will rent it out or stay in their house to avoid selling at rock bottom prices. This means that fewer people put their houses on the market and demand starts to outstrip supply. This can, in theory, push prices back up.
So people thinking there is going to be a free-for-all on bargain basement houses are living in a dream land I'm afraid.0 -
Gillsman7 - why will people not sell their homes when prices are falling,
would they not be happy that say whilst their house has fallen 10%, the house the bigger house they are buying has also fallen by 10% but as it's greater value that is a bigger cash reduction.
would those who are now looking to downsize and who had brought at the base/paid off mortgage care if their house has fallen 10% if the move still gives a higher standard of living.
would those who have lost their jobs and struggling to pay a mortgage have any choice what to do if their house is repossesed.
People can hold out for a while on a price drop, but for most life eventually has to go on whether that is expanding a family, changing location/job , kids leaving home or sadly divorce and death0 -
any ideas on my post anyone?0
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Cheers Dr Gloom!!!
I was thinking something along thos lines, i dont want to take the !!!! but I do want to pay what the house is worth now.0 -
You can't just take this %age and apply it to any house in the country.. asking for 3.6% off is totally irrelevant - pay what it's worth to you. end of.0
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Cheers Dr Gloom!!!
I was thinking something along thos lines, i dont want to take the !!!! but I do want to pay what the house is worth now.
Go for it, you have nothing to lose.
The sooner sellers get realistic about prices the sooner we can buy from them.
The simple fact is that house prices are too overvalued and above buyers lending criteria.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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This is significant because Halifax has continually talked up the house market and claim the prices are going up - until NOW.
The Conservatives have proposed sweeping cuts in welfare benefits and there is a mooted suggestion under careful consideration was to include your house as part of a means test where currently it isn't. (they believe this is worth billions)
If this was put into practise then people currently claiming various benefits would have to sell or be compulsory purchased (at the falling market rates of the local council choice) to have money then to rent (possibly what was your own property back) in order to save the government from welfare payments.
Also existing non means tested benefits are set to become means tested and again your house and property to be included as assets to be liquidated in order to save the exchequer more cash.
Naturally non compliance would be classed as fraud unless a high court or EU rules otherwise. Again a costly exercise as you wouldn't qualify for legal aid unless perhaps you are an asylum seeker or immigrant.
I won't go as far as to say the house values will go into free fall but as others have pointed out - interest can't go down much further and there is really only one way they can go.
Not good news for a lot of us but:
For the wealthy however, the rise of the landed gentry could be about to start once more.0
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