Hometrack - House prices dip in October, first year-on-year fall since January

Graham_Devon

useless wrote: »

Yes that 92% stood out like a sore thumb to me in that article....could it be expressed slightly wrongly? I haven't looked at the report itself.
It certainly implies that 92% of properties achieve full asking. That would mean quite good times for house sellers I would have thought.

The 92% is percentage of asking price achieved. Therefore, on average, houses with an asking price of £100,000, will actually sell for £92,000.

This number is falling, about 0.5% per month. Or £500 per £100,000 per month.

Edit: oops, sorry, PN beat me to it.

It's also worth noting that the percentage of postcodes which saw house prices rise in September 2010, was a mere 2.3%.

So actually, 2.3% of houses rose in value. 34% saw a decrease.

dopester

Wookster wrote: »

Well one thing is for sure - all the indices are starting to align in the same direction.

Too slowly; way too slowly. Not helped with Merv sounding very proud house prices have "recovered" 2/3rds from their 2008 little dip... with his QE, asset-purchases and ultra low interest rates.

As if he believes himself to be sort of hero for vanquishing the forces of required market correction and keeping special interest groups protected from losses. Especially his baby-boomer buddies.

It's over 3 years since the beginning of the UK crisis of house price exposed as having been pushed up and supported by a huge global tidal wave of a credit con / CDOs, and there is little extra value in the sort of home I'm looking for from 2007 to today. One seller around the corner from the family home has come to market wanting more for his house than anything has ever sold for at peak.

We can kid ourselves - it's not happened. I always thought that they couldn't contain it, and would damage the system further by trying to contain it. Each measure taken to prevent correction would cause another 2 or 3 serious problems to arise... but no problems as yet have arisen to seriously threaten breaking down house prices in the short-term (still got hope for it though).

I'm having a wobble and considering all sorts of drastic measures... from giving up on home ownership to new business ventures (and risks) and yet more effort/work on top of a previous 10 years of concentrated effort towards saving a substantial sum towards buying a home. Although I'll be dancing to Merv's tune... all efforts to support their rigged high prices and their boom years house price rocketing glory.

de1amo

one thing my property orientated sister explained to me a long time ago--gleefully --she has a home worth 1,000.000 so all the gains in pounds and pence were greater than my modest 2 bedroomed flat-because of percentages-i should remind her now that the reverse is now true--she just lost 8pc of 1mil--those with multiple buy to lets are suffering simularly!-if are to believe these figures!

Really2

dopester wrote: »

I'm having a wobble and considering all sorts of drastic measures... from giving up on home ownership to new business ventures (and risks) and yet more effort/work on top of a previous 10 years of concentrated effort towards saving a substantial sum towards buying a home. Although I'll be dancing to Merv's tune... all efforts to support their rigged high prices and their boom years house price rocketing glory.

Don't have a wobble bud, we are going to see some falls again (I think 5-7% possibly 10%), and virtual nominal stagnation for a good 2-3 years yet.
I think your right the crash as happened, and they have got it back to something like previous crashes (I think we are around 1994 at the moment, not that we will see a 90's boom again just that were we are in a housing downturn).
But I really do hope what ever you do works for you, you are one of my favourite posters on here and IMHO out of all the (hate to use the term) bears out there. I personally feel you deserve a good ending out of all this.

Your cash rich, something will come up one day. But in the mean time no harm playing the game, get agents on your side, let them know you position and your limit.
Repo's will still come in and forced sellers, you never know I think there will be some bargains out there again for the cash rich again.

dopester

Really2 wrote: »

I personally feel you deserve a good ending out of all this.

Thanks Really.. what a nice thing to say... despite my occasional doom-mongering and frustrated posts.

I think back to when you 'played the game' and negotiated yourself a hefty discount on that big detached newbuild house from the developer you bought when the market has reached what was then an uncertain dark point for that sector. You must be quite pleased with yourself with good reason - given what others paid. And of course it's good to have a clever accountant on the forum like when you pointed out the flaws in a newspaper story the other day.

BTW I'm not leaving the forum, nor feeling down... just being honest, because it can be easy to delude oneself. 3 years+ after Northen Rock, and for all the forum discussions we've had which suggest an impact on the market, things aren't too different around here, in terms of rents and prices in the range I'm looking at, and what I hoped they would fall towards (yet - and will remain looking for opportunities as you suggest - thanks.)

ruggedtoast

Get a room you two.

nembot

Prices rising in 44% of areas, give me a break

London and certain streets in Aberdeen, perhaps.

Really2

dopester wrote: »

Thanks Really.. what a nice thing to say... despite my occasional doom-mongering and frustrated posts.

I think back to when you 'played the game' and negotiated yourself a hefty discount on that big detached newbuild house from the developer you bought when the market has reached what was then an uncertain dark point for that sector. You must be quite pleased with yourself with good reason - given what others paid. And of course it's good to have a clever accountant on the forum like when you pointed out the flaws in a newspaper story the other day.

BTW I'm not leaving the forum, nor feeling down... just being honest, because it can be easy to delude oneself. 3 years+ after Northen Rock, and for all the forum discussions we've had which suggest an impact on the market, things aren't too different around here, in terms of rents and prices in the range I'm looking at, and what I hoped they would fall towards (yet - and will remain looking for opportunities as you suggest - thanks.)

No problems mate, and I wish you all the best with your search, just keep plugging keep your head up. I honestly believe a good opertunity is always around, just have to stick to your guns and it will happen, usually when you are about to do something else. I was a weekend from being an STR, when I finally got my deal.
So you can guarantee the weekend you decided to jack in ownership idea for a bit and you want to start a new business a great deal lands in your lap.
Just stick with your own mind, the decisions that are always the hardest to live with are the ones where you have gone along with someone else's opinnion. The best person to blame in life is yourself as you can't get away from yourself.
So really, I am saying don't listen to me.

Really2

ruggedtoast wrote: »

Get a room you two.

Nothing like a bear hug.