House prices....

tara747

Easymoney wrote: »

IMHO there are very few winners in the 2005 housing boom and 2010 property crash.

If you bought around 2005 and plan to sell now......you lost out. The average house price was rising by £600 a month back then, crazy to think what people were willing to pay.

Private tenants spent tens of thousands of £££ on rent because they couldn't afford to buy. Thats a serious amount of money with nothing to show for it, therefore, they too lost out.

As for the so-called shrude FTB'ers with hefty deposits, who say a house is only worth what 'they' will pay for it, dont kid yourselves, as it's not an exclusive offer from you alone.
In reality a house is only worth what the 'next person' will pay for it.


IMHO the property market is about to implode, it was never sustainable!

Er, in most cases, sellers are receiving NO offers at all! My friend has viewed a few houses and is subsequently bombarded with calls from the agents concerned... it's pretty clear that they have no offers on them otherwise they would mention it.

Some of these houses have been on the market for over 18 months and they are all in 'good' areas. She is tracking them on Irish Property Hunter to see the price drops so far, but has made no offers yet as she doesn't think that any of them are worth anywhere near the asking price.

steveymp wrote: »

Is it worth taking my house off the market or should I just leave it on, I don't have to move anymore as my (annoying) neighbour who is a tennant is being evicted next Monday:T:T:T

Eventually I would still like to move to a detached property to completely avoid the problem with A Hole neighbours in the future and I am willing to reduce my asking price by £30,000, however other houses for sale are still unrealistically priced and not willing to move as much on price as I am. I don't want to pay fees twice to an estate agent as they are the scum of the earth so I thinking of just leaving it on the market at the original price which should completely put off any expectant buyers ? Am I right to do this ?

I am in the fortunate situation of having a nice 3 bed semi in a quiet area handy for work, shopping and schools, which I got in 1996 for the amount which would be a years combined wages now for myself and OH now.

No idea what to advise you. Though I do think that you should drop your price, you will be competitively priced compared to the neighbours and more likely to sell.

Why would you have to pay fees twice if reducing the price? Sorry for the silly question but I have never sold a house.

p.s. just remember that having a rented house next door may put off future potential buyers. We rent, but would not buy a house attached to a rented house (just in case... would hate to end up next door to a house full of students or worse).

HTH!

steveymp

tara747 wrote: »

No idea what to advise you. Though I do think that you should drop your price, you will be competitively priced compared to the neighbours and more likely to sell.

Why would you have to pay fees twice if reducing the price? Sorry for the silly question but I have never sold a house.

p.s. just remember that having a rented house next door may put off future potential buyers. We rent, but would not buy a house attached to a rented house (just in case... would hate to end up next door to a house full of students or worse).

HTH!

Don't really want to sell at present as I don't like anything on the market:o or anything I like is cloud cuckoo land pricing. I'm prepared to move up to £30,000 on my price, others are unfortunately not:o Neighbour has been sorted and landlord has promised to be a lot more choosey with her next tenant:T in fact I will recommend a relative who is currently renting elsewhere to her and that will solve all the problems;)

If I take the house off the market and relist next year the estate agent will charge another listing fee, so I may as well leave it on at a price I know it won't sell for:)

tara747

steveymp wrote: »

Don't really want to sell at present as I don't like anything on the market:o or anything I like is cloud cuckoo land pricing. I'm prepared to move up to £30,000 on my price, others are unfortunately not:o Neighbour has been sorted and landlord has promised to be a lot more choosey with her next tenant:T in fact I will recommend a relative who is currently renting elsewhere to her and that will solve all the problems;)

If I take the house off the market and relist next year the estate agent will charge another listing fee, so I may as well leave it on at a price I know it won't sell for:)

Fair enough. Though did you ever consider that the vendors of the houses you are interested in might also be willing to drop their prices? You probably assume that they wouldn't drop. So do peoeple who see your house on Propertnews! Just saying.

Good luck with the new neighbour, would be handy if it were your relative.

36square

Easymoney wrote: »

Private tenants spent tens of thousands of £££ on rent because they couldn't afford to buy. Thats a serious amount of money with nothing to show for it QUOTE]

That's complete nonsense. They got a roof over their heads and were almost certainly paying less that they would have in mortgage interest while not owning an asset that was rapidly falling in value.

The argument that rent is 'dead money' is completely witless.

steveymp

tara747 wrote: »

Fair enough. Though did you ever consider that the vendors of the houses you are interested in might also be willing to drop their prices? You probably assume that they wouldn't drop. So do peoeple who see your house on Propertnews! Just saying.

Good luck with the new neighbour, would be handy if it were your relative.

Thanks Tara,

Yeah I have had several conversations with sellers and their agents about lowering prices after I viewed their houses, some where prepared to shift but only by a few thousand maximum and these where houses that went on the market roughly a year ago, the same time as mine:o

I know to get mine sold I would have to drop up to 20,000 if not more to get any interest, mine went on for £130,000 last year, a few similar 3 bed semi's are selling for £110,000 now in my city others are listed at the same price as mine. I was originally looking to go up £40,000 to get a detached house and second bathroom and could of paid £170,000 if I got mine sold for £130,000. The houses I looked at last year are still £170,000 plus and I have had my agent enquire again recently about reductions, none are with coming:o I can see prices continuing to fall for a long time now and I don't really have to move so I'll sit tight and make a few overpayments on the current house;)

x12yhp

Easymoney wrote: »

Private tenants spent tens of thousands of £££ on rent because they couldn't afford to buy. Thats a serious amount of money with nothing to show for it, therefore, they too lost out.

As for the so-called shrude FTB'ers with hefty deposits, who say a house is only worth what 'they' will pay for it, dont kid yourselves, as it's not an exclusive offer from you alone.
In reality a house is only worth what the 'next person' will pay for it.

Considering that the only way to get a mortgage is with a hefty deposit, I should think that those who have such deposits are in a much stronger position than you give credit!

IMHO the property market is about to implode, it was never sustainable!

I am still waiting for the trigger to be pulled. There are a million and one reasons why a recovery cannot happen... but there are very few which point to a sudden implosion. I feel, at present, we are stuck with a stagnant market with very few people moving anywhere because sellers are getting away with huge debts (because of the interest rates) whilst buyers (almost universally) accept that the only ones who believe in "as safe as houses" are those who are trying to get out of them!! :rotfl:

Easymoney

36square wrote: »

Easymoney wrote: »

Private tenants spent tens of thousands of £££ on rent because they couldn't afford to buy. Thats a serious amount of money with nothing to show for it QUOTE]

That's complete nonsense. They got a roof over their heads and were almost certainly paying less that they would have in mortgage interest while not owning an asset that was rapidly falling in value.

The argument that rent is 'dead money' is completely witless.

that's just b0ll0x, spoken like a true Landlord.

some private rentals are the equivalent of someones mortgage........we cant all be dole-ites and get into social housing. Plus as already pointed out on this thread, when you are renting, there is no provision to save a substantial amount.

Long term renting is a false economy, just like paying a mortgage for an over-inflated house price, like I said there are very few winners on the housing roller coaster. just like the money tree scams, the housing market is only as good as new people coming in at the bottom.

Easymoney

tara747 wrote: »

Er, in most cases, sellers are receiving NO offers at all! My friend has viewed a few houses and is subsequently bombarded with calls from the agents concerned... it's pretty clear that they have no offers on them otherwise they would mention it.

Some of these houses have been on the market for over 18 months and they are all in 'good' areas. She is tracking them on Irish Property Hunter to see the price drops so far, but has made no offers yet as she doesn't think that any of them are worth anywhere near the asking price.

Er, its not ebay with a time limit on the sale.

I know people with their house on the market for over 2 yrs.

x12yhp

Easymoney wrote: »

that's just b0ll0x, spoken like a true Landlord.

some private rentals are the equivalent of someones mortgage........we cant all be dole-ites and get into social housing. Plus as already pointed out on this thread, when you are renting, there is no provision to save a substantial amount.

Long term renting is a false economy, just like paying a mortgage for an over-inflated house price, like I said there are very few winners on the housing roller coaster

That may be right for differing properties but there are very very few like properties where renting and a repayment mortgage cost the same. You will struggle to achieve that on an interest only mortgage but that is simply renting from the bank. Worse than that, with a dropping market, you will have to pay the bank EXTRA when you want to leave - that doesn't happen in rentals.

As for deposits when renting... sorry but you are wrong. With a combined income of about £40k (which is less than average NI) we were able to save upwards of £1k per month with £600 rent, utilities, food, etc. That is £30k+ in 3 years even allowing someone a couple of three nice holidays. Admittedly that is a couple but a single person who is adequately dedicated would need to spend much less than we did. In any case, £20k is not a very high salary - it should be no foregone conclusion that a single person on that salary MUST be able to afford a house. It is a very British assumption that you must be able to own your own home. It is common, elsewhere in the world, that lower earners would not really expect to own their home.

Long term rent is only a false economy if house prices diverge from you. If you save enough or if house prices are falling, then rent is a mathematically sensible approach.

Easymoney

x12yhp wrote: »

Considering that the only way to get a mortgage is with a hefty deposit, I should think that those who have such deposits are in a much stronger position than you give credit!



I am still waiting for the trigger to be pulled. There are a million and one reasons why a recovery cannot happen... but there are very few which point to a sudden implosion. I feel, at present, we are stuck with a stagnant market with very few people moving anywhere because sellers are getting away with huge debts (because of the interest rates) whilst buyers (almost universally) accept that the only ones who believe in "as safe as houses" are those who are trying to get out of them!! :rotfl:

In a way the housing market for a finite population is similar to the old money tree scams.................they're only as good as new people coming in at the bottom.

How many FTB'ers in the last quarter?