A big house price correction appears to have started.

macaque_2

Like many people, I would have preferred a correction years ago but thats not the way things go. We have seen a lot of false dawns over the years but it is difficult to see how the current slide can be stopped.

The problem with a slide today is that no one knows how far it will go or what damage it will do in the process. Prices were allowed to go too far into lala land.

The average property seller have had to reduce the asking price of their home by nearly £20,000 to secure a sale, according to new research from Zoopla.co.uk.

Over 40 per cent of all UK properties currently on the market for sale have experienced at least one price reduction, as sellers try to entice buyers in a struggling housing market.

Today that figure stands at 7.4 per cent which represents a discount of nearly £3 billion off the initial asking prices as sellers become both more realistic and more desperate to close a sale by the end of the year.

http://www.whatmortgage.co.uk/news/property-price-reductions-grow/

geneer

The sellers had to blink sometimes.

The buyers have no choice but hold steady. If you can't get the dopey mortgages you can't pay dopey prices.
It really is that simple.

wotsthat

geneer wrote: »

The sellers had to blink sometimes.

The buyers have no choice but hold steady. If you can't get the dopey mortgages you can't pay dopey prices.
It really is that simple.

If you can't get a mortgage you can't buy a house whatever the price.

geneer

wotsthat wrote: »

If you can't get a mortgage you can't buy a house whatever the price.

I'm pretty sure you can buy things without a mortgage.

Yes a rather obvious statement, but this doesn't seem to have stopped your sterling contribution.

shadydaz

Or you can (theoretically) get a mortgage but can't save up the required deposit quick enough to make up the difference...despite stuttering house prices.

Pimperne1

And yet this respected index shows prices up over the month and up over the year:


http://housepricecrash.co.uk/indices-nationwide-national.php

nollag2006

macaque wrote: »

Like many people, I would have preferred a correction years ago but thats not the way things go.

Shame you missed the opportunity to buy when we had that 20% fall from peak in early 2009.
Never mind – there’s bound to be another crash in about 12 – 15 years. That’s typical cycle of the house price market

:rotfl:

angrypirate

nollag2006 wrote: »

Shame you missed the opportunity to buy when we had that 20% fall from peak in early 2009.
Never mind – there’s bound to be another crash in about 12 – 15 years. That’s typical cycle of the house price market

:rotfl:

Because we are clearly in the boom times at the moment arent we.
Oh, hang on....

StevieJ

It gets more like the website that 'we dare not mention its name', every day now.

chewmylegoff

First a thread based on the "rightmove index" and now based on information sourced from zoopla.

No offence, but these are basically the sh!ttiest sources possible (ex-Sibley).

RenovationMan

StevieJ wrote: »

It gets more like the website that 'we dare not mention its name', every day now.

One does wonder how long the same people can have the same arguments for. Still, it passes the precious time we have before we enjoy the quiet of the grave.