house prices DOWN 6.2% in a month!!! (in South East)

nollag2006

chucknorris wrote: »

Yes it is but as I can't really see prices getting back up to 2007 levels in real terms...

In good parts of London and the South East, they are already well back above the 2007 level

homelessskilledworker

nollag2006 wrote: »

Don't know about that. I've got three at the moment.

The first two I bought in 2009 - up 10% since then.

The last one I bought at the start of 2011 - again also up quite a bit.

All properties yielding in excess of 7% income

Show me an alternative investment that offers that sort of tax efficient income.

Lets see if 30% falls knock off your rose tinted glasses, because that is what is coming

chucknorris

nollag2006 wrote: »

In good parts of London and the South East, they are already well back above the 2007 level

They are in good parts of London (mainly Battersea), I think you missed the 'in real terms' bit. This means that they would have to be about 15% higher than 2007 nominal levels. Unless of course you are talking about Knightsbridge, Chelsea, kensington etc. That's a different world to the one that I live in though, these areas are way above merely 'good'.

Mine are currently down about 12-15% (nominal).

EDIT: Actually I've just had a look and they aren't down as much as I thought, only about 7.5%

IveSeenTheLight

Road_Hog wrote: »

I wish the government would build some council houses so that people had somewhere cheap (meaning you can save for a deposit) and secure to live.

Private renting should only be a short term/stop gap measure.

This thing is, historically council houses provided a long term renting option.
With the RTB scheme, the government sold off a lot of that option and it was only partially replace by private letting

Before anyone jumps in with BTL has priced out FTBers, a recent report showed that BTL constituted the smallest sector for transactions in the last decade

Originally Posted by homelessskilledworker
http://uk.news.yahoo.com/rules-mortg...005402774.html

During the last decade the majority of mortgages were granted not to first time buyers but people wishing to move home and others wanting to re-mortgage their properties.

Buy to let mortgages made up the smallest sector of lending.

Jimmy_31

Road_Hog wrote: »

My house price hasn't gone down and it never will. I don't need to sell it, It's my home. But when I do sell, it will be for a lot more money than I bought it for. And that's the same sentiment of most homeowners, not going to sell it until the time is right.

If there were so many house bargains out there, wouldn't people be busy snapping them up, instead of posting on here?

May as well wait a bit longer and get a bigger house for less money.

Thats what im doing anyway.

nollag2006

Jimmy_31 wrote: »

May as well wait a bit longer and get a bigger house for less money.

Thats what im doing anyway.

So how much are you frittering away in rent while you wait for this gamble to pay off?

What happens if house prices rise? What happens when your LL puts the rent up?

RenovationMan

Jimmy_31 wrote: »

May as well wait a bit longer and get a bigger house for less money.

Thats what im doing anyway.

But house prices are rising in the north Jimmy, the report said so:

"The average national asking price was up 1.5% on the same period last year, but only the North and the South West registered an increase on the average house price since last month, with the price in Greater London down 2.2% and the price in the South East down by 6.2%. "

Road_Hog

IveSeenTheLight wrote: »

The thing is, historically council houses provide a long term renting option.

There's nothing wrong with that. Many people will never earn enough to buy, but they have the right to a home they can consider theirs and long term security.

If Lefties were really concerned about the poor and the working class, they'd get this sorted out instead of thinking up new 'green' taxes. NuLabour didn't build one single council house in their 13 years reign.

IveSeenTheLight

Road_Hog wrote: »

There's nothing wrong with that. Many people will never earn enough to buy, but they have the right to a home they can consider theirs and long term security.

If Lefties were really concerned about the poor and the working class, they'd get this sorted out instead of thinking up new 'green' taxes. NuLabour didn't build one single council house in their 13 years reign.

There's nothing wrong with it, however the cost of re-establishing and maintaining it is something the government can't afford at the moment.

One wonders if they ever will.

As a private landlord, I have no problems giving my tenants long term leases, indeed I have a set of tenants who are about to complete 5 years of renting.

I'd happily let them sign up for long term security if they wanted, the question is, how many tenants want to sign up for long term security.

DervProf

RenovationMan wrote: »

I found this interesting,:

"Rightmove said UK house asking prices should rise by two per cent in 2012"

The robustness of the UK housing market continues to astound.

"asking prices" and "should".

Nothing astounding about what Rightmove said.