Sibley won't allow prices to fall under £160K

undetterred

Jimmy_31 wrote: »

ALL of the sellers i know need to sell, this is because they bought a new build during the boom and know if they dont get rid of it asap they will have it repossessed at some point.

There are thousands more like them.

Jimmy Jackanory..........

the_flying_pig

Sibley wrote: »

We've been up this road before. Even when index's say prices have dropped.
Sellers just sit tight until they rise again...

I think we may have covered this once or twice before, S, but:

1 - these indices aren't 'theoretical', they're not made up by some yoghurt-knitting, guardian-reading, university librarian intellectual type somewhere based on his opinion of what houses 'ought' to be worth.

2 - they tell you the average of what real people ave sold real houses for. Nothing else.

3 - so when an index is down (say) 10-20% from peak it means that those real people who have sold real houses have sold them for 10-20% less than the same sort of people were getting 4 or 5 years ago. Nothing else.

Jimmy_31

undetterred wrote: »

Jimmy Jackanory..........

All of the sellers i know are my friends and workmates, They all bought a house during the boom and most of them bought a newbuild.

I work in the construction industry as do my friends and workmates, im lucky enough to be still earning a wage (for now) but most of my friends are not, this is why they are trying to sell their house.

Some have found jobs in factories and warehouses but the wage they bring home is nowhere near what they were earning on site so now they are getting behind on the bills.

This may seem like some far fetched fantasy fairytale to you, but in reality its just what happens when your mrs wants a shiny new build and then the jobs disappear.

homelessskilledworker

the_flying_pig wrote: »

I think we may have covered this once or twice before, S, but:

1 - these indices aren't 'theoretical', they're not made up by some yoghurt-knitting, guardian-reading, university librarian intellectual type somewhere based on his opinion of what houses ought to be worth in his opinion.

2 - they tell you the average of what real people ave sold real houses for. Nothing else.

3 - so when an index is down (say) 10-20% from peak it means that those real people who have sold real houses have sold them for 10-20% less than the same sort of people were getting 4 or 5 years ago. Nothing else.

Just ignore Sibbers!!

Go back to many previous posts where Sibbers has had his pants around his ankles at the joy of indcies rising in his favour or of Daily Express "prices go up" stories.

Sampong

Jimmy_31 wrote: »

All of the sellers i know are my friends and workmates, They all bought a house during the boom and most of them bought a newbuild.

I work in the construction industry as do my friends and workmates, im lucky enough to be still earning a wage (for now) but most of my friends are not, this is why they are trying to sell their house.

Some have found jobs in factories and warehouses but the wage they bring home is nowhere near what they were earning on site so now they are getting behind on the bills.

This may seem like some far fetched fantasy fairytale to you, but in reality its just what happens when your mrs wants a shiny new build and then the jobs disappear.

I got out of the construction industy earlier this year, I was a few rungs up the ladder but since 2008 it's been like dodging bullets, Civil and Railway sectors are perhaps doing better but contracting is on thin ice. As for housebuilding - well :eek:

Jimmy is right about the new builds - in fact I would even go so far as to say that generally speaking they offer poor value as opposed to other houses on the market. People are seduced by automatically moving into a clean, carpeted house with a fitted kitchen and built in oven but the reality is that the materials used are pretty !!!! since costs are usually cut to the bone.

I wouldn't want to be in the position of having bought one of these generic shoeboxes at the height of the boom. Anyone remember what happened to the value of the apartments which were built in city centres at the height of the property boom?

Jimmy_31

Sampong wrote: »

I got out of the construction industy earlier this year, I was a few rungs up the ladder but since 2008 it's been like dodging bullets, Civil and Railway sectors are perhaps doing better but contracting is on thin ice. As for housebuilding - well :eek:

Jimmy is right about the new builds - in fact I would even go so far as to say that generally speaking they offer poor value as opposed to other houses on the market. People are seduced by automatically moving into a clean, carpeted house with a fitted kitchen and built in oven but the reality is that the materials used are pretty !!!! since costs are usually cut to the bone.

I wouldn't want to be in the position of having bought one of these generic shoeboxes at the height of the boom. Anyone remember what happened to the value of the apartments which were built in city centres at the height of the property boom?

Im currently subbying working on a price trying to get enough money together to buy a house outright, luckily i live in the north in a town that is seeing price falls so it wont be long before i am able to do this. There is no chance i would take a mortgage on now with the state the construction industry is in.

The housing association refurb work is the only thing keeping lads in jobs at the moment around here but thats slowed down in a big way this year, which has seen even more people out of work.

Ive worked on plenty of new builds and i would never ever buy one, pretty much everybody i know who has worked on new builds hate them as well. Lots got their arm twisted by the mrs though so know full well they have paid way over the odds for a badly built small house that will not stand the test of time.

The new build apartments in the town where i live have seen big falls, the lowest so far is a 1 bed apartment that started off at 85k during the boom and is going to auction in a few weeks and has a reserve of 27k iirc. Plenty more for sale in the same block, the 2 beds were originally around a 100k but now they are sat there with a 35k price tag and nobody will touch them, not even the BTL crowd.

Graham_Devon

All those who haven't bought have missed the boat.

Haven't seen the phrase for a while, so thought I'd give it a bit of a re-incarnation.

undetterred

Graham_Devon wrote: »

All those who haven't bought have missed the boat.

Haven't seen the phrase for a while, so thought I'd give it a bit of a re-incarnation.

What a financial whizz you are.....

You should have heeded your own advice instead of buying half a house.:money:

Graham_Devon

undetterred wrote: »

What a financial whizz you are.....

You should have heeded your own advice instead of buying half a house.:money:

Talking of financial whizz's, you do realise, having half a house, a fall in prices is financially beneficial to me?

Try harder next time

undetterred

Graham_Devon wrote: »

Talking of financial whizz's, you do realise, having half a house, a fall in prices is financially beneficial to me?

Try harder next time

And theres you telling us property is un-affordable in Devon,so its actually falling now.:cool: