MSE News: House prices fell in July

brit1234

Turnbull2000 wrote: »

You'll just have fewer buyers to match price demands, that's all. If people can't shift their property, they'll either stay where they are and possibly enjoy the lowest interest rates in history, or rent it out and buy. In fact, other than some post crunch market panic, that's pretty much what's been happening since late 2008.

That's why I believe negative equity mortgages need to be brought in to allow existing buyers to move on with their life and get the market moving.

If people have been show they can keep up repayments they should be allowed to port their mortgage to another property valued at that mortgage or less. I believe government money can be used to help rather than schemes designed to get new people in huge debt.

Turnbull2000

brit1234 wrote: »

That's why I believe negative equity mortgages need to be brought in to allow existing buyers to move on with their life and get the market moving.

If people have been show they can keep up repayments they should be allowed to port their mortgage to another property valued at that mortgage or less. I believe government money can be used to help rather than schemes designed to get new people in huge debt.

Negative equity mortgages would likely result in further prices falls, so will not happen.

FTBFun

brit1234 wrote: »

I say it is not the mark of a serious seller, they will just be left on the market for years.

It depends on the property - an arbitary 30% off asking price is pointless.

Is the youtube link about Foxtons? I know they're a bit optimistic about asking prices after my dealings with them from a couple of years ago. Doesn't mean an arbitary offer figure is any good.

playaz

People get quite heated on here don't they ;-)

jimpix12

sinbad182 wrote: »

I'm 29 and saved like crazy to buy a place in west London two years ago.

I don't want to make a profit, I just dont want to lose out on my investment in the name of other young FTBs who can do exactly what I did if home ownership is deemed that important to them.

Why not? Everything else we buy depreciates, cars, electronics, why should house prices be any different. Sounds like you are conditioned to expect a positive return on your house because it's become normalised over the last few years. The economy is up the sh1tter because of such greed. Boo hoo about your savings, it was your choice to "invest" in a house. Should others be expected to feel bad because your financial risk might not pay off? At least you have a place to call your own, many don't.

rickbonar

The important thing as the last writer says is that you have somewhere to live and you're not being robbed blind by high rents ( for someone else's profit ).

sinbad182

spunko2010 wrote: »

Why not? Everything else we buy depreciates, cars, electronics, why should house prices be any different. Sounds like you are conditioned to expect a positive return on your house because it's become normalised over the last few years. The economy is up the sh1tter because of such greed. Boo hoo about your savings, it was your choice to "invest" in a house. Should others be expected to feel bad because your financial risk might not pay off? At least you have a place to call your own, many don't.

What are you on about? You're making it sound as if I'm making out I'm entitled to do well out of my place. Any particular reason you're trying to engineer a point of view into my post that wasn't there? Or is this another case of the inherent bitterness on here from those who expect to buy property for prices that haven't existed since the late 80s?

I bought it as a place to live first and foremost, and would have to accept any loss in value that may occur in the short or medium term as you do with any investment. However, of course I don't want this to happen, and despite your irrelevent comparisons to unrelated consumer goods (I've noticed the ridiculous and disingenuous buying a car/buying a house comparison is popular on here) house prices like everything will rise over the 25 years you pay for them, and given my position in west London and decent equity I'm happy with my choices.

brit1234

BBC: House prices expected to fall, say surveyors


Surveyors are expecting house prices to dip in the coming months, prompting a call for sellers to be realistic about asking prices.


Some 23% more surveyors asked in a survey by the Royal Institution of Chartered Surveyors (Rics) expected prices to fall rather than rise in the next three months.

http://www.bbc.co.uk/news/business-19245546?1

sinbad182

Keep saying it Brit, one day you'll get that 3 bed semi in Chelsea for the £5000 you deem fair.

DRP

sinbad182 wrote: »

Keep saying it Brit, one day you'll get that 3 bed semi in Chelsea for the £5000 you deem fair.

to be fair , I'll be using the stuff that brit posts on here to convince the vendors I'm doing them a favour offering them 91% of asking!

they don't seem to be biting yet though...:(