The homeowners who cannot move home

Graham_Devon

shortchanged wrote: »

But we are told by the bulls on here that there is 'massive' pent up demand.

Doesn't really matter how much demad there is.

it's only effective demand that matters. I.e the person who wants, and can proceed.

The demand talked about on here is often just the "want" side. Lax credit was able to turn that want into effective demand, through ever increased lending. Not so much anymore.

shortchanged_2

Graham_Devon wrote: »

Doesn't really matter how much demad there is.

it's only effective demand that matters. I.e the person who wants, and can proceed.

The demand talked about on here is often just the "want" side. Lax credit was able to turn that want into effective demand, through ever increased lending. Not so much anymore.

This is exactly the point Graham. We can go back to the old Ferrari analogy in that many people want one but hardly anyone can afford one. The housing market is like that at present. So the solution is lower house prices.

jules888

shortchanged wrote: »

Sorry but I don't know your local market.

Just out curiosity what is your asking price? Because if we are talking about a £300,000 house a drop like that is not worth bothering with.

Wouldnt want to move if had a house in Yarm worth that price!
House was up for £145,000,then £140,000 now £137,000.
Our only offer to date was £120,000 but cant afford to move if only take that.Similar house to ours over road,though has a conservatory,ours doesnt ,sold for £143,500 four months ago.

shortchanged_2

jules888 wrote: »

Wouldnt want to move if had a house in Yarm worth that price!
House was up for £145,000,then £140,000 now £137,000.
Our only offer to date was £120,000 but cant afford to move if only take that.Similar house to ours over road,though has a conservatory,ours doesnt ,sold for £143,500 four months ago.

How long has yours been on the market?

What's stopping you from accepting that offer because you said you are mortgage free. Are you unable to get any sort of mortgage because with £120,000 you certainly have a very healthy deposit!

ukcarper

shortchanged wrote: »

Yes of course. People want to buy, but can't because prices are too high with the current market conditions, which of course then equates to houses being overpriced.

Or it could be they haven't got a deposit for what it's worth I think house prices are to high at the moment but that doesn't mean that there isn't a substantial number of people who would meet current lending criteria but haven't got a deposit.

shortchanged_2

ukcarper wrote: »

Or it could be they haven't got a deposit for what it's worth I think house prices are to high at the moment but that doesn't mean that there isn't a substantial number of people who would meet current lending criteria but haven't got a deposit.

But whichever way you look at it carper, things would be easier for buyers if house prices were lower. Lower price = Lower deposit needed, whether that is a 10, 15, 20% deposit or whatever, so ultimately less money for people to find.

Mr._Pricklepants

jules888 wrote: »

After all the comments have reduced price by another £3000,now ours is the cheapest 3 bed semi in Yarm!Lets see what happens!

jules, whatever you do, don't be guided by some misguided muppets on here who claim your house is overpriced without even having the slightest knowledge about your local housing market. Good luck.

homelessskilledworker wrote: »

Your house is too expensive then

shortchanged wrote: »

Have you considered the possibility that your house is overpriced?

Shame on you both.

jules888

shortchanged wrote: »

How long has yours been on the market?

What's stopping you from accepting that offer because you said you are mortgage free. Are you unable to get any sort of mortgage because with £120,000 you certainly have a very healthy deposit!

Once you are mortgage free you certainly dont want to get another mortgage!
My husband and i are 45 and dont want any loans.Being debt free is great!
We have a certain amount of savings and a certain type of house we want .
Our house has been up for sale for 3 months.

System

If it's only price preventing purchase then why here the number of transactions so much higher when house prices were 20% higher?

jules888

Mr._Pricklepants wrote: »

jules, whatever you do, don't be guided by some misguided muppets on here who claim your house is overpriced without even having the slightest knowledge about your local housing market. Good luck!



Shame on you both.[/QUOTE Thanks mr Pricklepants,was thinking of reducing it anyway.Now we are cheapest 3 bed in area and just want a reasonable offer for house.