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Is this your experience?
rizla01
Posts: 7,260 Forumite
Are you in any way involved in the property market either as an advisor, seller or buyer, solicitor or EA?
Would you agree with these findings?
Prices are out of reach for many would-be home buyers
The number of properties being sold in England, Wales and Northern Ireland has reached its highest level since the property boom of the late 1980s.
Figures from HM Revenue and Customs (HMRC) show that 1,859,000 flats, houses and commercial properties were sold in 2006-07.
That was the largest number since 1988, the peak of the last boom before the property crash of the early 1990s.
Both sales and prices in the 2006-07 financial year rose by 11%.
In 1988, the number of homes and commercial properties sold, in just England and Wales, stood at a record level of 2,148,000, before tumbling by more than half a million the following year.
That slump came as interest rates were raised sharply by the government, and house prices fell, leading to negative equity for some mortgage-holders.
Slowdown?
In recent months, there has been growing evidence that the market is starting to slow down, as a consequence of the four increases in interest rates since the summer of 2006.
Inquiries from new buyers at estate agents have been falling in the past few months, the number of new mortgages approved for house buying has also dipped and the value of new mortgage lending is beginning to slowdown.
This has been reflected in the annual rate of house price inflation, which has, for the time being, levelled off at about 11% a year. Some commentators believe that even if house price inflation slows further, the buoyancy of the economy and continued immigration will sustain the current demand for new homes.
Would you agree with these findings?
House sales matching 1980s boom
Prices are out of reach for many would-be home buyers
The number of properties being sold in England, Wales and Northern Ireland has reached its highest level since the property boom of the late 1980s.
Figures from HM Revenue and Customs (HMRC) show that 1,859,000 flats, houses and commercial properties were sold in 2006-07.
That was the largest number since 1988, the peak of the last boom before the property crash of the early 1990s.
Both sales and prices in the 2006-07 financial year rose by 11%.
In 1988, the number of homes and commercial properties sold, in just England and Wales, stood at a record level of 2,148,000, before tumbling by more than half a million the following year.
That slump came as interest rates were raised sharply by the government, and house prices fell, leading to negative equity for some mortgage-holders.
Slowdown?
In recent months, there has been growing evidence that the market is starting to slow down, as a consequence of the four increases in interest rates since the summer of 2006.
Inquiries from new buyers at estate agents have been falling in the past few months, the number of new mortgages approved for house buying has also dipped and the value of new mortgage lending is beginning to slowdown.
This has been reflected in the annual rate of house price inflation, which has, for the time being, levelled off at about 11% a year. Some commentators believe that even if house price inflation slows further, the buoyancy of the economy and continued immigration will sustain the current demand for new homes.
"Unhappiness is not knowing what we want, and killing ourselves to get it."
Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))
Women and cats will do as they please, and men and dogs should relax and get used to the idea.
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Comments
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you know i sort of don't get this supposed crisis with house prices. I think people expectations of what they can afford are too high. We looked at new build properties which would have cost us a grand a month in mortgage payments and we ended up buying a 2 bed terrace which costs us half that per month. I'm not saying that prices aren't going up, but i think people want to be able to get a 3 bed semi executive-style house because that's the lifestyle they want.0
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Properties in Essex are flying away and it's VERy difficult to find decent properties.
The ones that remain are the usual problematic properties that ALWAYS take a while to sell.
Properties are getting top money here and Auctions are getting even higher prices."Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
Properties in Essex are flying away and it's VERy difficult to find decent properties.
The ones that remain are the usual problematic properties that ALWAYS take a while to sell.
Properties are getting top money here and Auctions are getting even higher prices.
We have the same in our town in sleepy suffolk, celing prices are being broken in most areas.
Even houses that have been put up for stupid prices are moving.
A two bed house like a BTL we bought six months ago has just sold for £25k more than we paid for it.
EA's say they have loads of people on their books for simular house types.
the crash must only be just around the corner;)0 -
Does anyone have any experience of property sales at recent auctions?
Are they acheiving top dollar? Are many NOT selling?"Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
Does anyone have any experience of property sales at recent auctions?
Are they acheiving top dollar? Are many NOT selling?
Imho the guide price on auction property is often pitched low as a way of attracting possible buyers.It is pretty clear to me that most lots reach this and more.0
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