When will the correction come to house prices?

Thrugelmir

AndyGuil wrote: »

I think coinciding MMR with the normal peak in supply that occurs until July it is obvious why there is an impact, although this year it is less than previous years.

Approvals peaked in January. MMR didn't come into force until the end of April.

AndyGuil

It is a none issue. YoY the figures are up. January looks like an overspill from December. MMR wil impede the growth in mortgage approvals. Right now it is delaying approvals.

Jan
2012 - 58,728
2013 - 54,719
2014 - 76,947

Feb
2012 - 48,986
2013 - 51,653
2014 - 70,309

Mar
2012 - 49,860
2013 - 53,504
2014 - 67,135

Apr
2012 - 51,823
2013 - 53,710
2014 - 62,918

May
2012 - 51,098
2013 - 58,242
2014 - 61,202

Jun
2012 - 44,192
2013 - 57,667

Jul
2012 - 47,312
2013 - 60,624

Aug
2012 - 47,665
2013 - 62,226

Sep
2012 - 50,024
2013 - 66,735

Oct
2012 - 52,982
2013 - 67,701

Nov
2012 - 54,036
2013 - 70,758

Dec
2012 - 55,785
2013 - 71,638

Blacklight

The correction's in progress. We just need to wait for the rest of the UK to catch up to London.

Pincher

Evening Standard 18th June Homes and Property page 2:


"Islington council is considering charging owners of new flats for not living in them, after discovering that in some parts of the borough half of all new homes are not registered for council tax."


American Gigolo: "It doesn't matter what you offer, the other side can always pay more."


You can't compete with the kind of money that can afford to "buy and leave".

CLAPTON

Pincher wrote: »

Evening Standard 18th June Homes and Property page 2:


"Islington council is considering charging owners of new flats for not living in them, after discovering that in some parts of the borough half of all new homes are not registered for council tax."


American Gigolo: "It doesn't matter what you offer, the other side can always pay more."


You can't compete with the kind of money that can afford to "buy and leave".

are we sure that unlived houses aren't liable for council tax?

AndyGuil

Empty properties still pay council tax. There are a limited set of reasons why council tax isn't paid on a property and being left empty isn't one of them.

Pincher

A guy bought a 1st floor flat nearby, declared it to be under renovation to the council, and unoccupied, which qualified for council tax exemption for at least one year. He lived in it while the building works were going on, so he was only half lying.


You also get a big discount if you declare the property unfurnished, and therefore unoccupied. It defies logic, you provide furniture, which costs more, and then the next tenant may not like them, and you lose on wear and tear, and then you get punished for having furniture if there is a void period. Why does anybody let furnished, I wonder?

JamesSmith2000

There will be another dip its just a question of when and how low. If anyone says there will never ever be another dip then there is some swampland in Scotland I want to sell you

Pincher

JamesSmith2000 wrote: »

If anyone says there will never ever be another dip then there is some swampland in Scotland I want to sell you

Don't knock it, it's Inheritance Tax Exempt.


Also, the !!!!! and serial killers are always looking for somewhere to dump bodies. Landlords are constantly wondering how to get rid of deadbeat tenants who don't pay rent.


You are sitting on a fortune, there.

PasturesNew

The trouble is, it's always easy to see what you should have done if you look back at the figures. When you're living it, it's hit/miss if you were right or not to make the choice you did.

People who declare themselves "clever" at playing the market were simply lucky.

The house I am buying is up up up from its price 4 years ago; I bet we can find people on these boards who are selling now and their price is down down down.