'We've reached a tipping point' Signs of house price weakness

chucknorris

Quizzical_Squirrel wrote: »

I've just sold to rent (so I'm in a good position to buy the next one) and I'm not seeing this on the ground.

What I am seeing is almost completely dried up new inventory and the stuff nobody wanted since it came on the market in the spring is being dramatically slashed in price which probably explains the overall price drop percentage.
Somebody's got to buy these places though because that's all there is to chose from.

However my estate agent said chains are falling apart but are being put together again very quickly but at lower prices. I don't know what to make of that, maybe capitalising on seller frustration?

I hope I've done the right thing but I'm just not seeing it.

Good luck, I hope it works out for you, at the very least you should be able to get a good deal (being a cash buyer).


We were out to dinner last Saturday with a couple we know, she used to work for a local estate agent (part time after she gave up her main career to start a family), when I mentioned that I was going to extend my house in 2016 (following retirement), she said that there was a real shortage of decent sized 4 bed detached houses in Dorking. She also said that there were a few families currently STR'ing because of frustration at not being able to buy what they want, they were finding that they were being looked over to favour cash buyers.


I bought our house for cash (in Dorking) back in 2005 and I got a really good deal, it was obvious to me that I was being massively favoured over potential buyers in a chain.

saguk1234

Jack_Johnson_the_acorn wrote: »

In dec 2012 on that street sold for 430k and 460k there are in immaculate condition.

Dec 2013 500k in average to poor condition...

Jan 2014 sold for 606k

Property you posted is up for 600k in poor condition needs a complete revamp ... Apparently this is evidence of a crash that a house in poor condition is selling for 40% more than a yr ago..... You need to evaluate your position.

And this is the exact problen with the housing market today. Well done.

The average person on the street would think "why the hell has that house in two years gone from 430k in immaculate condition to 600k in a crap condition"

wotsthat

saguk1234 wrote: »

And this is the exact problen with the housing market today. Well done.

The average person on the street would think "why the hell has that house in two years gone from 430k in immaculate condition to 600k in a crap condition"

What are you doing about this problem?

Seems you're doing the same as me, which is close to nothing, but have arbitrarily decided you occupy the higher moral position.

Crashy_Time

http://www.housepricecrash.co.uk/forum/index.php?/topic/200388-why-augusts-property-slump-will-only-get-worse/page-2


Something going on with supply? Post 21.

Crashy_Time

Bubble_and_Squeak wrote: »

clowns the to the left of me, jokers to the right
this site licks hpc for reality denial any day of the week
even on hpcs best day this site would still lick it

Oh yes, the fear over here is strong, many of them will be plunging into negative equity soon I think. When you are renting cheaply watching the property market tank is just a hobby, not a life changer.

chucknorris

Crashy_Time wrote: »

Oh yes, the fear over here is strong, many of them will be plunging into negative equity soon I think. When you are renting cheaply watching the property market tank is just a hobby, not a life changer.

What a strange hobby you have, mine are walking my dog, jogging, cycling, swimming, bowls, chess and the usual everyday things like meeting up with friends, restaurants, wine, cinema etc. I've just come back from a 4 mile run with my dog, then I'm going to get some bowls practice in this afternoon before a match tonight. It Must make you a bit sad when prices aren't falling and you can't participate in your hobby, but I reckon 2023 might be a good year for you, the shame is though that prices probably won't fall to 2014 levels.

Crashy_Time

Crashy_Time wrote: »

Oh yes, the fear over here is strong, many of them will be plunging into negative equity soon I think. When you are renting cheaply watching the property market tank is just a hobby, not a life changer.

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalAvailableListingsAndNew.html?searchLocation=sw8&sellersPriceGuide=Update+Results

Crashy_Time

chucknorris wrote: »

What a strange hobby you have, mine are walking my dog, jogging, cycling, swimming, bowls, chess and the usual everyday things like meeting up with friends, restaurants, wine, cinema etc. I've just come back from a 4 mile run with my dog, then I'm going to get some bowls practice in this afternoon before a match tonight. It Must make you a bit sad when prices aren't falling and you can't participate in your hobby, but I reckon 2023 might be a good year for you, the shame is though that prices probably won't fall to 2014 levels.

Which begs the question Chucky, if your life is so full why are you popping up here every time someone challenges HPI Forever, or makes a joke about HPI Forever? You bought (or did you borrow money at interest to live in a house, I can`t remember?) in `05, why are you still haunting these boards waving the HPI flag? Go and break some bricks (and mortar) over your head mate.

robmatic

Crashy_Time wrote: »

Oh yes, the fear over here is strong, many of them will be plunging into negative equity soon I think. When you are renting cheaply watching the property market tank is just a hobby, not a life changer.

Keep telling yourself that. However, if you think rationally about these things, it would be surprising. Anyone who has bought in the last 5 years or so had to put down a reasonable sized deposit; anyone who bought previously has been steadily paying off their mortgage for a decent period of time.

Crashy_Time

robmatic wrote: »

Keep telling yourself that. However, if you think rationally about these things, it would be surprising. Anyone who has bought in the last 5 years or so had to put down a reasonable sized deposit; anyone who bought previously has been steadily paying off their mortgage for a decent period of time.

So they lose the deposit first, then they go into N.E, what is your point? The second one is not something you can know with any certainty, and we do know that many many people MEW`ed and took out I.O loans?


Would you say your views on the potential for HPI in Edinburgh have changed since you used to post on HPC?