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

Crashy_Time

ukcarper wrote: »

What are the areas like of the flats you linked to.

Gorgie, Leith Walk, Newington, minutes to Princes St., busy, on main bus routes, lots of pubs etc. Pubs on Leith Walk, maybe Gorgie would have been rougher end of the spectrum if you like that sort of thing, many (esp. LW) now refurbished and re-branded for the younger trendier crowd. Newington is where parents who can afford a flat for their Edinburgh Uni kids would buy maybe.

ukcarper

So we are back to Gorgie, £90k flat £480 a month (interest £300) 5years at 4% similar flat to rent £500 a month.

Crashy_Time

ukcarper wrote: »

So we are back to Gorgie, £90k flat £480 a month (interest £300) 5years at 4% similar flat to rent £500 a month.

My flat in Gorgie at the moment is 400 p.m to rent, I wouldn`t want to own a flat in Gorgie, so renting is a good option at present.


http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11302018/House-price-growth-in-only-three-UK-cities-and-Londons-not-one-of-them.html



Looks like punters in Edinburgh still want their properties to be "special", I will keep renting cheaply thank you very much. Comments are interesting, especially regarding Dundee prices.

Bubble_and_Squeak

going back to the original purpose of this thread:
'We've reached a tipping point' Signs of house price weakness
it does feel like december is the decisive month of the the tipping point.
the market has been bouncing along feeling peaky for a few months now but the last few weeks feel very bearish

ukcarper

Bubble_and_Squeak wrote: »

going back to the original purpose of this thread:
'We've reached a tipping point' Signs of house price weakness
it does feel like december is the decisive month of the the tipping point.
the market has been bouncing along feeling peaky for a few months now but the last few weeks feel very bearish

I suppose we will have to wait a few months to find out. Wouldn't be surprised if prices stayed the same or fell back a bit but I would be surprised if there was a big crash.

Bubble_and_Squeak

ukcarper wrote: »

I suppose we will have to wait a few months to find out. Wouldn't be surprised if prices stayed the same or fell back a bit but I would be surprised if there was a big crash.

i think there needs to be a lot of distressed sellers for a crash.
i would expect prices to drift down to something like pre funding for lending levels until the government comes up with another prop to inflate them again.
from my own perspective asking prices are currently tens of thousands of pounds above what i'm willing and able to pay compared with hundreds of thousands a few months ago.

blahblahblah85

I would say in my area asking prices have come down a bit, maybe 10-20k less than in the summer.
However it's quite evident to me that buyers are still there as anything that's a bit special or of good value gets snapped up in days.

Crashy_Time

Bubble_and_Squeak wrote: »

i think there needs to be a lot of distressed sellers for a crash.
i would expect prices to drift down to something like pre funding for lending levels until the government comes up with another prop to inflate them again.
from my own perspective asking prices are currently tens of thousands of pounds above what i'm willing and able to pay compared with hundreds of thousands a few months ago.[/QUOTE]


That sounds like crash talk!

gallygirl

blahblahblah85 wrote: »

I would say in my area asking prices have come down a bit, maybe 10-20k less than in the summer.
However it's quite evident to me that buyers are still there as anything that's a bit special or of good value gets snapped up in days.

I've just had a look on Zoopla, biggest drop is 11.6% (admittedly these are asking, not selling prices). Lots around 6% but I'd say overall they are around the same as a lot of new houses have increased their prices. Only time will tell but I was expecting to see bigger drops to be honest.

Bubble_and_Squeak

Crashy_Time wrote: »

Bubble_and_Squeak wrote: »

i think there needs to be a lot of distressed sellers for a crash.
i would expect prices to drift down to something like pre funding for lending levels until the government comes up with another prop to inflate them again.
from my own perspective asking prices are currently tens of thousands of pounds above what i'm willing and able to pay compared with hundreds of thousands a few months ago.[/QUOTE]


That sounds like crash talk!

certainly in terms of asking prices its looking very crashy
but when prices come down houses are selling.
and they days of bomads bidding anything they like first and asking mummy and daddy for a blank cheque later are long gone.
i expect the amount of equity people can borrow against will fall as more indices turn negative.