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

wotsthat

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.

Yes but you have a horrendous bias problem. There's zero evidence that asking prices have fallen hundreds of thousands in your target areas.

Crashy_Time

wotsthat wrote: »

Yes but you have a horrendous bias problem. There's zero evidence that asking prices have fallen hundreds of thousands in your target areas.

"Hundreds of thousands" does seem ambitious, that would be NI crash territory I think?

Bubble_and_Squeak

my budget is £300,000
this one came on for £420,000 therefore was £120,000 out of reach
http://www.rightmove.co.uk/property-for-sale/property-32755185.html
its currently £85,000 out of reach

this one was £419,995
http://www.rightmove.co.uk/property-for-sale/property-46342063.html
currently £85,000 out of reach

blahblahblah85

Even though I think prices are shaky right now, and I'm certainly glad the first house we offered on fell through as the same thing now is 10k+ cheaper.... I'm still trying to buy (just for one reason or another it's taking forever!!!)

Just can't wait around for things to happen or not, just have to get on with it as sick of living with parents and will not go into rental on basis of prices coming down, how many feel like this I'm not sure but I'd bet your average home buyer does not do much research into the UK property market, they just buy when they are ready.

wotsthat

Bubble_and_Squeak wrote: »

my budget is £300,000
this one came on for £420,000 therefore was £120,000 out of reach
http://www.rightmove.co.uk/property-for-sale/property-32755185.html
its currently £85,000 out of reach

this one was £419,995
http://www.rightmove.co.uk/property-for-sale/property-46342063.html
currently £85,000 out of reach

So, based on two ropey properties, saying houses that were hundreds of thousands out of reach are now only tens of thousands out of reach is somewhat dramatic. It is pantomime season I suppose.

Are you absolutely committed to London? These two houses look terrible value even at £300k - they make Rodney Place look nice.

ukcarper

blahblahblah85 wrote: »

Even though I think prices are shaky right now, and I'm certainly glad the first house we offered on fell through as the same thing now is 10k+ cheaper.... I'm still trying to buy (just for one reason or another it's taking forever!!!)

Just can't wait around for things to happen or not, just have to get on with it as sick of living with parents and will not go into rental on basis of prices coming down, how many fell like this I'm not sure but I'd bet your average home buyer does not do much research into the UK property market, they just buy when they are ready.

I think that is true most people reach the time in life when want to buy and if they can that's what they do.

gallygirl

wotsthat wrote: »

Are you absolutely committed to London? These two houses look terrible value even at £300k - they make Rodney Place look nice.

Agreed, for 350k I think I'd prefer this near me:
http://www.rightmove.co.uk/property-for-sale/property-45766522.html
or
http://www.rightmove.co.uk/property-for-sale/property-45822713.html?premiumA=true

I don't think I could ever pay that kind of money for a bog-standard mid-terrace in a dodgy area. In fact know I couldn't.

Bubble_and_Squeak

stratford has the best transport links in the universe (outside of a city centre), though
for work reasons its ideal for me
i did consider edmonton as a plan b
soon to be on london overground
i viewed this one with the intention of offering £300k
but the railway line was just too close
then they cut the price to £290k
might reconsider if it goes down a bit more
http://www.rightmove.co.uk/property-for-sale/property-48919109.html

Bubble_and_Squeak

wotsthat wrote: »

So, based on two ropey properties, saying houses that were hundreds of thousands out of reach are now only tens of thousands out of reach is somewhat dramatic. It is pantomime season I suppose.

Are you absolutely committed to London? These two houses look terrible value even at £300k - they make Rodney Place look nice.

in a market where true value is in a state of flux anything can happen. a property near this came on for £370k and dropped to £330k before going stc so thats only £30k over my budget.
on the opposite side of the coin a guy at work was offered the full asking price of £650k for his stratford gaff after a couple of days on the market but took it off because he can get more for it next year.

fordcapri2000

wotsthat wrote: »

Yes but you have a horrendous bias problem. There's zero evidence that asking prices have fallen hundreds of thousands in your target areas.

He has a "horrendous bias problem" ...

LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL..........:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl: LOL LOL LOL LOL LOL LO LOL..............

Will stick my head around the door in a couple of weeks/months to catch up on your daily repetitive UNBIASED posts

God, that has made my day, thanks:)