HPC On Here Trying To Cause Panic

Crashy_Time

Davesnave wrote: »

If I read the above correctly, cakeguts means that when prices fall or there's uncertainty, the supply of good houses tends to dry-up. People who don't need to sell, sit tight.

Therefore, it might not be wise for someone to delay if the right house is there for them, right now. Yes, they could gamble on getting it cheaper, but that risks not getting it at all.

I think it depends to an extent on what sort of property someone is seeking,how long they intend to stay there and their attitude to risk..

It took me years to find my current property. I wouldn't risk losing something so difficult to locate without very careful thought!

My point was that interest rate rises cause forced sales, and "good" houses will also be forced sales because many people stretch themselves to get a "good" house in a "good" postcode. If rates rise (to protect the pound perhaps?) there will be plenty of choice for buyers who have access to funds/credit. Those who have no or low mortgage, or can afford the re-payments, are free to keep their house off the market if they wish, but my belief (and I believed this before the Brexit victory) is that the sweet spot for getting top dollar for property has passed, we are in a declining phase of the bubble, and there is no way that an event like the referendum outcome is going to happen and things just tick along as they have been. IMO.

Davesnave

I remember the last Crash.

I 'sold' (four times!:rotfl:) and the supply of what I sought was so poor by the time I had the cash, I decided my best option was to go into rented.

As it happens, I eventually bought from a distressed seller, but their distress was not caused by financial problems. They had to sell for other reasons.

I did meet sellers who were in financial difficulties, but none of them had property I wished to buy, or were willing to sell at a sensible price. This was actually at the bottom of the market, although nobody knew that then.

Perhaps if I'd been less demanding, things might have been easier, but my experience of a depressed market wasn't textbook and I can only tell it as I found it.

Jamesjames

We exchanged last week and are completing this week Friday. We are currently paying £1000 a month on rent and we received a letter a month ago from our EA of a further increase in rent beginning from next month. If we were not buying, how long could we continue with this, as well as the uncertainty that goes with renting.

This home we are buying is not our forever home but we are not worried whatever happens re house prices in the future. It is a home and not necessary a business venture.

We all as a country are in an unchartered territory and no one can categorically predict how things will pan out.

Everyone to their own decision.
:beer:

booksurr

Jamesjames wrote: »

We exchanged last week and are completing this week Friday. We are currently paying £1000 a month on rent and we received a letter a month ago from our EA of a further increase in rent beginning from next month. If we were not buying, how long could we continue with this, as well as the uncertainty that goes with renting.

This home we are buying is not our forever home but we are not worried whatever happens re house prices in the future. It is a home and not necessary a business venture.

We all as a country are in an unchartered territory and no one can categorically predict how things will pan out.

Everyone to their own decision.
:beer:

what an excellent and mature response. Well said. So different to the spoutings from some on this thread :beer:

mildredalien

ixwood wrote: »

The original post of HPCL forum has been edited now to just say "it's all about sentiment now..", but the original text is above and I have a screen shot too.

Ah this is what I was missing, all I saw in that thread was a link to an already posted MSE thread where someone (not an HPCL person) was saying that they were going to pull out.

You maybe should have been clearer when talking about 'you lot' as not everyone who is worried about house prices, being in negative equity or what to do with their purchase has anything to do with that site. I'd never heard of it before!

kilby_007

mildredalien wrote: »

Ah this is what I was missing, all I saw in that thread was a link to an already posted MSE thread where someone (not an HPCL person) was saying that they were going to pull out.

You maybe should have been clearer when talking about 'you lot' as not everyone who is worried about house prices, being in negative equity or what to do with their purchase has anything to do with that site. I'd never heard of it before!

Yeah I didn't get it at first. I've looked at the thread on housepricecrash forums and can see someone talking about posting on here but isn't it a bit far fetched to believe all of the posts on here talking about post-Brexit fallout for house prices all stem from that forum/thread? I'm seeing a lot of posts on here by established members and people who were talking about buying before Brexit so they do appear to be mostly genuine posts. It all just seems a bit 'conspiracy theorist' to me to believe that people aren't considering lowering their offers and it's just people stoking the fire, especially with media coverage and anecdotal evidence from EAs and people in the industry that buyers are pulling out...

Clutterfree

kilby_007 wrote: »

Yeah I didn't get it at first. I've looked at the thread on housepricecrash forums and can see someone talking about posting on here but isn't it a bit far fetched to believe all of the posts on here talking about post-Brexit fallout for house prices all stem from that forum/thread? I'm seeing a lot of posts on here by established members and people who were talking about buying before Brexit so they do appear to be mostly genuine posts. It all just seems a bit 'conspiracy theorist' to me to believe that people aren't considering lowering their offers and it's just people stoking the fire, especially with media coverage and anecdotal evidence from EAs and people in the industry that buyers are pulling out...

I think it's all the NEW members, not established members, starting threads that raised suspicion.

If you were worried, would this forum be the first place you'd join for advice? I don't know but if I wasn't already a member here I think I'd look for a house buying forum (if such a forum exists?).

I'd say the majority of posts are genuine. It's just a shame some people have nothing better to do than to try and cause panic to what is already a stressful process.

Anyway, looks like it has stopped now they've been found out, so all is good!

brodawel

Cakeguts wrote: »

You have to buy the house you want when it is on the market. Being cheaper but not on the market doesn't help you.

I totally agree. Prices may come down (personally I don't think they will) but it doesn't mean a suitable house or a house you would want to buy will be available. More likely the best houses will stay off the market as people decide to stay put, I mean why would you sell a nice house if there's nothing equally as nice to replace it with. People who want to get rid of less desirable houses, houses with problems, bad areas etc will be keen to sell.

I am due to exchange soon on my purchase. There is no chain because the house I'm buying is empty and I'm in rented. I would not dream of pulling out to see if prices drop. It's taken many months for a suitable house to come up for sale and I couldn't go through all that again. Houses in my area have been reducing left, right and centre for a long time, not just since 24th June. Deluded sellers eventually realising their house are overpriced, but even at lower prices it doesn't suddenly make them suitable for my needs.

deaglecat

Surely the sane thing to do is.

a) If you are planning to buy in an area that is not overheated (e.g. North), have a secure job and could afford a short term paper loss. GO FOR IT (but consider asking for a discount).

b) If you are at the edge of your finances, in a volatile area (e.g London), worried about your job. WAIT

There are few folks predicting a house price boom from this referendum result.

Timing of the biggest purchase of your life can make quite a lot a difference to your long term wealth....

kilby_007

deaglecat wrote: »

Surely the sane thing to do is.

a) If you are planning to buy in an area that is not overheated (e.g. North), have a secure job and could afford a short term paper loss. GO FOR IT (but consider asking for a discount).

b) If you are at the edge of your finances, in a volatile area (e.g London), worried about your job. WAIT

There are few folks predicting a house price boom from this referendum result.

Timing of the biggest purchase of your life can make quite a lot a difference to your long term wealth....

Short term "paper loss", VS long term real-life saving?