Is the market dipping? Selling difficult?

cashbackproblems

kilby_007 wrote: »

I just had a quick look at Bromley myself, what the hell! 49 new properties and 31 reductions in one day yesterday! How big is Bromley? My rightmove search area covers a large town and 6 villages and yesterday I only saw 8 new properties and 10 reductions.

Anyway, if it's true that this area is "buoyant" then I'm surprised there were 31 reductions in one day. That is not an attribute associated with rising house prices...

Yep this is exactly what i am saying , the other poster ramping (im guessing a seller) seems to have gone quiet?

I have been looking in this area for 1yr plus and now seeing huge reductions and unsold properties like you say, Bromley is a big borough and commuter town and it shows that the ripple from central london to great london is already in process. Lots of people in the city and banking ie my colleagues are nervy of their jobs and just this week many banks announced hiring freezes and one is closing its private banking branch over the next 12 months...

Samsonite1

cashbackproblems wrote: »

Yep this is exactly what i am saying , the other poster ramping (im guessing a seller) seems to have gone quiet?

I have been looking in this area for 1yr plus and now seeing huge reductions and unsold properties like you say, Bromley is a big borough and commuter town and it shows that the ripple from central london to great london is already in process. Lots of people in the city and banking ie my colleagues are nervy of their jobs and just this week many banks announced hiring freezes and one is closing its private banking branch over the next 12 months...

There will always be some areas that are more protected than others. Admittedly, I spent the last year concentrating on Orpington and a certain (drawn) area within (taking in all the good schools). The good transport links and number of highly rated state schools seems to keep demand high in certain areas here at least - school catchments are shrinking each year and everyone I know locally with little kids is looking, in the process of buying or has recently moved. I admit that this may not reflect anywhere else in the country, but hard to see it slowing down too much particularly with the demand for the schools. There are zero first time buyer properties near the schools (unless you maybe earn £250k a year or inherit a lot of money).

kilby_007

cashbackproblems wrote: »

Yep this is exactly what i am saying , the other poster ramping (im guessing a seller) seems to have gone quiet?

There do seem to be a lot of people from the "waiting for a buyer" thread posting in the Brexit related threads saying:-

"the only way is up"
"prices can't fall"
"it's different this time"
"there's under supply"
"there's still high demand"
(take your pick)

.... and making accusations about the realists being "crash trolls" and if a housing market crash happens, it'll be all down to such posts on internet forums destroying sentiment, apparently! :rotfl:

I guess it's a desperate bid to reassure themselves that their homes/investments aren't losing value. If it wasn't down to people's greed and expectations that their homes should be worth double what they paid for them 5 years ago then the housing market wouldn't be in this mess in the first place. Deal with it.

Samsonite1

kilby_007 wrote: »

There do seem to be a lot of people from the "waiting for a buyer" thread posting in the Brexit related threads saying:-

"the only way is up"
"prices can't fall"
"it's different this time"
"there's under supply"
"there's still high demand"
(take your pick)

.... and making accusations about the realists being "crash trolls" and if a housing market crash happens, it'll be all down to such posts on internet forums destroying sentiment, apparently! :rotfl:

I guess it's a desperate bid to reassure themselves that their homes/investments aren't losing value. If it wasn't down to people's greed and expectations that their homes should be worth double what they paid for them 5 years ago then the housing market wouldn't be in this mess in the first place. Deal with it.

I see it from both sides really. I only remarked that the (ok small) area I have obsessed with over the past year (and just bought) is still going up in value to this day. No hope needed for me - I am staying here for 20 years as I have guaranteed good primary and secondary schooling which was the only reason to move (was not looking to make money per se). I will be disappointed if the value goes down in 20 years though, but will have paid the mortgage off by then and could always rent it out or make whatever decision in 20 years - way to far ahead to know what is happening in the market!

Crashy_Time

kilby_007 wrote: »

There do seem to be a lot of people from the "waiting for a buyer" thread posting in the Brexit related threads saying:-

"the only way is up"
"prices can't fall"
"it's different this time"
"there's under supply"
"there's still high demand"
(take your pick)

.... and making accusations about the realists being "crash trolls" and if a housing market crash happens, it'll be all down to such posts on internet forums destroying sentiment, apparently! :rotfl:

I guess it's a desperate bid to reassure themselves that their homes/investments aren't losing value. If it wasn't down to people's greed and expectations that their homes should be worth double what they paid for them 5 years ago then the housing market wouldn't be in this mess in the first place. Deal with it.

Agreed. Many posters have been doing this for years though. The difference now is that we actually did just enter uncharted waters, it is no longer only speculation and rumour on a certain website favoured by the "Crash Lovers". I guess some people have just upped their posting rate and kept going with the "Buy Buy Buy" stuff in a rather futile attempt to keep reality at bay, rather than accepting that there has been a sea change and taking steps to engage with the new reality (classic investing mistake) Of course with property being so illiquid it is very hard, or impossible even, to unwind bad decisions from a time when everyone was delirious with never ending HPI.

Harper123

kilby_007 wrote: »

There do seem to be a lot of people from the "waiting for a buyer" thread posting in the Brexit related threads saying:-

"the only way is up"
"prices can't fall"
"it's different this time"
"there's under supply"
"there's still high demand"
(take your pick)

.... and making accusations about the realists being "crash trolls" and if a housing market crash happens, it'll be all down to such posts on internet forums destroying sentiment, apparently! :rotfl:

I guess it's a desperate bid to reassure themselves that their homes/investments aren't losing value. If it wasn't down to people's greed and expectations that their homes should be worth double what they paid for them 5 years ago then the housing market wouldn't be in this mess in the first place. Deal with it.

I've now sold my house (as in exchanged, completed and moved) and am looking for somewhere new to buy. Therefore I would benefit hugely by price reductions as I've already made my profit selling my house.

However, in the areas I'm looking in there is no current evidence of prices of reasonably (as in for the area at the current time) priced houses being reduced and they are still selling.

david1951

Of the 12 properties on my old watchlist (in Brighton), 4 have been reduced.

http://www.rightmove.co.uk/property-for-sale/property-40398870.html
http://www.rightmove.co.uk/property-for-sale/property-40837113.html
http://www.rightmove.co.uk/property-for-sale/property-41220198.html
http://www.rightmove.co.uk/property-for-sale/property-41464767.html

However, 3 of those were pre-Brexit, and 1 has just sold. So that is inconclusive. Only 12 houses have come on in that price bracket 500-600 over the last two weeks in the (fairly large) area I was looking. There would appear to be a shortage of both buyers and sellers. I'm not sure the market will 'crash' unless banks stop lending, which doesn't appear to be happening. If it does, so be it.

I guess it's a desperate bid to reassure themselves that their homes/investments aren't losing value. If it wasn't down to people's greed and expectations that their homes should be worth double what they paid for them 5 years ago then the housing market wouldn't be in this mess in the first place.

There is desperation on both sides of the debate. Some people are desperate not to lose money, and some are desperate to get on the housing ladder.

Everyone is greedy.