How low will property go?

lisyloo

Ther are always forced sellers chuck.
The 3 Ds - debt, divorce, debt.
Might not be the norm, but market prices are decided at the margins.

Btw - with the benefit of hind sight, do you think you/she left it too late?
Personally I didn't expect brexit

chucknorris

lisyloo wrote: »

Ther are always forced sellers chuck.
The 3 Ds - debt, divorce, debt.
Might not be the norm, but market prices are decided at the margins.

Btw - with the benefit of hind sight, do you think you/she left it too late?
Personally I didn't expect brexit

There will always be forced sellers but not IMO in sufficient numbers to cause a crash.

We didn't expect it either (but it wasn't a 1,000/1 shot, so it couldn't be entirely dismissed (look at Leicester at 5,000/1)). But there was no option on when to sell anyway, she had promised her mother that she could live in the house rent/expenses free, and that promise was kept, she is selling because her mother passed away.

EDIT: We are going to upsize (this will partially mitigate any reduced equity from the sale) our home anyway, hopefully next year, we have found at least one street (the search continues) that we want to live on, so we are just waiting for a suitable house to come onto the market. Being a cash buyer in a stagnant market should put us in a good position when buying.

lisyloo

Sorry to hear about that, but I know it will be some comfort that you did things for her whilst she was alive.

chucknorris

lisyloo wrote: »

Sorry to hear about that, but I know it will be some comfort that you did things for her whilst she was alive.

She died unexpectedly, so it was yet another reminder that we don't know how long we've got, so we should all make the most of your life while we can. That is my focus now, not how much our properties are worth.

mwpt

lisyloo wrote: »

Ther are always forced sellers chuck.
The 3 Ds - debt, divorce, debt.
Might not be the norm, but market prices are decided at the margins.

Btw - with the benefit of hind sight, do you think you/she left it too late?
Personally I didn't expect brexit

Too late? Does that mean you think there are price drops occurring around London? I see that the out of reach to any normal person areas like Kensington and Chelsea are seeing price drops, but in my area, I don't see reductions in asking prices.

Chuck, what is your take, particularly for the property your wife is selling?

chucknorris

mwpt wrote: »

Too late? Does that mean you think there are price drops occurring around London? I see that the out of reach to any normal person areas like Kensington and Chelsea are seeing price drops, but in my area, I don't see reductions in asking prices.

Chuck, what is your take, particularly for the property your wife is selling?

We just don't know, my wife has met with 7 estate agents (yes 7, I thought that it was a bit over the top too), they all more or less said the same thing, that everyone (buyers and sellers) were sitting on the fence, waiting to see what happens, ignoring one much lower suggested price from one agent, (which indecently is what we actually thought that it was worth about 3-4 months ago, and was the value on our spreadsheet), the rest range from £150k to £300k higher, so we are optimistic. It does have redevelopment opportunities for conversion into 3 flats, hence meeting more than a couple of agents.

The-Joker

mwpt wrote: »

Too late? Does that mean you think there are price drops occurring around London? I see that the out of reach to any normal person areas like Kensington and Chelsea are seeing price drops, but in my area, I don't see reductions in asking prices.

Chuck, what is your take, particularly for the property your wife is selling?

There are almost certainly price falls coming to London and the rest of the UK, you aint seen nothin yet

chucknorris

The-Joker wrote: »

There are almost certainly price falls coming to London and the rest of the UK, you aint seen nothin yet

Not another London property crash? Bloody hell, that'll be about the 15th crash predicted in the last decade, but strangely, they are still a lot higher than they were, funny that.

westernpromise

The longer the uptrend goes on, the more crash trolls it creates.

Crashy_Time

lisyloo wrote: »

Ther are always forced sellers chuck.
The 3 Ds - debt, divorce, debt.
Might not be the norm, but market prices are decided at the margins.

Btw - with the benefit of hind sight, do you think you/she left it too late?
Personally I didn't expect brexit

Chuck is at least a couple of years too late probably, as I told him many times, but some people just can`t sense the changes as they blow through, Chucker is definitely one of the richest/ smartest guys at the party..... until he isn`t :rotfl: The microscopic clown collective that post on here are definitely a good reflection of the wider HPI mania that took over UK society for a decade or so, and they will no doubt wonder what happened as all their imaginary gains blow South for the credit winter that is approaching.