How many people pulling out?

Doozergirl

izzybusy23 wrote: »

I think you've completely missed the sarcasm in my post. :rolleyes:

I am a tenant actually and I am looking at the mess from the sidelines. Sorry, but people ARE coming on here with overpriced tat, asking if a lick of paint or different photo's is going to sell it, and completely over look the fact that its the price why its failing to sell.

Are you worried about a HPC then as your comments were rather picky to my perfectly honest reply.

Yeah you're right. I still can't find the sarcasm in it at all. The way you talk about genuine people asking for genuine advice is just plain abrasive. Why generalise about people like that? People need help and advice, not harsh criticism for them to see where they might be going wrong.

They generally don't ask if a lick of paint or different photos will help. That might be part of the advice offered but the question from the OP usually relates to why the house isn't selling in general and the advice given covers a broad spectrum. Of course the way a house is presented both in reality and in EAs photos makes a difference. Price moreso.

I've already replied to the OPs question.

TTMCMschine

Taadaa wrote: »

I disagree with that. We don't have a sizeable deposit because we are using our equity to pay off a loan. We have had not problems getting a mortgage.

Like others, I want a home rather than an investment, and in my head I have already moved. I've no intentions of pulling out now, after wanting this for so long!

You might have a mortgage now, it was probably already arranged a few weeks ago? but banks & bs's are pulling in the reigns now on their lending. There is a rumour that a second instsution also has had borrow, & that the NR had to borrow £3 billion from the BoE to keep themselves afloat.

Thats an awful lot of money & a very big problem thats only just surfacing.

WTF?_2

vikingaero wrote: »

Abbey launched a 125% mortgage in the wake of the Northern Rock debacle.

WooHoo - instant negative equity!

Anyone borrowing 125% of the cost of the house they want to buy in the current market is asking to lose their shirt.

Pepstar_2

Doozergirl wrote: »

Cheaper prices are likely to be your imagination playing tricks now that you are going through with a purchase or the fact that you were paying too much in the first place. Vendors will not come to the market at cheaper prices if others have sold for more - it's fair to say that most people want the best price and they will only drop in response to few or no viewings or simply pull the house from the market altogether.

I think it is bad to renegotiate based on not wanting to pay any more (why offer in the first place?).

Hmm I see your point - however, the people selling are having financial difficulty and if it was the other way round i.e. HPI skyrocketing, I am sure they would be increasing the price.

But thanks for your input - it's greatly appreciated :cheesy: *enter a smiley other than the cheesy one - just a smiley one - I couldn't find it*

franklee

Doozergirl wrote: »

I hate to point it out, but that is very much part of what this forum is about. People have been doing that for years now. Also, if my house isn't overpriced, I'm hardly going to need any advice on where I'm going wrong on here now, am I?

Maybe so but it's becoming extreme now. I saw a thread the other day where the house was presented perfectly well. The advice given out was to change the bed linen as it was too dark, make sure it wasn't wrinkled. Move a bit of furniture about, put out flowers etc. This all for an already immaculate house!

On price posters were making comparisons with other similar properties on rightmove that WERE NOT SOLD so who is to say they are not overpriced too? Very few mentioned that the asking price was over 50K above the ACTUAL SOLD prices for that road on https://www.houseprices.co.uk.

I kept out of the thread so as to be polite or I would have posted something about rearranging deckchairs on the Titanic

Generali

nelly wrote: »

Wasnt it a stock/money market thing that triggered the last crash 15 years ago?

Not really. The economy going seed eating birds up made both happen last time around.

This time it's different. This time I fear that we could be in real trouble. I hope not but the signs are pretty ominous. 1990s Japan is a possible parallel. The worst thing is that I fear that the Yanks may well be out of cash too.

HugoSP

!!!!!!? wrote: »

WooHoo - instant negative equity!

Anyone borrowing 125% of the cost of the house they want to buy in the current market is asking to lose their shirt.

Agreed 100%, and I am not a supporter of the HPC theory. These mortgages are created on the basis that property prices will climb by a further 25% or more in the medium term. I don't think they will.

As I have said on another thread, they may stagnate or go up a few %, when the BoE sends out clearer signals about the interest rate. However they could drop by some 10% in my area.

HugoSP

izzybusy23 wrote: »

I think you've completely missed the sarcasm in my post. :rolleyes:

I am a tenant actually and I am looking at the mess from the sidelines. Sorry, but people ARE coming on here with overpriced tat, asking if a lick of paint or different photo's is going to sell it, and completely over look the fact that its the price why its failing to sell.

Exactly how many such postings or request for advice are you judging this 'mess' by?

It could be as much as double figures I suppose, lets be generous and say 12, (though I think its more like 5) in recent weeks.

Hmm, how many houses are there for sale at the moment in the UK?

Sales are down but they are still happening. Properties don't sell because they are overpriced, or because they are unmortgagable or both. one agent I spoke to reported sales down 50%, whilst another in a rural area spoke of having trouble only with selling modern estate type houses. Individual and character houses were still doing OK, and no, we weren't buying a house through him.

But then I suppose he's bound to put a positive spin on it...

Generali

HugoSP wrote: »

Nail on head:T

Things are a bit uncertain at the moment but we've had periods before, look at 9/11. 20% wiped off stock markets, and no housing crash, just slow progression.

3 years ago the market slowed up but started slowly.

The US economy was already entering recession and stock prices were falling prior to 9/11. That was because there had been a bubble in TNT stock prices. Investment had been misdirected so wealth was destroyed. Normal capitalism.

Greenspan (and other central bankers inc. the BoE) reacted to the US recession by printing huge amounts of money causing asset price inflation. That why house prices are at the level they're at now and the decisions back then could well be the ones that cause a particularly nasty does of stagflation or deflation over the next few years.

We'rre aaall dooomed!

Taadaa

TTMCMschine wrote: »

You might have a mortgage now, it was probably already arranged a few weeks ago? but banks & bs's are pulling in the reigns now on their lending. There is a rumour that a second instsution also has had borrow, & that the NR had to borrow £3 billion from the BoE to keep themselves afloat.

Thats an awful lot of money & a very big problem thats only just surfacing.

We had a promise a while ago, mortgage approved yesterday. But yes I think that problems are only just beginning for some people.