Daily Mail - asking prices slashed

westernpromise

Windofchange wrote: »

Like 3 - 400 grand high?

I pay a mortgage cheers, but no chance of hitting the next rung despite a joint income well into six figures. Not round London anyway. Everyone other than those getting out at the top needs a price drop. I'd happily lose 200k off our place to get 400k off our next one!

Whatever economic dislocation came along that was large enough to take £200k off the value of your house would stand a good chance of losing you your job also; or of losing your potential buyer their job, so you can't sell for £200k off.

There is no scenario in which prices simply drop 25% without pain or consequence except for people you hate.

It would also dissuade anyone from selling, which is why transaction volumes collapse in slumps.

westernpromise

Conrad wrote: »

So I've split my office and rent one halve to an Agent. I have a good laugh listening to them bemoaning greedy vendors that insist their special home is worth more than it is. It's a daily battle - those that say Agents push-up prices are largely speaking rot - Agents WANT keenly priced property - they don't get paid for non-selling over priced stock. Daily I hear them battle with ambitious vendors insistent their property is still going up and worth £100k more than the others in the road


It amuses me that people of forums tend to claim they are not bothered what their house is worth - this is just another virtue signalling myth like those proclaiming they are good drivers and would love to pay more tax

Unless you're selling, remortgaging (where LTV matters), or struggling with the mortgage payments, you shouldn't really give a stuff what your house is worth from day to day. It's not a day trade, it's long-term-buy-and-hold trade.

Crashy_Time

westernpromise wrote: »

Whatever economic dislocation came along that was large enough to take £200k off the value of your house would stand a good chance of losing you your job also; or of losing your potential buyer their job, so you can't sell for £200k off.

There is no scenario in which prices simply drop 25% without pain or consequence except for people you hate.

It would also dissuade anyone from selling, which is why transaction volumes collapse in slumps.

Transaction volumes have already crashed, the only way they will come back is if house prices...well, crash.

westernpromise

Luckily you don't have to worry about prices crashing, Crashy.

Firstly because you don't own any, secondly because prices would have to crash by 130% for you to break even, and thirdly because even if that did happen you'd still be scared to buy and would for a fall of 200%.

It must be a huge relief never to have to worry about your net worth declining because it's nil.

chris_m

Windofchange wrote: »

Daily Mail - asking prices slashed

They could slash the price to zero and I still wouldn't buy that rag

Malthusian

Conrad wrote: »

It amuses me that people of forums tend to claim they are not bothered what their house is worth - this is just another virtue signalling myth like those proclaiming they are good drivers and would love to pay more tax

As a tangent, I read on the Grauniad today that there is actually an option to pay tax voluntarily - in the last two years the number of people that have done so is fifteen.

So when someone says "I would be happy to pay more tax for better public services" you know with certainty that what they mean is "I would be happy for other people to pay more tax".

chappers

westernpromise wrote: »

There is no scenario in which prices simply drop 25% without pain or consequence except for people you hate.

Generally true but the last price correction probably averaged out at that and whilst the economy slumped and there lots of pay freezes etc. Employment rates weren't unduly affected. certainly not like the early 90s.
The independence of the Boe has a lot to do with that together with lots of other tools now at their disposal

Pobby

Yes but this is crazy. Having bought my ex-brother in law interest in my wife's sisters house in the south-east some 4 or 5 years back, the place has increased by some 80% or thereabouts. Mad.

chappers

couldn't agree more just sold a house for over 7 times what we paid for it in 1996.

westernpromise

Pobby wrote: »

Yes but this is crazy. Having bought my ex-brother in law interest in my wife's sisters house in the south-east some 4 or 5 years back, the place has increased by some 80% or thereabouts. Mad.

Which price was wrong? The price then or the price now? How do you know?