House Price Crash Discussion Thread

neverdespairgirl

HammersFan wrote: »

So it may be that 'headline figures' show some drops, but that the majority of family homes in good areas hold value or even rise (as they seem to be doing where I live).

It may be the case, yes. But personally, I doubt it. The huge shortage of credit will affect, on average, buyers of all types of houses or flats.

neverdespairgirl

guidarufino wrote: »

I must say though that I think talk of a massive housing crash are completely ludicrous and exaggerated, as are reports of a recession. I think these stories are fuelled to a large extent by our ever hysterical British media who love this kind of story as it's the sort of story that sells newspapers.

Why are they ludicrous?

It's not at all because of the media, IMO. The credit bubble and then crunch came first.

neverdespairgirl

chucky wrote: »

Back to the topic - in Central London as far as 1 beds are concerned, Sellers are maintaining there asking prices and discounting by very little. There are definately properties that are dropping in value but these properties that aren't great for whatever reason. 'Good' properties seem to be going for asking price or very close, however they seem to be taking slightly longer to sell.

Not in my experience, and I'm also keeping a close eye on central London (WC1, mostly, in my case).

Take Russell Court in Bloomsbury. It's a good example, because it has a lot of similar, studio / 1 bed, flats, and there are always some for sale. Normally they sell quickly, there's a fast turnover. But now they are sticking.

Looking at Property Bee, on Rightmove there have been (since 12th March 2008) 26 price reductions and 2 price increases on asking prices for 1 - 3 bed places in WC1.

m00m00

I'm tracking E1 and SE1 via property bee, and seeing the same kind of reductions in % terms as I see everywhere else.

you don't have to be intelligent or educated to see that there is something happening in the housing market at the moment. You need to be either particularly blinkered or slightly stupid to be constantly in denial about things in the face of overwhelming evidence.

if the boom took many years to play out, why shouldn't any correction take an extended period of time too. Houses are not going to change value overnight or even within a month, it's going to take years for all this to play out.

Nenen

m00m00 wrote: »

I'm tracking E1 and SE1 via property bee, and seeing the same kind of reductions in % terms as I see everywhere else.

you don't have to be intelligent or educated to see that there is something happening in the housing market at the moment. You need to be either particularly blinkered or slightly stupid to be constantly in denial about things in the face of overwhelming evidence.

if the boom took many years to play out, why shouldn't any correction take an extended period of time too. Houses are not going to change value overnight or even within a month, it's going to take years for all this to play out.

Couldn't agree more MooMoo... in my area (Cambridge) it started with a properties sticking, then an increasing number of reductions of 5K (on properties between 200-350K so a 'drop in the ocean') for the last few weeks. In the last few days I've suddenly seen some drops of 15-30K (more of a cloudburst)!!!!!!:j:j:j I LOVE your graphs and data analysis MooMoo... you don't fancy adding CB1 to your list of areas to track do you?

m00m00

consider it done, first 'report on cb1' will be here in 7 days time

I'll grab a 'base sample' this afternoon.

riddle_2

I've got a house up for sale and the estate agent has just been approached by a company making an offer on which they will complete when they have sold through their agent to a 3rd party buyer. They clearly expect to sell higher than they have offerred. Do they know something about the market that the rest of us don't. How much of the hype is being generated by organisations/individuals who stand to make a lot of money if the hype proves to be wrong.

PasturesNew

dolcevita wrote: »

she's off again


:heartsmil :heart2: :smileyhea :kisses2: :heartpuls :happyhear :happyhear :blushing:


I'd better go and have a lie down before I get too excited.

She IS posh isn't she.
I've not read the bible, certainly wouldn't ever quote from it.

I bet you're off thinking about hockey fields and gymslips now.

PasturesNew

Nenen wrote: »

... in my area (Cambridge) it started with a properties sticking, then an increasing number of reductions of 5K (on properties between 200-350K so a 'drop in the ocean') for the last few weeks. In the last few days I've suddenly seen some drops of 15-30K (more of a cloudburst)!!!!!!
I LOVE your graphs and data analysis MooMoo... you don't fancy adding CB1 to your list of areas to track do you?

I used to live there.
It was pants.
Low wages, high house prices.

I was there in the last recession.

Well "there". Nobody lives "there". "the people" all live on the outskirts/in the villages (only posh people and council houses in the town). But you know what I mean.

Nenen

PasturesNew wrote: »

I used to live there.
It was pants.
Low wages, high house prices.

I was there in the last recession.

Well "there". Nobody lives "there". "the people" all live on the outskirts/in the villages (only posh people and council houses in the town). But you know what I mean.

I know exactly what you mean PN! It is certainly difficult to make ends meet living here. City houses are either 0.5 million ++++ or ex-LA for about 0.25- 0.33 million+! I do think Cambridge is a beautiful city though. I love the cultural mix, the history of academic excellence and the amazing architecture. We've also got fantastic theatres, cinemas, museums etc on our doorstep... as well as quick links to London and most of the rest of the country. It also feels relatively safe compared to most cities I've been in. I guess that's what makes it so expensive! As you can see... I'm trying to look on the bright side today!