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House Price Crash Discussion Thread
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How do you know the full asking price wasn't already discounted from what would have been offered in another circumstance ?
Because it was comparible with the local market at that time and needed quite a bit of modernising.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Because it was comparible with the local market at that time and needed quite a bit of modernising.
So you bought a house over the market price because you felt the price was going to go up and you wanted to buy.
So why cant you appreciate that sellers may sell under the market price if they feel the price is going down and they want to sell ?
.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
So you bought a house over the market price because you felt the price was going to go up and you wanted to buy.
So why cant you appreciate that sellers may sell under the market price if they feel the price is going down and they want to sell ?
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No, I bought it at market price, because I was efficient, had done my local market research and was readdy to make an offer before the property was advertised in the local EA's / papers.
Of course people may sell for a lower price to secure quickly if need be, but that is not necessarily the general activities of inheritance sales.
Certainly from my experience, they let it go for what the market can achieve.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
People do sell for less out of necessity, its not something you can disprove on one sale, end of.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0
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People do sell for less out of necessity, its not something you can disprove on one sale, end of.
I can agree "necessity" sales are more likely to lower their price.
Inheritance on the other hand hardly comes under "necessity".
That's all I'm saying:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »I can agree "necessity" sales are more likely to lower their price.
Inheritance on the other hand hardly comes under "necessity".
That's all I'm saying
Ok I see what you mean i guess what i'm saying is that when people die the will often is shared. To share the will if its in a property it has to be sold. Therefore it becomes a necessity. Not always but often.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Inheritance is probably a red herring not worth splitting hairs over - the real drops when sellers/banks are forced to sell and employment will be a key driver in this.
People who are mortgaged to the hilt on multiples of what they were earning 3 years ago will obniously struggle if their earning reduced: cuts in overtime/bonus (which were often taken for granted when working out affordability) or redundancy will make selling up a pressing need in many cases. In a tough labour market people will have to be mobile to get jobs, and shifting the house will become even more of a priority.
The market has been artificially propped up by low interest rates and changes to the repossession procedure which have thankfully kept loads more people in their homes, but has instead built up huge numbers of people in mortgage arrears and negative equity.
The longer the market remains dead, the greater the pressure on those who need to sell. I'm expecting real drops in my area (Staffs) over the next 2 years.0 -
The longer the market remains dead, the greater the pressure on those who need to sell. I'm expecting real drops in my area (Staffs) over the next 2 years.
Actually, the longer this takes to pan out, the easier it gets as people are able to take advantage of the lower rates for longer:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
I suspect interest rates need to move off the floor if we are to see any crash. The general outlook for the economy is pretty awful but interests rates at next to nothing is easing the pain. The government will do all they can to prevent rates rising so I think external factors will be required to cause rate rises. However if house prices do crash then the economy is well and truly stuffed so many people won't be able to take advantage of lower prices as they probably won't have a job!0
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The longer they stay low the better for me.
Don,t really care what my house is worth because I do not want to move.X British Gas engineer and X BG sales adviser.
Please don,t let this put you off.0
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