House Price Crash Discussion Thread

Mine'sAPintPlease

I've just sold my flat within a week of it going on the market, and it got 2.5 k more than the estate agent thought it was valued at. I didn't expect such a quick sale and now I'm torn what to do, although I still feel that renting would be a waste of money and also risky.

I really don't buy the idea of a crash - listening to the moneybox programme on Radio 4 (the mp3 was posted here the other day), they were suggesting a slow down but certainly no slump and that the papers had somewhat twisted the facts to create a more overly dramatic headline (of course papers never do this sort of thing normally ;-). The Halifax were suggesting that prices will still increase by 3 to 5% over the next year.

Also a report today is saying that the population will increase by 4 and half million by 2016. These people all need a home and we're always hearing about a shortage of houses.

Offering 15% below the asking price ain't gonna get you many offers. As my experience the last few days has proved, I could still get a very good price for my flat and quickly too.

tristan727

I've just been to Cyprus & the estate agent particulars in the windows simply have the prices slashed through, with a new price underneath. I like this - and even got me thinking about buying a small pad there - unlike when I come back to London & all the agencies still plastering on sold & subject 2contract (?) properties...& the unsold ones all asking the same b.s. prices from the summer. If they want to carry on pretending everything's okay-dokey, up to them - but am fed up with the whole attitude & won't be moving upwards over here.

AmbleBall_2

Hello All,
I believe that if people believe it enough it can affect the market look at Northern Rock!

I do not think there will be a huge crash but due to uncertainty in the market there is a room for negotiation on the buyer’s side. The lower ends of the market like flats are still selling reasonably well. I believe it is the middle range and some upper end that are feeling the difference usually due to the fact that people are looking to stretch their budget and worry about what exactly is being noted on here with negative equity and repossession.:eek:

I agree that sometimes offering 10% below results in rejection but as many have said do some research: How long has it been on the market, Prices in the area over past 2-3 years (rightmove can offer you this info, but also ask estate agents), development in the area potential and current (for better or worse), has the seller got somewhere already, if you want to laugh when the seller tells you what they aer wanting not what they can get and so on.:T

Shaz made a good point about estate agents chasing the buyer now it’s nice to have the service you want, even personal posting of potential properties, regular calls and new best friends!:rotfl:

tr3mor

AmbleBall wrote: »

The lower ends of the market like flats are still selling reasonably well.

Tell that to my ex-LL and all the other BTL shoebox owners.

Our old flat has been on the market for 6 months, the asking price has been dropped by over 10% and it's still not sold.

AmbleBall_2

I did say REASONABLY well!:o They have not stopped selling (reduced asking/ selling prices) as much as the middle top end up north (not sure whee you are?). You always get the exceptions....now I have said that mine will be one!!:mad:

tr3mor

AmbleBall wrote: »

I did say REASONABLY well!:o They have not stopped selling (reduced asking/ selling prices) as much as the middle top end up north (not sure whee you are?). You always get the exceptions....now I have said that mine will be one!!:mad:

The flat was in Manchester.

I just noticed that you're a new member. Welcome to MSE!

(You refer to "up north" and your name is AmbleBall. Is that Amble in Northumberland?)

hgllgh

As I suspected ... we just have a load of overlapping discussion threads.
AND, Divadee has closed my thread on this matter.

Does anyone else think we should push for a House prices board?

All we need is one more board... Rename the existing board to:-
"House Buying, Selling, and Renting"
and create a new board for "House prices".

To shove this most important issue into a sticky is ridiculous.
For example. The credit cards board has a sticky for "Egg Loophole - Case Study needed". So House prices are on a par with an Egg loophole?

hgllgh

Does anyone have rights to start a poll on this ?

AmbleBall_2

Yep Good old Amble the centre of the universe!!:T

Thank you for the welcome Tr3mor

tr3mor

AmbleBall wrote: »

Yep Good old Amble the centre of the universe!!:T

Thank you for the welcome Tr3mor

I used to live in Morpeth. Does Amble still have brilliant fish n chips at Charlie's?