Do you want house price to rise or fall?

oz0707

lisyloo wrote: »

Good point.
Rise in lenders valuing homes below sale price


https://www.bbc.co.uk/news/business-44202542

Probably down to asking prices seem to have jumped a lot in last 18months. Is there a stat for asking prices as opposed to transaction prices?

movilogo

Rise in lenders valuing homes below sale price

https://www.bbc.co.uk/news/business-44202542

lisyloo

oz0707 wrote: »

Probably down to asking prices seem to have jumped a lot in last 18months. Is there a stat for asking prices as opposed to transaction prices?

Did you read the article?
Some that work in the industry says surveyors covering their backs as they expect falling prices.

Thrugelmir

lisyloo wrote: »

Some that work in the industry says surveyors covering their backs as they expect falling prices.

Or are seeing reducing prices in certain localities. Movements will be gradual.

oz0707

lisyloo wrote: »

Did you read the article?
Some that work in the industry says surveyors covering their backs as they expect falling prices.

Yes I've read it but they are downvaluing on the initial agreed purchase price. I think house asking prices may have risen more in terms of % than actual transaction prices. Like ie house prices +3% yet asking prices +6%? Just wondered if there were any stats. Perhaps I'm talking nonsense it is hot!

lisyloo

What makes you think asking prices have risen rather than selling prices have fallen?
It's possible that sellers expectations have not yet adjusted I guess but curious what your rationale is.

Agree with Thrug about markets being local rather than national, but in general if surveyors down value that means buyers lower their offers, partly because they have hard evidence the property is worth less but also because mortgage companies will lend based on that figure and many buyers won't be able to exceed it.

oz0707

Reason is because houses which were being listed at x here 18months ago are being listed for y now. The percentage this has increased is more than this area (east mids) hpi. Perhaps they are also selling for this but when I had my place valued recently agent commented that the listing prices aren't nessecarily what they are achieving. Same as always I suppose but did seem to make a point of it with regards to local listing prices being high. Anecdotal really

martinbuckley

I'm a homeowner and would be happy for them to fall. I don't get why folk celebrate the rise in the cost of putting a roof over their heads, yet moan endlessly about the rise in the cost of heating that house.

HornetSaver

As a homeowner, I want house prices to fall in real terms but not cash terms. So in other words I want them to rise by lower than the rate of inflation.

Clearly the market needs to cool down so that the ability to own a home for 90% of first time buyers is not as strongly tied to ability to move to a cheaper part of the country or the bank of mum and dad (I benefitted from my ability to move to the east midlands from the home counties, plenty of people simply can't do that, plenty of others could, but only by giving up on the best career path for them). But I don't want anyone to end up in negative equity as a result of the necessary correction.

lisyloo

martinbuckley wrote: »

I'm a homeowner and would be happy for them to fall. I don't get why folk celebrate the rise in the cost of putting a roof over their heads, yet moan endlessly about the rise in the cost of heating that house.

One is an asset the other is a consumable.