House prices show biggest fall in 6 years - RICS

Arklight

triathlon wrote: »

Well if that's true I would snap one up asap. In the next year I intend to raise rent on average 10% on all my properties because the demand is there. Don't wait for the massive fall in prices that is never going to come

I bought in 2010, looking to trade up now. My property falling in value by 15% won't make much difference to what I can borrow, but the next rung falling 15% will make a massive difference to what I can buy.

Thrugelmir

triathlon wrote: »

Well if that's true I would snap one up asap. In the next year I intend to raise rent on average 10% on all my properties because the demand is there. Don't wait for the massive fall in prices that is never going to come

Demand there might be. Ability to pay is another matter.

PhilE

PasturesNew wrote: »

I've been noting the value of mine on Zoopla since I bought it, not as its value, but to see the "market movement" ... and it dropped £11k this month! It did that in February too though.

I'll be selling mine some time this year ... so don't really want to sit in a stagnant market loitering for a buyer. .... but might have to. At least it'll be decluttered I'll be almost fully packed by the time I invite the agents round to give me a value.

The values on zoopla are very inaccurate. In my experience anyway.

Sapphire

From what I can see around me, there are far fewer properties actually coming onto the market. However, many people are choosing to extend their homes, for example with roof conversions (or whatever they are called). It is very expensive to move (much more so than it used to be), so it is probable that many people are choosing to stay put unless they really have to move. Moving is often not an urgent thing; most people's houses are big enough for families, especially when compared to the way people lived until not so long ago! It's not necessary to move to keep up with the Jones's and 'improve' your perceived status, and these have perhaps often been the motivations for a large number of people to move 'up'.

chucknorris

Sapphire wrote: »

From what I can see around me, there are far fewer properties actually coming onto the market.

We've been looking for a house for about 18 months now, so I certainly agree with that. But out of frustration we have offered (and been accepted) on a house that we think is good (but certainly not our 'dream home'). Although it now looks like that purchase might fall through, as the vendor doesn't want to drop his price to cover code 3 work identified in the home-buyers report.

Crashy_Time

westernpromise wrote: »

A 25% drop would save me around £560k including the stamp duty on the upgrade I'd like to do, so I'd love it to happen, especially as rents would go up as people flood to renting to avoid capital falls - hence more rental income.

Won't happen, of course.

Exactly....:rotfl:

westernpromise

PhilE wrote: »

The values on zoopla are very inaccurate. In my experience anyway.

Agree - Zoopla is currently overstating by about 10% in the parts of London with which I'm familiar, I would say.

chucknorris

westernpromise wrote: »

Agree - Zoopla is currently overstating by about 10% in the parts of London with which I'm familiar, I would say.

I previously posted this last year:

Zoopla is really pathetic, this is what I previously posted last November:

Zoopla estimates are pathetic, I have 3 flats in the same block 2 x 2 bed with gardens and 1 x 3 bed with a balcony. I would estimate the values as 2 bed £435k and 3 bed £475k, Zoopla estimates them at £268/308k and £450k. There is absolutely no way that the 3 bed is worth 77% more than one of the 2 beds, and also there is nothing really in it between the value of the 2 bed flats, whereas zoopla has a £40k difference.

At any point in time I could be wrong about the value of one of the flats, but I will always know the difference in value between the 3 of them.

Zoopla does offer the ability to add more details (i.e. size, gardens etc.) but I couldn't be bothered to register, I wouldn't place much reliance on Zoopla anyway.

kinger101

chucknorris wrote: »

I previously posted this last year:

Zoopla is really pathetic, this is what I previously posted last November:

Zoopla estimates are pathetic, I have 3 flats in the same block 2 x 2 bed with gardens and 1 x 3 bed with a balcony. I would estimate the values as 2 bed £435k and 3 bed £475k, Zoopla estimates them at £268/308k and £450k. There is absolutely no way that the 3 bed is worth 77% more than one of the 2 beds, and also there is nothing really in it between the value of the 2 bed flats, whereas zoopla has a £40k difference.

At any point in time I could be wrong about the value of one of the flats, but I will always know the difference in value between the 3 of them.

Zoopla does offer the ability to add more details (i.e. size, gardens etc.) but I couldn't be bothered to register, I wouldn't place much reliance on Zoopla anyway.

The only prices more insane than Zoopla's are the ones for houses being marketed by Tepilo.

chucknorris

kinger101 wrote: »

The only prices more insane than Zoopla's are the ones for houses being marketed by Tepilo.

I had never even heard of them until today (a friend put her flat on the market with them).