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Buyers want £7k off after survey

124

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    jimbog wrote: »
    From your link:
    What’s actually happening to prices?
    According to the latest figures from Nationwide, house prices rose at an annual rate of 1.9% in November


    What happened to transactions? Fantasy price doesn`t work too well without a buyer, as we have discussed many times ;) Most people now realise that rising house prices are not a good thing, in fact they are one of the biggest disadvantages for working people now, all due to a property bubble created by bankers for bankers.
  • ACG
    ACG Posts: 24,724 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Do I sense you getting a bit excited Crashy?
    Brexit must be getting you all tingly inside, after 4 years you may FINALLY be able to claim how right you were.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ACG wrote: »
    Do I sense you getting a bit excited Crashy?
    Brexit must be getting you all tingly inside, after 4 years you may FINALLY be able to claim how right you were.


    4 years? The property market has been a burst and propped up bubble a lot longer than that, which is why the fallout from Brexit and other economic developments will be massive, much much worse than it needed to be. Quibbling over 7k at this point is really counter-productive IMO.
  • 51mm5
    51mm5 Posts: 177 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    Crashy_Time wrote: »
    What happened to transactions? Fantasy price doesn`t work too well without a buyer, as we have discussed many times ;) Most people now realise that rising house prices are not a good thing, in fact they are one of the biggest disadvantages for working people now, all due to a property bubble created by bankers for bankers.

    Dwindling transactions maybe less sellers putting house up for sale and staying put. Funny thing is this may have the opposite effect to the house price drops you desire as demand starts to outstrip supply. Remember, average uk house prices are still increasing.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    51mm5 wrote: »
    Dwindling transactions maybe less sellers putting house up for sale and staying put. Funny thing is this may have the opposite effect to the house price drops you desire as demand starts to outstrip supply. Remember, average uk house prices are still increasing.


    Best not to bet too heavily on that one, especially with borrowed money IMO.


    https://www.independent.co.uk/news/uk/politics/eu-immigration-sajid-javid-home-secretary-slash-brexit-a8685646.html#comments
  • Lloyd90
    Lloyd90 Posts: 112 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    You do realise that the demand for housing BY FAR comes from young adults moving out of their family homes and wanting a place of their own etc?
    Not from migrants.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Lloyd90 wrote: »
    You do realise that the demand for housing BY FAR comes from young adults moving out of their family homes and wanting a place of their own etc?
    Not from migrants.


    But that demand alone can`t support current house prices, because transactions are falling even with interest rates at their lowest ever, and the government still had to introduce daft lending "schemes" to keep the whole thing ticking over, and that is before Brexit has even happened!
  • ACG
    ACG Posts: 24,724 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Crashy_Time wrote: »
    4 years? The property market has been a burst and propped up bubble a lot longer than that, which is why the fallout from Brexit and other economic developments will be massive, much much worse than it needed to be. Quibbling over 7k at this point is really counter-productive IMO.

    You joined here in 2014...
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Lloyd90 wrote: »
    You do realise that the demand for housing BY FAR comes from young adults moving out of their family homes and wanting a place of their own etc?
    Not from migrants.


    That is elastic demand though, because they have the choice of staying where they are, and if there is any kind of negative effect on jobs from Brexit or a big recession brewing globally, less and less of them will be moving out IMO. We could end up in the position of house prices crashing with rates still at rock bottom :(
  • FBaby
    FBaby Posts: 18,374 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I would demand to see the valuation. For all you know, it won't be a valuation but a quote... Given by a body tradesman... Massively inflated.

    The reality is that they went high because they really want it and are now trying their luck. There is a risk they pull out but most likely they will either go for it or negotiate lower.

    In the instance though they could be right, I would definitely agree on the cost although looking at whether you are olindeed responsible for the full costs as otherwise you'll likely find yourself in the same situation with another buyer.

    Most likely they are paying you up.
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