Sellers acting with more savvy?

trulysaintly

!!!!!!? wrote: »

alternatively:

http://news.sky.com/skynews/xml/article/0,,91070-1197557657,00.html

Great news for would-be buyers everywhere. The latest housing market data reveals house prices are falling in all regions across the country. Even London, which experienced the strongest house price growth over the summer, has fallen into decline.
That's according to the newly published UK housing market survey from the Royal Institution of Chartered Surveyors (RICS) which reveals sentiment has deteriorated yet again. The results first turned negative in August and have declined further every month since. The index now shows 41% more surveyors reporting falling rather than rising house prices in the three months to November.
These are the most pessimistic results since May 2005 as the trend of falling house prices shows little sign of abating. Surveyors are gloomy on their expectations for prices in all parts of the country going forward, with confidence falling to the lowest level since the survey began.
What's more, the level of newly agreed sales is dropping at the fastest pace since April 1999. New enquiries from buyers have also taken a heavy fall while new instructions to sell property dropped for the sixth month running.

Always good to be informed before making a decision on spending (or rather, taking on debt) hundreds of thousands of pounds.

As things stand, the longer you hold off buying, the cheaper your house is likely to be, the less debt you'll have to carry.

Fair point, but RICS aren't always correct either. They were amongst the biggest dissenters against HIP's, funny that as it affects the amount of business they get - wonder why???/?//!!!!

My main point is to cut your cloth accordingly - do not overstretch your finances.

Listen to all the commentators in the press, take on board their views, and believe half of what you hear.

trulysaintly

boinging wrote: »

Thank god you put in your signature "Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice".

In two years time, if you bought a house today you would be wondering why you had listened to people saying it's only a blip.

So why are you believing now that there's going to be a price crash ?

Because it's in the press?????? It's all about supply and demand - ask any estate agent.

And at the moment, there's demand in most of the country, and not a lot of supply. The one's to worry about prices are the areas of the country who have seen the biggest increases in the last 3 years.

If prices have been traditionally strong in areas such as the South there will be a correction but to say a crash is scare mongering....

Aiko_2

As things stand, the longer you hold off buying, the cheaper your house is likely to be, the less debt you'll have to carry.

Unless borrowing multiples/availability is restricted I suspect that won't happen.

People have got used to spending to their limit so they'll still spend exactly the same amount on a property and so carry exactly the same amount of debt.
The only potential difference will be the quality of the property.

I can't see lower house prices suddenly making people sensible with their borrowing unless they're forced into it.

WTF?_2

Aiko wrote: »

Unless borrowing multiples/availability is restricted I suspect that won't happen.

People have got used to spending to their limit so they'll still spend exactly the same amount on a property and so carry exactly the same amount of debt.
The only potential difference will be the quality of the property.

I can't see lower house prices suddenly making people sensible with their borrowing unless they're forced into it.

Errr, if they can buy a house for less then if follows that they have to borrow less to do so.

Hence, lower house prices = buyers taking on less debt.


Unless of course people secretly enjoy the thrill of borrowing huge amounts of cash and will just seek out more expensive properties to buy

Aiko_2

!!!!!!? wrote: »

Errr, if they can buy a house for less then if follows that they have to borrow less to do so.

Hence, lower house prices = buyers taking on less debt.

But that's my point, they won't will they?

If a 2 bed costs 100K today but in six months a 3 bed costs 100K then unless they amount they can borrow is restricted then they'll just spend their 100K on the 3 bed.
Or do you see them suddenly coming over all sensible voluntarily and thinking 'no, a 2 bed is enough for us'?

WTF?_2

Aiko wrote: »

But that's my point, they won't will they?

If a 2 bed costs 100K today but in six months a 3 bed costs 100K then unless they amount they can borrow is restricted then they'll just spend their 100K on the 3 bed.
Or do you see them suddenly coming over all sensible voluntarily and thinking 'no, a 2 bed is enough for us'?

I think what drives people is the dream of owning their own house: They have shown that they will borrow stupid sums to get one.

However, I don't think it follows that they will borrow as much as they possibly can to get the absolute 'best' property they possibly can.

And in any case, it will become much, much harder to borrow in the near future.

boinging_2

trulysaintly wrote: »

So why are you believing now that there's going to be a price crash ?

Because it's in the press?????? It's all about supply and demand - ask any estate agent.

And at the moment, there's demand in most of the country, and not a lot of supply. The one's to worry about prices are the areas of the country who have seen the biggest increases in the last 3 years.

If prices have been traditionally strong in areas such as the South there will be a correction but to say a crash is scare mongering....

I'm part of the demand. Houses in the Cotswolds are dropping in price day by day (I'll find you the examples if we need to see the proof). New houses coming on to the market are definately at a lower price than if they'd have been marketed in August (EA's words) and those must have's in the desirable areas are not moving.

I don't think there will be a price crash, but I know there is a down turn in house prices and has been since Oct. With current economic conditions this will only get worse and prices will continue to go down.

Aiko_2

!!!!!!? wrote: »

However, I don't think it follows that they will borrow as much as they possibly can to get the absolute 'best' property they possibly can.

Sadly, I think it does. A property that someone feels doesn't 'befit' them now is unlikely to become more attractive just because it's cheaper (I'm not talking about FTBs here.)

Supposing all I can afford now is a 500K new build on an estate but I don't feel it's good enough for me. Maybe it's a status thing, maybe I don't want a housing estate lifestyle, whatever.

If in six months time 500K gets me a period village house with land and an in-and-out drive (or whatever my 'thing' is) then I'm going to buy that aren't I? Even if it's 500K.

I'm not suddenly going to yearn for life on that Barratt estate after all am I?

But as you say, it's probably an academic question anyway ...

taylorandrew

Those who want to sell their houses my suggestion would be tap property buying companies. They can really get you out of the crisis and fast. Selling through estate agent would cause you further delays.
In contrast, property buying companies can get you closer to a deal much faster, because they themselves are the buyers and they pay cash! They usually can purchase your property within 28 days. So you would have the cash in your pocket.
You would be spared the expenses of legal fees, estate agent fees or any hidden charges too. And what’s more, you receive all your money in cash.
For more information visit http://www.sellhousefastcash.co.uk/

trulysaintly

taylorandrew wrote: »

Those who want to sell their houses my suggestion would be tap property buying companies. They can really get you out of the crisis and fast. Selling through estate agent would cause you further delays.
In contrast, property buying companies can get you closer to a deal much faster, because they themselves are the buyers and they pay cash! They usually can purchase your property within 28 days. So you would have the cash in your pocket.
You would be spared the expenses of legal fees, estate agent fees or any hidden charges too. And what’s more, you receive all your money in cash.
For more information visit http://www.sellhousefastcash.co.uk/

Oh ok then.

The same companies that offer you about 70-75 per cent of the property's true value??????????

Beware of these companies, they will buy your property but they're only in it for the profit margin they create on your home by offering you less.

Strange 1st post on a Money Saving website don't you think?? :cool: