Offering under asking price

MobileSaver

lookstraightahead said:

I think the market of potential buyers will dry up a bit because of this. I think interest rate rises will make some difference. I think people will concentrate on "getting back to normal" rather than moving home (perhaps). We are already seeing lenders "down" value properties. 

I don't see how any of those things will result in much better deals by the New Year but time will tell.

Lenders have always down-valued properties and always will; extrapolating that into some sort of prelude to a substantial price drop is just wishful thinking unless there's evidence of a significant increase in down-values? (But even then if more people are kite-flying then there could be more down-values but prices could still rise so basically asking prices and down-values are probably irrelevant in the grand scheme of things.)

lookstraightahead said:

I wouldn't buy a dishwasher for £3k nor would I believe someone who said it was the only one that would make me happy and that there were no more anywhere to be found.

I agree regarding dishwashers but regarding houses there are countless threads on here from buyers complaining there's nothing out there suitable for them to buy. It's the fundamental reason that things are the way they are: there simply aren't enough houses that people want to satisfy demand

rigolith said:

People get very frustrated because housing is too unaffordable

If housing is "too unaffordable" then how do roughly 100,000 properties get bought and sold month after month, year after year and those numbers have been consistent for years? Clearly for millions of people houses are affordable.

Crashy_Time

MobileSaver said:

Crashy_Time said:

As I said, something has skewed the figures upwards, we both know what it is don`t we?... why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact?

Can you make your mind up please?

If the Stamp Duty Holiday has skewed sales figures upwards (to a ten year high no less!) how can sales be falling?!?! Can you provide any evidence that the official statistics are wrong and that in fact sales are falling?

Crashy_Time said:

Instead of pretending that everything is somehow "normal" ... Transactions are at less than half their peak and still falling,

Are you referring to the peak of 2006? Are you suggesting that the UK housing market from 15 years ago was normal? So you presumably want liar loans, 100% mortgages and other fast and loose lending criteria to be reintroduced so we can get transactions back up to their peak?

1) Sales are falling from the artificial peak induced by the SD stunt, unless another similar stunt is attempted sales will continue to fall, especially as mortgage rates are rising.

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

nicknameless

Crashy_Time said:

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

You've outdone yourself there.  You want to see a policy of a housing price crash?

Perhaps you could rival Boris's peppa pig speech with such a manifesto

Crashy_Time

nicknameless said:

Crashy_Time said:

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

You've outdone yourself there.  You want to see a policy of a housing price crash?

Perhaps you could rival Boris's peppa pig speech with such a manifesto

Obviously you missed the attempt at humour? If it is introduced it won`t be by BJ or pp, it will be by the bond markets.

nicknameless

Crashy_Time said:

nicknameless said:

Crashy_Time said:

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

You've outdone yourself there.  You want to see a policy of a housing price crash?

Perhaps you could rival Boris's peppa pig speech with such a manifesto

Obviously you missed the attempt at humour? If it is introduced it won`t be by BJ or pp, it will be by the bond markets.

I certainly did.   It was well camouflaged amidst your perennially delusional mantra.

SpiderLegs

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

As I said, something has skewed the figures upwards, we both know what it is don`t we?... why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact?

Can you make your mind up please?

If the Stamp Duty Holiday has skewed sales figures upwards (to a ten year high no less!) how can sales be falling?!?! Can you provide any evidence that the official statistics are wrong and that in fact sales are falling?

Crashy_Time said:

Instead of pretending that everything is somehow "normal" ... Transactions are at less than half their peak and still falling,

Are you referring to the peak of 2006? Are you suggesting that the UK housing market from 15 years ago was normal? So you presumably want liar loans, 100% mortgages and other fast and loose lending criteria to be reintroduced so we can get transactions back up to their peak?

1) Sales are falling from the artificial peak induced by the SD stunt, unless another similar stunt is attempted sales will continue to fall, especially as mortgage rates are rising.

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

Hello crashy.

I don’t want to sound pedantic, but it isn’t possible for sales to do anything other than fall when your point of comparison is a peak.

I give you a D- for that one.

Your second point I’m a bit unclear on the logic. Is it that sales will go up if there is a crash? Seems a little far fetched to me but feel free to explain.

That point is unmarked but is borderline F so make it a good explanation.

Sunsaru

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

As I said, something has skewed the figures upwards, we both know what it is don`t we?... why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact?

Can you make your mind up please?

If the Stamp Duty Holiday has skewed sales figures upwards (to a ten year high no less!) how can sales be falling?!?! Can you provide any evidence that the official statistics are wrong and that in fact sales are falling?

Crashy_Time said:

Instead of pretending that everything is somehow "normal" ... Transactions are at less than half their peak and still falling,

Are you referring to the peak of 2006? Are you suggesting that the UK housing market from 15 years ago was normal? So you presumably want liar loans, 100% mortgages and other fast and loose lending criteria to be reintroduced so we can get transactions back up to their peak?

1) Sales are falling from the artificial peak induced by the SD stunt, unless another similar stunt is attempted sales will continue to fall, especially as mortgage rates are rising.

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

Hello crashy.

I don’t want to sound pedantic, but it isn’t possible for sales to do anything other than fall when your point of comparison is a peak.

I give you a D- for that one.

Your second point I’m a bit unclear on the logic. Is it that sales will go up if there is a crash? Seems a little far fetched to me but feel free to explain.

That point is unmarked but is borderline F so make it a good explanation.

Please Sir!!

I can explain point 2. It's all rather simple you know.

Basically a policy should be introduced by the powers that be (and the banks) that all houses are reduced (or down valued by the banks) to pre 19XX prices so that lots of people are left with worthless shelters which have cladding and/or leasehold issues and they won't be able to afford due to high mortgage rates (coz of the banks) so they will be forced to sell at cheap prices leaving 10's if not 100's of thousands of people in huge amounts of debt (to the banks) and it will be their fault (and the banks) for not listening and there will be lots of cheap houses and then Crashy will be right after 15 odd years and you'll be wrong.

Then he'll slink off and buy a cheap repo house (from a bank).

So ner...


How did I do??

SpiderLegs

Sunsaru said:

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

As I said, something has skewed the figures upwards, we both know what it is don`t we?... why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact?

Can you make your mind up please?

If the Stamp Duty Holiday has skewed sales figures upwards (to a ten year high no less!) how can sales be falling?!?! Can you provide any evidence that the official statistics are wrong and that in fact sales are falling?

Crashy_Time said:

Instead of pretending that everything is somehow "normal" ... Transactions are at less than half their peak and still falling,

Are you referring to the peak of 2006? Are you suggesting that the UK housing market from 15 years ago was normal? So you presumably want liar loans, 100% mortgages and other fast and loose lending criteria to be reintroduced so we can get transactions back up to their peak?

1) Sales are falling from the artificial peak induced by the SD stunt, unless another similar stunt is attempted sales will continue to fall, especially as mortgage rates are rising.

2) I want a house price crash to be introduced so that we can get transactions back to their peak, where people can move without worrying that the next house could be out of reach or panicking that they paid too much for basic shelter with cladding/leasehold or other repair costs that could bankrupt them.

Hello crashy.

I don’t want to sound pedantic, but it isn’t possible for sales to do anything other than fall when your point of comparison is a peak.

I give you a D- for that one.

Your second point I’m a bit unclear on the logic. Is it that sales will go up if there is a crash? Seems a little far fetched to me but feel free to explain.

That point is unmarked but is borderline F so make it a good explanation.

Please Sir!!

I can explain point 2. It's all rather simple you know.

Basically a policy should be introduced by the powers that be (and the banks) that all houses are reduced (or down valued by the banks) to pre 19XX prices so that lots of people are left with worthless shelters which have cladding and/or leasehold issues and they won't be able to afford due to high mortgage rates (coz of the banks) so they will be forced to sell at cheap prices leaving 10's if not 100's of thousands of people in huge amounts of debt (to the banks) and it will be their fault (and the banks) for not listening and there will be lots of cheap houses and then Crashy will be right after 15 odd years and you'll be wrong.

Then he'll slink off and buy a cheap repo house (from a bank).

So ner...


How did I do??

A-

needs supporting evidence from threads on mumsnet.

Crashy_Time

MobileSaver said:

lookstraightahead said:

I think the market of potential buyers will dry up a bit because of this. I think interest rate rises will make some difference. I think people will concentrate on "getting back to normal" rather than moving home (perhaps). We are already seeing lenders "down" value properties. 

I don't see how any of those things will result in much better deals by the New Year but time will tell.

Lenders have always down-valued properties and always will; extrapolating that into some sort of prelude to a substantial price drop is just wishful thinking unless there's evidence of a significant increase in down-values? (But even then if more people are kite-flying then there could be more down-values but prices could still rise so basically asking prices and down-values are probably irrelevant in the grand scheme of things.)

lookstraightahead said:

I wouldn't buy a dishwasher for £3k nor would I believe someone who said it was the only one that would make me happy and that there were no more anywhere to be found.

I agree regarding dishwashers but regarding houses there are countless threads on here from buyers complaining there's nothing out there suitable for them to buy. It's the fundamental reason that things are the way they are: there simply aren't enough houses that people want to satisfy demand

rigolith said:

People get very frustrated because housing is too unaffordable

If housing is "too unaffordable" then how do roughly 100,000 properties get bought and sold month after month, year after year and those numbers have been consistent for years? Clearly for millions of people houses are affordable.

I think the "100,000" figure that you like to quote is being tested now and will be more so in future, but I think it is more likely that for millions of people the monthly payments on a large mortgage debt are affordable........ if rates stay super low.

Thrugelmir

Crashy_Time said:

MobileSaver said:

lookstraightahead said:

I think the market of potential buyers will dry up a bit because of this. I think interest rate rises will make some difference. I think people will concentrate on "getting back to normal" rather than moving home (perhaps). We are already seeing lenders "down" value properties. 

I don't see how any of those things will result in much better deals by the New Year but time will tell.

Lenders have always down-valued properties and always will; extrapolating that into some sort of prelude to a substantial price drop is just wishful thinking unless there's evidence of a significant increase in down-values? (But even then if more people are kite-flying then there could be more down-values but prices could still rise so basically asking prices and down-values are probably irrelevant in the grand scheme of things.)

lookstraightahead said:

I wouldn't buy a dishwasher for £3k nor would I believe someone who said it was the only one that would make me happy and that there were no more anywhere to be found.

I agree regarding dishwashers but regarding houses there are countless threads on here from buyers complaining there's nothing out there suitable for them to buy. It's the fundamental reason that things are the way they are: there simply aren't enough houses that people want to satisfy demand

rigolith said:

People get very frustrated because housing is too unaffordable

If housing is "too unaffordable" then how do roughly 100,000 properties get bought and sold month after month, year after year and those numbers have been consistent for years? Clearly for millions of people houses are affordable.

I think the "100,000" figure that you like to quote is being tested now and will be more so in future, but I think it is more likely that for millions of people the monthly payments on a large mortgage debt are affordable........ if rates stay super low.

Mortgage market review (of some years back) dealt with affordability issues.  Over time the issues of the past before then will wash through the system.