House price fall "accelerating"

boinging_2

Looking at the bbc website, it doesn't look so positive:

Newport
Average Cost: £165,212
Detached: £279,377
Semi-detached: £156,265
Terraced: £122,351
Flat: £127,305


Change in last quarter: -0.6%

Change in last year: 6.5%

Sales: 602


However, if you are happy with your situation, then fair play you won't lose out long term I have no doubt of that.

The point that always seems to get shouted down on this website is that it would have been better to buy a house now than 3 months ago and also better still in 3 months than now...

worrypants

boinging wrote: »

I can't even be bothered to go through all the reason why it's actually cheaper to rent than it would be to buy a house. All I will say is if you had bought a house 3 months ago it's now worth 3% less than when you bought it (plus with the stamp duty you have paid (assuming over 250K) = you need a 6% rise before you are even back to where you started).

wrong wrong wrong

tis in my case
I exchanged yesterday, property bought feb this year, offer from buyer nov 16th, exchanged yesterday, clear profit £11500
full asking price achived plus a spare buyer if the sale had gone wrong so there:D

it is not all doom and gloom end is nigh there is hope for sellers and for a decent property you do not have to drop the price 50% then 10% a week until you get a buyer

this site is about moneysaving and that includes sellers aswell as buyers so dont give your property away

take heart folks

boinging_2

worrypants wrote: »

wrong wrong wrong

tis in my case
I exchanged yesterday, property bought feb this year, offer from buyer nov 16th, exchanged yesterday, clear profit £11500
full asking price achived plus a spare buyer if the sale had gone wrong so there:D

it is not all doom and gloom end is nigh there is hope for sellers and for a decent property you do not have to drop the price 50% then 10% a week until you get a buyer

this site is about moneysaving and that includes sellers aswell as buyers so dont give your property away

take heart folks

For every winner, there is a loser. The loser is the person that has bought your property. Average prices for the YoY position will be 7% by end of this year so obviously if you bought in Jan 07 and sold in Jan 08 on average you would make 7%.

The person that has bought your property by Jan 08 at current averages will be down 2.2%.

dannyboycey

Badger_Lady wrote: »

massive redevelopment in progress

With regards to new-build housing developments - many of these large scale projects are in danger of becoming the derelict slums of tomorrow. Their current value has plummeted in recent months, and add this to the fact that they are a lot, lot less marketable once they have been lived in and you have a disaster waiting to happen! Still, it'll be somewhere for the local government to temporarily rehouse people if we get bad flooding again.

Bear in mind that these are the bottom rung of the ladder for many people starting out, and that a significant drop in prices on these can't happen in isolation (that is, without affecting property further up the ladder). Just look what happened to Barrat Homes yesterday.

Badger_Lady

dannyboycey wrote: »

With regards to new-build housing developments - many of these large scale projects are in danger of becoming the derelict slums of tomorrow. Their current value has plummeted in recent months, and add this to the fact that they are a lot, lot less marketable once they have been lived in and you have a disaster waiting to happen! Still, it'll be somewhere for the local government to temporarily rehouse people if we get bad flooding again.

Bear in mind that these are the bottom rung of the ladder for many people starting out, and that a significant drop in prices on these can't happen in isolation (that is, without affecting property further up the ladder). Just look what happened to Barrat Homes yesterday.

Absolutely right, which is why I'm much more interested in the sports grounds, shopping centres, university campus and industrial estates... these can only have the positive effect of boosting the local economy, rather than just producing scores of housing without the jobs to match.

Romani_Ite_Domum

CB1979 wrote: »

pretty much like everyone on here.

all the renters hoping for lower prices (let's just hope they have a deposit!!)

all the homeowners hoping for continuing increases/stabilisation.

Not all the homeowners.

I for one am hoping for a market correction.

wolvoman

Badger_Lady wrote: »

Isn't it strange that everyone on this site can have that in common, yet repeatedly come to blows on this specific topic?

Interesting question.

I have long suspected it's because rather than with most other issues on MSE, which tend to be consumer vs retailer or consumer vs bank or consumer vs taxman, on houses it is very much consumer vs consumer.

Haves against have-nots as it were.

tr3mor

Badger_Lady wrote: »

Absolutely right, which is why I'm much more interested in the sports grounds, shopping centres, university campus and industrial estates... these can only have the positive effect of boosting the local economy, rather than just producing scores of housing without the jobs to match.

More targets for chavs to burn. You couldn't pay me enough to live in Newport.

IveSeenTheLight

Romani_Ite_Domum wrote: »

Falling prices with demand outstripping supply?. Things must be really bad right now.

I thought many on here was saying demand is falling because nobody will by in a falling market. How is it outstripping supply?

I think you must have meant supply is outstripping demand.

IveSeenTheLight

ivegotabig1 wrote: »

House prices Tumble !!!!

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/13/bcnrics113.xml

You could disect this report in so many ways. It just adds to the confusion around at the moment. It also contradicts itself.

However.....

Scotland was the only region in the survey where surveyors reported a positive trend in house prices.

HeHe, guess my properties are okay for a few more months