Estate Agents being “clever”

Sarah1Mitty2

jimbog said:

fackers_2 said:

jimbog said:

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? 

Put an offer as to what you feel it's worth to you. Sitting, hoping for the price to crash would be pure folly

Why would it be? Because wouldn’t you want to save money on a property or anything at that matter. 

Market currently in free fall, savings to be made  

Sounds like a plan. What possibly could go wrong?

Not much can go wrong if you genuinely want to save money.

badger09

fackers_2 said:

jimbog said:

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? 

Put an offer as to what you feel it's worth to you. Sitting, hoping for the price to crash would be pure folly

……. 

Market currently in free fall, savings to be made  

TonyTeacake said:

fackers_2 said:

jimbog said:

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? 

Put an offer as to what you feel it's worth to you. Sitting, hoping for the price to crash would be pure folly

Why would it be? Because wouldn’t you want to save money on a property or anything at that matter. 

Market currently in free fall, savings to be made  

I have to agree with Fackers on this one as the market is in freefall. Official data from the Land Registry has shown a slight drop in official prices and we need to bear in mind this will of been for houses sold around April-May 2022, so there will be more falls to show in the upcoming months which will be greater due to the strains of the cost of living crisis and rising interest rates. Halifax and Nationwide have also reported falls in house prices over the last 4 months. 

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:

“December saw a further sharp slowdown in annual house price growth to 2.8%, from 4.4% in November. Prices fell by 0.1% month-on-month – a much smaller decline than in the previous couple of months. However, December also marked the fourth consecutive monthly price fall - the worst run since 2008, which left prices 2.5% lower than their August peak (after taking account of seasonal effects).

…………

It looks like we are at the front end of a major crash in the housing market.

Usually I CBA engaging in these ‘discussions’ but it’s quite a leap from ‘a slight drop in official prices’ and ‘a slow down in annual house price growth’
to ‘market currently in free fall’ and ‘the front end of a major crash in the housing market’. Hyperbole anyone?

MobileSaver

TonyTeacake said:

fackers_2 said:

Market currently in free fall, savings to be made  

I have to agree with Fackers on this one as the market is in freefall. ... Prices fell by 0.1% month-on-month

A 0.1% drop in prices equates to the "market is in freefall"?!?!

The HPC crowd are infamous for coming up with laughable, irrational theories but this really is a new level of desperation!

Exodi

I think the OP may be overthinking it.

Whether the vendor wants £475k, £500k, £525k, £550k or more, it's all wholly irrelevant if their max budget is £480k.

If the property is worth £480k to them then make an offer - it may or may not be accepted, but as they have no ability to improve on their offer, they've nothing to lose.

You miss 100% of the shots you don't take.

SprostonGreenHead

MobileSaver said:

A 0.1% drop in prices equates to the "market is in freefall"?!?!

Utterly ridiculous isn't it.

Even if the worst expert projections come true, we're looking at erasing some 12 months of bubble-gains. The only people this is likely to hit hard are those that are forced to sell after only just buying, and those who were looking to make a fast buck flipping properties.

TonyTeacake

As I mentioned in my previous post we are at the front end of a crash. People must understand there is a huge lag in house price data and it doesn't work the same as stock markets. If anyone can take the time to look at my previous posts from last year you can see I was predicting house prices will peak by the summer which is what we are truly seeing now. 

This will take at least 2-3 years if not more before we see the bottom of this market and all of the covid gains will be erased from house prices, I predict we will see 20-50% drops depending on where you live. Ludicrous is the word I would use for anyone who thinks house prices will not come down after what has happened over the last couple of years with the false economy that has been created. Forgot what the so called experts are predicting as you will get a more accurate forecast from me on what is going to happen to house prices. 

Like I was saying last year rampant inflation will bring everything down and I know most on here were saying it will be a minor blip.

TonyTeacake

badger09 said:

fackers_2 said:

jimbog said:

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? 

Put an offer as to what you feel it's worth to you. Sitting, hoping for the price to crash would be pure folly

……. 

Market currently in free fall, savings to be made  

TonyTeacake said:

fackers_2 said:

jimbog said:

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? 

Put an offer as to what you feel it's worth to you. Sitting, hoping for the price to crash would be pure folly

Why would it be? Because wouldn’t you want to save money on a property or anything at that matter. 

Market currently in free fall, savings to be made  

I have to agree with Fackers on this one as the market is in freefall. Official data from the Land Registry has shown a slight drop in official prices and we need to bear in mind this will of been for houses sold around April-May 2022, so there will be more falls to show in the upcoming months which will be greater due to the strains of the cost of living crisis and rising interest rates. Halifax and Nationwide have also reported falls in house prices over the last 4 months. 

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:

“December saw a further sharp slowdown in annual house price growth to 2.8%, from 4.4% in November. Prices fell by 0.1% month-on-month – a much smaller decline than in the previous couple of months. However, December also marked the fourth consecutive monthly price fall - the worst run since 2008, which left prices 2.5% lower than their August peak (after taking account of seasonal effects).

…………

It looks like we are at the front end of a major crash in the housing market.

Usually I CBA engaging in these ‘discussions’ but it’s quite a leap from ‘a slight drop in official prices’ and ‘a slow down in annual house price growth’
to ‘market currently in free fall’ and ‘the front end of a major crash in the housing market’. Hyperbole anyone?

Nothing exaggerated about my comments at all. If I told you 3 years ago house prices would rise over 20-30% over the next couple of years would you say I am exaggerating?

MobileSaver

TonyTeacake said:

we are at the front end of a crash ... This will take at least 2-3 years if not more before we see the bottom of this market and all of the covid gains will be erased from house prices, I predict we will see 20-50% drops depending on where you live.

So 3 years from now house prices in some areas might be down by 20% but as inflation is around 9% annually that means in real terms you'll still be paying more for a house?!?! That's your new definition of a crash? LOL

TonyTeacake said:

I predict we will see 20-50% drops depending on where you live.

Where will these 50% off houses come from? Which areas? Myself and other cash-rich friends would love to pick up some bargains, the yield will be great on half-price houses...

TonyTeacake said:

Like I was saying last year rampant inflation will bring everything down and I know most on here were saying it will be a minor blip.

Huh? Inflation came down last month and indeed according to your definition inflation is now "in freefall" since it came down 0.1%!

TonyTeacake

MobileSaver said:

TonyTeacake said:

we are at the front end of a crash ... This will take at least 2-3 years if not more before we see the bottom of this market and all of the covid gains will be erased from house prices, I predict we will see 20-50% drops depending on where you live.

So 3 years from now house prices in some areas might be down by 20% but as inflation is around 9% annually that means in real terms you'll still be paying more for a house?!?! That's your new definition of a crash? LOL

TonyTeacake said:

I predict we will see 20-50% drops depending on where you live.

Where will these 50% off houses come from? Which areas? Myself and other cash-rich friends would love to pick up some bargains, the yield will be great on half-price houses...

TonyTeacake said:

Like I was saying last year rampant inflation will bring everything down and I know most on here were saying it will be a minor blip.

Huh? Inflation came down last month and indeed according to your definition inflation is now "in freefall" since it came down 0.1%!

Inflation came down 0.2% last month, I never said inflation is in freefall so not sure where you got that idea from. 

Over the next few months you will see the official data saying the housing market is in freefall just like I predicted so then you and your cash rich friends will be to buy all of the UK property up.

I honestly didn't know you where Richard Branson, I wouldn't of thought a tycoon like yourself would have the time to post on these forums.

MobileSaver

TonyTeacake said:

MobileSaver said:

TonyTeacake said:

we are at the front end of a crash ... This will take at least 2-3 years if not more before we see the bottom of this market and all of the covid gains will be erased from house prices, I predict we will see 20-50% drops depending on where you live.

So 3 years from now house prices in some areas might be down by 20% but as inflation is around 9% annually that means in real terms you'll still be paying more for a house?!?! That's your new definition of a crash? LOL

TonyTeacake said:

I predict we will see 20-50% drops depending on where you live.

Where will these 50% off houses come from? Which areas? Myself and other cash-rich friends would love to pick up some bargains, the yield will be great on half-price houses...

TonyTeacake said:

Like I was saying last year rampant inflation will bring everything down and I know most on here were saying it will be a minor blip.

Huh? Inflation came down last month and indeed according to your definition inflation is now "in freefall" since it came down 0.1%!

Over the next few months you will see the official data saying the housing market is in freefall just like I predicted so then you and your cash rich friends will be to buy all of the UK property up.

You didn't answer the main question, where are all these 50% off houses going to come from?

Wages are up and materials are up massively so how many half-price houses do you think builders will be building over the next 2 to 3 years?

TonyTeacake said:

I wouldn't of thought a tycoon like yourself would have the time to post on these forums.

I think you are massively underestimating how many people in the UK are cash-rich and would jump at the chance of buying a half-price house. You don't need to be a billionaire to be able to buy a £280,000 house for £140,000 without the need for a mortgage...