House price discussion

mimi_money_saver

I would agree with Deemy's point that it hasn't hit home yet (nice pun btw). We are trying to secure our first home and have made offers on a property up to now 94% of the asking price and the vendor is still telling us that they want the asking price. In this economic climate we will not be offering anymore so stalemate. So we walk away and wait till October when people have a different mindset and are not feeling that they can stil milk first time buyers for every penny. People have got greedy and still think that they can hold out for the asking price - I guess these people don't read the newspapers or watch the news!

PS: the property has been on the market since Feb. Crazy in my opinion.

river_kwai

Yeah, I have the same situation too. I have offered around 94% of the asking price and the seller wants higher. I would hold out and hopefully the mindset would change in a few weeks time.

GreenB_2

My theory is prices won't drop unless someone really needs to move.

Certainly if you want a house in the area I am in you have to pay within about 95% to stand a chance. Its houses over £250k that are not selling, those under don't seem to have a problem.

micheleen

I've just completed my flat sale in Brighton. Went on the market for £130K last October, dropped to £120K in Jan, accepted offer £119K end of Feb. The buyers were FTB so they didn't try (or know how) to gazunder but flats in the same block are up for £110K now. There are even studios under £100K in Brighton/Hove now so prices are definately falling in that area (and I don't think it's unique)

deemy2004

What we shall see is evapouration of the long held belief that property is a one way bet ! When that happens ... :eek:

It always happens... all those who were part of the stock market in 1987, 1990 and 2000 know what happens when it dawns on a market that there is NO such thing as a ONE WAY BET !

eurows

Doesnt it make you laugh that Halifax and Nationwide are showing house price rises yet all the builders are showing profit warnings and reductions of up to 10%.

Me personally, I STR a year ago. I have an EA friend who has done the same. I think we are in for massive falls over the next 3 years. 40%.

I live in a four bedroom farmhouse in West Yorkshire. Rent £700 pm. House valued at £350,000 and going down.

I know right now I am financially better off renting this house than buying. If I bought this house it would be IO. Renting is better than IO.

I have one months notice. I am happily waiting for all you clowns who have bought now and BTL who will inevitably end up in massive debt and I will buy the houses off you. My money is in a savings account earning 5.1% interest.

I will come back on this forum when all you muppets will of transfered off this onto Debt Free Wannabe forum.

Scott

Woah, someone just lost it....

Not that I disagree with you, mind.

Woby_Tide

only smarties have the answer

deemy2004

Come on chug along...

These darn house prices move so slooooowly...

nelly_2

Beirstow eves near me have a massive poster on their window saying

"1st time buyers bonanza"

christ knows what thats all about I keep trying to get in to laugh at them but Im at work and their shut when i finish

There is a new block of flats right opposite them that have sold 2 out of 35 in about 8 months they have been dropping price and still not shifting 20 grand so far, its hilarious