House prices fall 2.5 per cent!

Murtle

SquatNow wrote: »

ANOTHER ONE!!!!

Only if they want to sell or NEED TO RENEW THEIR MORTGAGE DEAL.

As long as they don't mind staying on SVR for the next 20 years and their payments going up 50+% then they wont have a problem.

Unless they start a family and need somewhere bigger.

Or they change job and need to move close to their new place of work.

Or they lose their job and need to sell.

Renewing mortgages and the house prices falling don't always go hand in hand, and it's unlikely to be for the next 20 years :rolleyes:

As I said, last time the builders ended up enlarging properties because people couldn't afford to move, they could however manage to afford an extension to cope with an extended family.

The choice to change jobs if you can't afford to sell your house properly is a poor choice...and not really a need, but if they loose their job and can't afford the repayment then yes they will fall into the repossessions unfortunately.

SquatNow

Murtle wrote: »

Renewing mortgages and the house prices falling don't always go hand in hand, and it's unlikely to be for the next 20 years :rolleyes:
.

Renew their mortgage DEAL. DEAL! DEAL!!!!!

When they come off their 2/3/4/5 year fix and switch to SVR their repayment will shoot up. Normally you look for another mortgage deal with reduced rates, but you wont get a good deal unless you have a lot of equity. Falling prices reduces your equity. If you're on a 3 year fixed rate mortgage at 3% and when the 3rd year ends you switch to SVR @ 7.5% you are totally F**ked!

Thus, someone who owns a house but has no intention of moving can find themselves FUBAR simply due to their current mortgage deal running it course and switching to SVR.

Christ, no wonder some people on here are in so much financial difficulty if they don't understand simple concepts like this.

neverdespairgirl

chucky wrote: »

neverdespairgirl i monitor these prices too, i've found if there is a price drop it is for the 'weaker' properties.

the better properties especially around Marylebone High Street either are not coming onto the market or are mainting there price at 1000 plus per sq foot.

if there are any significant price drops please let me know!!

I don't know about Marylebone, but in WC1 (Holborn and Bloomsbury) there have been big price drops on nice places - in fact, on the whole range, from grotty studios to massive Georgian houses.

Here are a few examples:

(1) A five bed, end of terrace (extra windows), Grade II listed Georgian house in Wilmington Sq. Was picked up by Property Bee (PB hereafter) on 14th March, on at £2.6 million. Dropped on 9th May to £2.35 million:

http://www.rightmove.co.uk/viewdetails-20151263.rsp?pa_n=1&tr_t=buy

(2) Large Regency house, on for ages, several drops from £1.5 mill, to £1.4 mill, to £1.3 mill, now on at £1.25 mill:

http://www.rightmove.co.uk/viewdetails-17241859.rsp?pa_n=2&tr_t=buy

(3) Large 3-bed flat bang next to the British Museum, on for 5 weeks, dropped from £1,150,000 to £1,075,000:

http://www.rightmove.co.uk/viewdetails-20812709.rsp?pa_n=3&tr_t=buy

(4) 3 bed Georgian flat, near British Museum and on Bloomsbury Sq, down from £1.2 mill to £1.05 mill:

http://www.rightmove.co.uk/viewdetails-17625343.rsp?pa_n=3&tr_t=buy

(5) 3 bed flat just off Red Lion Sq, down from £775k to £735k

http://www.rightmove.co.uk/viewdetails-17144794.rsp?pa_n=5&tr_t=buy

(6) Large freehold house, down from £750k to £685k

http://www.rightmove.co.uk/viewdetails-17056960.rsp?pa_n=6&tr_t=buy

(7) Large 2 bed, down in 5 steps from £590k to £525k

http://www.rightmove.co.uk/viewdetails-17286673.rsp?pa_n=8&tr_t=buy

(8) 2 bed flat, down in 2 steps from £525k to £475k:

http://www.rightmove.co.uk/viewdetails-20812673.rsp?pa_n=10&tr_t=buy


Those above are all top end, at the bottom, also drops

(9) Flat, down from £300k to £280 k

http://www.rightmove.co.uk/viewdetails-10158594.rsp?pa_n=20&tr_t=buy

(10) Flat, down from £285k to £260k

http://www.rightmove.co.uk/viewdetails-15855583.rsp?pa_n=20&tr_t=buy

(11) Flat, down from £250k to £230k

http://www.rightmove.co.uk/viewdetails-20439758.rsp?pa_n=23&tr_t=buy

(12) Flat, down from £255k to £225k

http://www.rightmove.co.uk/viewdetails-19930769.rsp?pa_n=23&tr_t=buy

mr.broderick

Prices will start to rise again in september.

neverdespairgirl

mr.broderick wrote: »

Prices will start to rise again in september.

:rotfl::rotfl::rotfl::rotfl::rotfl:

mr.broderick

neverdespairgirl wrote: »

:rotfl::rotfl::rotfl::rotfl::rotfl:

The bull trap cometh...

Generali

mr.broderick wrote: »

Prices will start to rise again in september.

Any reason for September rather than August or October Mr B old chap?

mr.broderick

Generali wrote: »

Any reason for September rather than August or October Mr B old chap?

That is an excellent question and only you would have asked it, there is a reason but it would be unfair for me to expose my reasoning here.

lil_me

Houses here I would say it's between 5% and 10% rather than 2.5% and that's if they can sell them at all.

Generali

mr.broderick wrote: »

That is an excellent question and only you would have asked it, there is a reason but it would be unfair for me to expose my reasoning here.

So either unique insight or blind optimism.

Time will tell.

Toodle pip!

G