So sellers will just 'stay put' in the current market, eh?

WTF?_2

Not according to A&L. Sky reports that 1 in 8 homeowners are planning to sell in the coming year:

http://news.sky.com/skynews/article/0,,30400-1320094,00.html

About one in eight homeowners are planning to sell their property in the coming year despite the current housing market downturn, research has shown.

Roughly 13%, the equivalent of 3.3 million owners, intend to sell up, according to Alliance & Leicester.


Should be plenty there to keep the market ticking over - never mind exiting BTLers and distressed sales.

pickles110564

Im sure joe public just does not realise how bad the situation is.
An EA I know has just put her home up for sale at a well overpriced total, this time last year she might have got lucky but not now.She will be lucky to get £75k less then what she has put it on the market for.

lostinrates

pickles110564 wrote: »

Im sure joe public just does not realise how bad the situation is.
.

I really believe the abovbe is true.

If you are a lucky homeowner living within your affordability espite raises, and there are quite a few of them I know, then it seems the idea of whats happening hasn't sunk in.

eg, my parents. Mortage paid of on their downsized home (bought 6/7 years ago). My mother keeps doing funny changes to 'improve the value' with some vague idea of possibly selling again (she's a rolling stone) IMO very little they have done has actually significantly contributed to the value of the house, or covered the costs of having it done. They have a, imo, over inflated idea of the 'value' of their house in a very expensive local market.

My parents follow our hesitant attemps with interest but, imo, detached from reality.

My father went white when we talked about the amount we were considering borrowing, and talked a lot (understandably) about cutting our cloth..

but then...

My mother looks at the details that come through and tut and says we couldn't possibly squeeze into this one, or would be miserably unhappy in that one, and my father uncomfortably agrees ...

The houses they point out are over £100,000 more than the ones we are looking at and my father points out they are ridiculously expensive (unlike what they imagine their own house to be:rotfl: )

lonestar1

Just because they are planning on selling their homes next year doesn't mean they will (not unless they are reasonably priced anyway) Sellinga house needs a seller and a buyer and the buyers are looking for bargains at the moment

pickles110564

lonestar1 wrote: »

Just because they are planning on selling their homes next year doesn't mean they will (not unless they are reasonably priced anyway) Sellinga house needs a seller and a buyer and the buyers are looking for bargains at the moment

Dont be so sure, not all buyers are as Wise/Clever as you.:rolleyes:

oldMcDonald

pickles110564 wrote: »

Dont be so sure, not all buyers are as Wise/Clever as you.:rolleyes:

..and many still have to be in a position to get a mortgage in order to buy. The amount of people (FTBs) able to get a mortgage is unlikely to significantly rise over the next year in line with the amount of houses coming on to the market.

tradetime

!!!!!!? wrote: »

Not according to A&L. Sky reports that 1 in 8 homeowners are planning to sell in the coming year:

http://news.sky.com/skynews/article/0,,30400-1320094,00.html

About one in eight homeowners are planning to sell their property in the coming year despite the current housing market downturn, research has shown.

Roughly 13%, the equivalent of 3.3 million owners, intend to sell up, according to Alliance & Leicester.


Should be plenty there to keep the market ticking over - never mind exiting BTLers and distressed sales.

A better survey would have been asking how many ftb's are in a position and willing to buy in the coming year, as in the majority of sales there has to be a ftb at the bottom of the chain. In some cases people may be positioned to hold onto the property they are vacating to rent out, or they may be able to sell to a well position professional btl'er but that will be the minority, so I suspect the bulk of that 13% will be disappointed.

baby_boomer

People will always need to move.

Job changes, redundancies, separations, the need to cut travel costs as petrol soars all spring to mind.

It's not as if, in the 21st Century, we are all monogomous characters with lifelong job security :rotfl:

With more houses now for sale at under the stupid 3% stamp duty £250K barrier, it gets cheaper to do it the more prices fall .

Who knows? Estate Agents might even start cutting their fees to stay in business.

IveSeenTheLight

!!!!!!? wrote: »

Not according to A&L. Sky reports that 1 in 8 homeowners are planning to sell in the coming year:

http://news.sky.com/skynews/article/0,,30400-1320094,00.html

About one in eight homeowners are planning to sell their property in the coming year despite the current housing market downturn, research has shown.

Roughly 13%, the equivalent of 3.3 million owners, intend to sell up, according to Alliance & Leicester.


Should be plenty there to keep the market ticking over - never mind exiting BTLers and distressed sales.

People will always need to sell / move.
But of course, planning and following through are different matters as well

WTF?_2

oldMcDonald wrote: »

..and many still have to be in a position to get a mortgage in order to buy. The amount of people (FTBs) able to get a mortgage is unlikely to significantly rise over the next year in line with the amount of houses coming on to the market.

I'm not aware of FTBs with clean credit records not being able to get 90% LTV mortgages .... so long as it's within 3.5x their salary.

The problem is that asking prices need to adjust to sensible levels. There won't be a problem with mortgage availability in that event.

oldMcDonald

!!!!!!? wrote: »

I'm not aware of FTBs with clean credit records not being able to get 90% LTV mortgages .... so long as it's within 3.5x their salary.

The problem is that asking prices need to adjust to sensible levels. There won't be a problem with mortgage availability in that event

But within the next year there could be, when the 1 in 8 are planning to sell?

Maybe it is just the people I know about? I know of several people who were hoping to get a mortgage this year who have been floored by now needing 10pc deposit. Arguable as it is as to whether people who do not have this in savings should buy, the fact is that there are some people who were going to buy this year, and were expecting to borrow 100pc, that now have to spend the following year/s saving a deposit.