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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 30th Jun 11, 10:11 AM
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    Former MSE Helen
    MSE News: Nationwide figures show flat housing market
    • #1
    • 30th Jun 11, 10:11 AM
    MSE News: Nationwide figures show flat housing market 30th Jun 11 at 10:11 AM
    This is the discussion thread for the following MSE News Story:

    "House prices were flat in June as low mortgage applications and sluggish new buyer inquiries kept the market subdued"

Page 1
    • tara747
    • By tara747 30th Jun 11, 10:46 AM
    • 10,235 Posts
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    tara747
    • #2
    • 30th Jun 11, 10:46 AM
    • #2
    • 30th Jun 11, 10:46 AM
    With all the high street closures announced this week, everyone seems to have been spooked into tightening the purse strings even more!

    Let me assure you, NOBODY I know is looking to buy a house at the minute. Those who would be buying are holding off to see what the future holds. And these include people in relatively secure jobs - solicitors, civil servants, teachers, doctors, nurses etc. Those in the retail/finance/service/construction sectors are battening down the hatches altogether.
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    • Contessa
    • By Contessa 30th Jun 11, 11:18 AM
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    Contessa
    • #3
    • 30th Jun 11, 11:18 AM
    • #3
    • 30th Jun 11, 11:18 AM
    I am looking to buy.
    • abankerbutnotafatcat
    • By abankerbutnotafatcat 30th Jun 11, 12:08 PM
    • 1,145 Posts
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    abankerbutnotafatcat
    • #4
    • 30th Jun 11, 12:08 PM
    • #4
    • 30th Jun 11, 12:08 PM
    I just bought. For me it was simple maths - the slowdown in the housing market has led to the rental market going crazy, in my area at least. This meant that, as I had sufficient cash for a deposit, I could purchase for the same monthly cost as renting.

    My experience of our local housing market (Surrey, London commuter belt) in the January to April period when I was looking, was that reasonably priced, quality (good fundamentals) properties were going fast - many before they were even advertised. In my office there are several other people who have either bought already this year or are looking to buy. In my street of 75 properties, two others have changed hands this year and two others are showing as 'sold'.

    Yes, lots of people are, unfortunately, not in a position to move/buy and others don't think it's a good time. But I think there are others like me who are appreciating the relative value that is out there and as long as you buy a property with good fundamentals (room sizes, location etc) and take at least a medium term view, now seems like a good time to buy.
    • 50Twuncle
    • By 50Twuncle 30th Jun 11, 2:11 PM
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    50Twuncle
    • #5
    • 30th Jun 11, 2:11 PM
    • #5
    • 30th Jun 11, 2:11 PM
    I just bought. For me it was simple maths - the slowdown in the housing market has led to the rental market going crazy, in my area at least. This meant that, as I had sufficient cash for a deposit, I could purchase for the same monthly cost as renting.

    My experience of our local housing market (Surrey, London commuter belt) in the January to April period when I was looking, was that reasonably priced, quality (good fundamentals) properties were going fast - many before they were even advertised. In my office there are several other people who have either bought already this year or are looking to buy. In my street of 75 properties, two others have changed hands this year and two others are showing as 'sold'.

    Yes, lots of people are, unfortunately, not in a position to move/buy and others don't think it's a good time. But I think there are others like me who are appreciating the relative value that is out there and as long as you buy a property with good fundamentals (room sizes, location etc) and take at least a medium term view, now seems like a good time to buy.
    Originally posted by abankerbutnotafatcat
    Was that a wise move at this point in time ?
    With interest rates as low as they can get - due to rise (when ?) and to what ?
    Unless you managed to get a fixed rate mortgage for the next few years - can you afford a doubling of mortgage costs ?
    • abankerbutnotafatcat
    • By abankerbutnotafatcat 30th Jun 11, 2:30 PM
    • 1,145 Posts
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    abankerbutnotafatcat
    • #6
    • 30th Jun 11, 2:30 PM
    • #6
    • 30th Jun 11, 2:30 PM
    Yes, I got a fixed rate mortgage and, as current fixed mortgage rates already anticipate future rate hikes, my rate is a lot higher than base rate and not that dis-similar to typical pre credit crunch rates, certainly not half. My mortgage wouldn't double anyway, it is a capital and interest mortgage so only the interest part of that would increase if I went on to variable in a higher rate environment.

    My caution as a result of the current uncertainty manifested itself by not fully extending myself - my mortgage provider offered me 80k more than I actually took. I borrowed enough to buy a property that was sufficient for my purposes rather than fully extending myself.
    • SG27
    • By SG27 30th Jun 11, 3:16 PM
    • 2,731 Posts
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    SG27
    • #7
    • 30th Jun 11, 3:16 PM
    • #7
    • 30th Jun 11, 3:16 PM
    With all the high street closures announced this week, everyone seems to have been spooked into tightening the purse strings even more!

    Let me assure you, NOBODY I know is looking to buy a house at the minute. Those who would be buying are holding off to see what the future holds. And these include people in relatively secure jobs - solicitors, civil servants, teachers, doctors, nurses etc. Those in the retail/finance/service/construction sectors are battening down the hatches altogether.
    Originally posted by tara747


    I was looking to buy (well still am sort of) but as redundancy looms it's not a very good idea for us to be getting a mortgage until my partner can get a more secure job. We are looking but not seriously like we was last year. We are quite happy watching our deposit grow and also watching cheaper houses. Coming on the Market I'd say it's flat at best in my area but most things are falling especially the small houses we are interested in. So it's not all bad news
  • timmyt
    • #8
    • 30th Jun 11, 9:59 PM
    • #8
    • 30th Jun 11, 9:59 PM
    well i am crazy busy at the moment, so dont believe the media as tens of thousands every month around E&W are moving
    My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.

    My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.
    • brit1234
    • By brit1234 3rd Jul 11, 12:36 PM
    • 5,191 Posts
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    brit1234
    • #9
    • 3rd Jul 11, 12:36 PM
    • #9
    • 3rd Jul 11, 12:36 PM
    This is peak selling period and yet month on month figures do not rise. I strongly believe from now on prices are going to continue plummeting.

    Many of us first time buyers are holding back with our hard earned deposits. If you buy now you loose your deposit in the comming falls and have problems in the future when it comes to remortgage.

    Next month Halifax and Nationwide figures should show price falls whilst landregistry may show a rise before falling month after.

    We all know house prices are very overvalued and will correct.
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    • jonmp
    • By jonmp 4th Jul 11, 1:39 PM
    • 36 Posts
    • 6 Thanks
    jonmp
    What do you base overpriced assertion on?
    This is peak selling period and yet month on month figures do not rise. I strongly believe from now on prices are going to continue plummeting.

    Many of us first time buyers are holding back with our hard earned deposits. If you buy now you loose your deposit in the comming falls and have problems in the future when it comes to remortgage.

    Next month Halifax and Nationwide figures should show price falls whilst landregistry may show a rise before falling month after.

    We all know house prices are very overvalued and will correct.
    Originally posted by brit1234
    I don't know that they are overvalued.

    If you look at the Nationwide inflation adjusted graph for prices since 1975 there is a clear rise but there are a number of factors that may account for this:

    -much less social housing (subsidised) being built
    -shortage of land being released by planners
    -increasing population (largest increase this year since the war)
    -more single occupancy homes
    -increasing cost of materials
    -stricter building codes (eg. in 1975 many houses were built without insulation!) increase build costs
    -increasing red tape (plumbers, electricians etc have to work for a few weeks each year just to cover registration costs etc.)
    -expansion of buy to let market driven by investors shy of the stock market
    -increasing land prices (agricultural land prices have beaten property prices in the last decade)

    I expect there are more, including rising fuel costs that effect material prices and tradesmen's costs.

    I am probably older than you and I can remember hearing people saying "it can't go on rising for ever" for at least 30 years. No doubt some really large shock to society on the scale of WW2 will stop it but otherwise I expect house prices to continue to beat inflation (in the medium and long term) well into the future.
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