It depends on whether they need to move/sell quickly or not. If they don't then someone may buy them for that price, if they do then they will be forced to sell at the market rate.
House prices..
- Thread starter fendi
- Start date
Soldato
- Joined
- 31 Jan 2003
- Posts
- 4,267
- Location
- Lincoln LN3
Harsh.
Soldato
- Joined
- 31 Jan 2003
- Posts
- 4,267
- Location
- Lincoln LN3
What would you do?
I'm looking for a place in north london/islington. Two double bedrooms is what i'm after. I can sort of get it but the places aren't exactly dream homes or locations.
now the trouble is in this market you don't know who has their house on for £300k but would take £270k.
further, the places i want seem to be £350k, who knows if they'll drop to my level. Being in london there's still demand.
so do i carry on looking, put in low offers and see what happens or wait/hope for the more expensive properties to drop to my level.
i'm a first time buyer.
I'm looking for a place in north london/islington. Two double bedrooms is what i'm after. I can sort of get it but the places aren't exactly dream homes or locations.
now the trouble is in this market you don't know who has their house on for £300k but would take £270k.
further, the places i want seem to be £350k, who knows if they'll drop to my level. Being in london there's still demand.
so do i carry on looking, put in low offers and see what happens or wait/hope for the more expensive properties to drop to my level.
i'm a first time buyer.
Yep - keep putting in silly offers as you never know what position the seller is in.
Associate
- Joined
- 25 Sep 2003
- Posts
- 2,340
- Location
- London UK
Keep on putting in very low offers. Bear in mind that they need to be REALLY low otherwise you'll probably end up in negative equity yourself. If a house is on for £300k and you get it for £270k that's only 10% reduction which is no way near enough. Be careful.
Here's August's report from Nationwide (charts on page 3):
http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf
Down another 1.9% in August, down 4.5% in the last 3 months. There have been 10 consecutive months of falls now. The average price is now £21,390 or 11.5% lower that the peak in October 2007.
Another two months similar to recent months will leave us just over 14% down in a year. A crash far faster than the UK market has ever seen before.
http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf
Down another 1.9% in August, down 4.5% in the last 3 months. There have been 10 consecutive months of falls now. The average price is now £21,390 or 11.5% lower that the peak in October 2007.
Another two months similar to recent months will leave us just over 14% down in a year. A crash far faster than the UK market has ever seen before.
Soldato
- Joined
- 3 Jun 2005
- Posts
- 5,365
- Location
- West Sussex
Saville's estate agent report there profits down 41%.
Sky news have just said estate agents are now closing by the hundreds a week.
RICs reported last week that EA's are now selling an average of 1 property a week.
Sky news have just said estate agents are now closing by the hundreds a week.
RICs reported last week that EA's are now selling an average of 1 property a week.
The presenter on bbc news tried to claw back from the 'dont panic' air by making a comment about house prices rising in scotland.... Silly.
Its good to know that people are starting to realise that availability of cheap credit is what got us where we are today, and that when you remove that, it all drops back.
Its good to know that people are starting to realise that availability of cheap credit is what got us where we are today, and that when you remove that, it all drops back.
Is that Sutton in south London/Surrey or a Sutton somewhere else? if its the London Sutton mind telling me where this is lol
thats just too much of a bargain*edit* oh nevermind - just read its Sutton in Ashfield....doh got my hopes up there
Last edited:
Soldato
- Joined
- 3 Jun 2005
- Posts
- 5,365
- Location
- West Sussex
Spoken by the same that told us buying was a one way bet as an investment.
Remember, they are not going to build anymore land in the UK. Or there is such a shortage prices couldn't possibly fall. Low unemployment will secure prices remain high and have a soft landing. Immigration will only make make prices rise. Interest rates have peaked at 4.5%.
One year on developments are being abandoned, market is beginning to flood, unemployment is rising, immagrints are going home and interest rates are still at 5% with rising inflation.
If people choose to listen to the BBC then good luck to them.
The unfortunate thing, is that who ELSE is there to listen to, unless you 'go underground' with your opinions...
... The 'masses' are continually fed the same lies over and over, no matter which channel you watch.
I feel only slightly vindicated in having a contrarian attitude for the best part of 6 or 7 years now - only slightly since we now ALL have to face the bust, and not just those who ramped property through the years and got rich off the back of ordinary people who just went along with it all.
... The 'masses' are continually fed the same lies over and over, no matter which channel you watch.
I feel only slightly vindicated in having a contrarian attitude for the best part of 6 or 7 years now - only slightly since we now ALL have to face the bust, and not just those who ramped property through the years and got rich off the back of ordinary people who just went along with it all.
Associate
- Joined
- 9 Sep 2007
- Posts
- 1,873
My first house cost 45k a decade ago with 10 k deposit ,mortgage £300 a month ,(which I thought was a lot)I hate to thing of the repayments on 300k ,must be about 2.5 k a month
Last valuation was 195k but expect thats dropped a fair bit now .
Soldato
- Joined
- 3 Jun 2005
- Posts
- 5,365
- Location
- West Sussex
There is still a fair bit of denial about. EA's saying falls are just regional, they have seen a recent pick up in interest in the last few weeks.
The real bite probably wont come till next year. In the 90's the press were still reporting rises until it became totally unbelievable the market was doing anything other than crashing.
My parents bought last year for a reduced price of £250,000 they want to move and its been valued at £225,000.
For starters don't "watch". TV news is generally rubbish, filtered, lowest common denominator type of stuff. Secondly trust your own opinions above others. So in the housing market - ignore what random media pundits are saying (they have been proved consistently wrong anyway) and look at the real data for yourself, research how the market has behaved under various economic conditions and draw your own conclusions.
Just because someone is a journalist or broadcaster DOES NOT mean their opinions are in some way more right than yours (given you've got half a brain and the inclination to do the research).