I know the papers normally spout bollocks , but the daily mail (I think) was reporting that ministers had leaked documents that recon most houses will loose 10-20% in the next year, and that home repossesions will increase 5-fold ...... Also as infation has rised to 3% ( although most people see it as 5-6% real world!!) it might stem a lot of new developments.

So, QED, is it going to fall a lot do you recon, for who is involved in the market is it as bleak as it seems? it is good for me in a way as I am not yet an owner, but for a lot of people it could spell trouble

 

I have been an Estate Agent for 11 years and this is the quietest I've even known.
Scares the fook out of me!
Unless the decent mortgages come back it only going to get worst. There are just no first time buyers out there! or investors or rent to buy... nothing!
I have had vendors reduce the prices of about 15 houses in the couple of weeks, prices have deffo fallen and its really hard getting vendors to understand this especially when every agent in town is absolutely desperate for business and are saying what ever they can to get a foot in the door.. tough times! esp for the Negotiators that are on low basic and high commission, they must be earning fook all at the moment with no decent pipe line either.. even the solicitors are begging for business at the moment..

 

Was a column saying people should start there offers at at least 15-20k under the asking price .....

 

nothing shocking there, depends on what the house is up for?

 

Hoping to see a drop so can get on the ladder early / mid next year.... Its just what i've been waiting for...

 

I don't think it will fall as fast as people are suggesting. I bloody well hope I'm right

 

they have slowed in edinburgh,but not dropped and unlikely to either

 

Well Building magazine is reporting massive reductions in profits for housebuilders. land buying is down and so is reported planned starts... many house builders have written down profits.

There are still stubborn people out there un prepared to accept whats going on.. for a laugh I popped into my bank to see what mortgage I could get.. that was funny.. then the guy told me I'd be unlikely to get a reduction on a flat that had been on the market for 3 months at the same price..... nice one mate... if thats the case I'll just buy the next one where I can..

Off to look at a place later I am interested in..

I've been keeping my eye on the leading websites for some time now as I knew I would be looking to buy around now... and the amount of repo's for sale at auction has gone up prob 150% at a conservative guess.

But because of current predictions should I buy???

As for offering 15-20k less.. unlikely.. but depends on price of the house... I would have said more like offer 15% less and accept a 10-12% reduction...
The banks are all requesting 10% deposits now.. so they want you to take the risk, to share the risk look for that reduction.

Biggest problem with all this housing stuff is that NO ONE..... is a 100% expert, NO ONE can say what will or wont happen, people can just have rough guess.

 

re read what you spent ages writing!!

12% of £200k is 24k!!!!

 

i personally hope the market falls on its arse!too many people buying and selling and bumping up the value of houses so that theyre out of reach of many of us,i just cant borrow for any house at the mo.so i hope it crashes and then i can buy something.

 

We are in the throws of buying our first house at the moment, you can knock 10k of house easily, its just a waiting game for us

 

And? Standard practice to bid at least 10% lower than the asking, and even more so in this market.

Our property company has never paid the asking price for a property ever.

 

I agree, BUT..

There were a LOT of documented cases last year of property selling well over its asking price, especially in london, and my mate and his mrs put thier ex-council 2 bed on the market last september, was sold for 7k OVER the asking price the next day..... they had over 15 offers in a day!!!

Just shows (IMHO) that the market is slowing big time...I was going to buy last year, but decided to wait a while and bought an escos instead ,might have paid off if it does sink a bit ..

As I said, it's great for all us first time buyers as it was stupid last year, shoe-box properties were fetching a fortune in decent areas.

 

Ok... I live in Kingshurst in Brum, not the greatest of areas but I live in the better part.

Where I live there is a row of about 10-12 houses, big pay windows semi types on decent plots of land, 3 beds and garages. Mostly extended all with driveways for 2 cars min.

Its opposite a school, church, near a local shopping preinct and has 3 or 4 excellent bus routes.

The houses in the block of 12 do not come up for sale often- the last one ( next door ) was sold 24mths ago for £155k- the guy got it before it even hit the press and there were 6 other people in line for it he was just first.

The house 2 doors up from him went up for sale 3 months ago... it sold last week.... £150k....

The difference, price and time scale of purchase and amount of people interested.....


Having said that the house I am off to look at I am doing a double viewing with some one else lol

J

 

The country is foooked, who wants to come to Dubai with me lol

 

need a pilot/barman?

 

If I'm not settled by the time I finish uni and am chartered (3 years ) then I am offski.

By then Afghanistan and Iraq will be the places to be- Dubai wont last too much longer in terms of a new starter out there getting resonable contracts length wise

 

if a house is in the right location and price it will sell
it seems this way some estate agents are trying to keep prices high
im just sitting back at the moment waiting to pounce

 

My flat has been on the market since JANUARY.Not had a veiwing in 3 months.
Yet all the houses we want are selling like hot cakes.

 

hopefully it wont crash too much.but then im not massively fussed as we bought the biggest house we could afford from the word go(3 bed detached with big garden and garage)so that we didnt have to go throught the whole hassle of moving.so we are here to stay.
still i'd like to think they wont drop too much just in case we ever did need to sell up.

 

a mate of mine works for collections @ halifax said they have reppoed 40.000 houses in the southeast in the last 4 months and its climbing every day so people saying a resession wont happen ! hello it here

 

Its all the banks fault anyway for lending so much money to people.

When i bought my first house the bank would only lend me 3x my wage even though i put down 20k (which was a 33% deposit )

Steve.

 

DETAILS!!!!!

 

2 BEDROOM FLAT ,garage,1 mile from TOUCHWOOD.(SOLIHULL TOWN CENTRE.)
Fully refurbed. £149,950
And it,s 1 mile from solihull in the direction of blossomfield road and not LANDROVER.I,m near the WOODMAN PUB.

You can have it for £145,000.

 

nice area that

Jake, you can buy mine for £150k, but only if you take my missus as part of the deal

(2 bed coach house, huge garage, utility area, 1 and a half bathrooms, good cook/cleaner/organiser )

 

your mate is 100% full of shit by the way!!!!!!!!!!!!

 

Too rich for my blood.... too close to Solihull etc etc ....

 

This doesn't really make much sense. 40 houses isn't that much, which is what you've written. And it's def not 40,000 as that figure is way to high for one lender in one region in 4 months. It was only 30,000 for the country as a whole last year and 40,000 is cetainly a possible amount for this year as a total across all lenders.

 

you always get the same when you talk property, its the people who own - say they wont come down, the poeple who dont preach a major crash, i bought two more in the last two months and im not worried at all.

 

I'm building 24 houses at the moment and have deposits on 17 off plan. If the properties in the right area and the right spec it WILL sell for the asking price FACT.
Bread and butter new build starter homes (up to 200k) are hard to shift in the current climate but 350k new builds are selling pretty easily and 500k to 2m pads have never been easier to shift.
Now IS the time to buy land IF you can afford to sit on it for a couple of years.

 

resession is here mate, i agree, i used to get chippe work easily, this time last year i could get on the phone and have 3 starts for the next day without even looking in a paper, no im out of work as jobs finished, companies are letting people go due to lack of work and theres not many sites around. My dad was saying his noticed over the years when recessions etc are coming you notice it in the city, he says the amount of building sites drop, nieghbour said cabbing has been dead since before xmas and it will get worse, all them in denial will see

 

i'd personally be waiting longer as it will keep dropping, what goes up must come down, how can prices be put up if people cant afford them? basic buisness, if you cant sell something soo high, it wont sell, so you have to lower the profit margin so you can sell more to make your money (my opinion) lol

 

well thats one reason i left the uk and moved to oz, i bought a 3 acre plot in a nice area a month ago and it has gone up $55k in 30 days. i'm going to look at buying another next month when they release some more plots as land seems a better buy than house's. i'm so glad i got out of the uk when i did it's fooked overcrouded and to expensive for what you get

 

F----------------------k Off With The State Of House Prices You In The Wrong Cat/list----------- Go Do It Elswhere I Dont Need This In This Section-----

 

WTF are you on about

 

that would suggest to me that it's on for too much money then!

just hope i get shot of my croydon one before it all goes too wrong!
definitely wouldn't let it go for 145k though! that's piss cheap for a 2 bed flat with a garage!

 

 

http://www.housepricecrash.co.uk/forum/

Recession is already here, Government is corrupt as hell, pound is going to get to parity with the Euro, £1.50 a litre petrol and people MEWing there arses off thinking that there homes are piggybanks.

Welcome to the UK.

 

personally i blame the greedy estate agents in the begininng for the rediculously high house prices. if it would of been a sensible increase over the years we wouldnt be in a position that were all in now


the housing market has to have a 20 percent drop,t obe honest i think its gonna be more like 35. it needs to reset.

 

yet again another asswipe comment from you.
read the section name mate. GENERAL DISUSSION. that means stuff in general you spunk bubble!