An acceleration in house price falls is predicted this morning in the latest Hometrack report.
The survey, covering October, shows house prices tiptoed down 0.2% in the month, after falls of 0.1% in each of the previous five months. The annual fall is 2.8%.
There was also an increase in the number of postcode areas where house prices fell, from 25% in September to 34% in October.
And for the first time in seven months, Hometrack reports no growth in London house prices.
The Hometrack report concludes: “A slowdown in the capital will impact the scale of price changes nationally in the months ahead.”
The report also notes a rise in property listings, with supply having grown 11% in the last six months, whilst demand slackened slightly by 0.2% during October. Demand has fallen in each of the last three months. Time on the market lengthened to 9.8 weeks during October.
The proportion of the asking price achieved slipped back to 92.5%.
However, Hometrack also noted a 6.3% rise in the number of sales agreed in the month.
Richard Donnell, Hometrack director of research, said: “The increase in price falls comes on the back of a continued lack of potential buyers. The evidence is clear that buyers are drifting away from the market in the face of weak consumer confidence and concerns over prospects for the economy and their household finances.”
The Hometrack report for October is in contrast with the NAEA’s survey for September, published last Friday, which reported an increase in applicants, but appears to be absolutely in line with the latest Land Registry report for September.
The Land Registry says house prices fell 0.3% in September, an annual dip of 2.6%, with the average house price in England and Wales standing at £162,109, down from £166,364 a year ago.
The number of property transactions has decreased over the last year, says the Land Registry.
Its latest data shows that from April to July this year there were 53,752 sales per month. That is an 8.4% drop from the same period a month ago, when monthly transactions averaged 58,672 sales.
In September, the Land Registry recorded house price rises of just 0.3% in London in September, making it the only place in England and Wales to have shown annual house price growth.
By contrast, in the North-East, house prices dipped by 3.9% in October and by 8.2% over the year.
The regional variations show an increasing north/south divide. In London, the average house price is £349,026, and in the South-East £207,244. But in the North-East, the average house price is £100,616.
The Land Registry index also shows savage annual falls in some particular towns – for example, Bridgend, Wales, where house prices are down 9.6%, and Blackpool, where prices have fallen 8.2%.
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Comments
*your point....you would win a spelling and grammar and typing contest i give you that!
Funboy - what exactly is point? Unlike you i do not have an anon poster pretending top be me because my posts are so ridiculous. I post when i post, my free time is different to yours...please expand or is debate beyond you.
Another potty post from Mr Unhappy.. Oh Dear!
"I am global traveller my friend" Overdressed, like I said???
Here, have a shovel, keep digging. Oh! have a brolly while you are there (note spelling of there), defend yourself, better to be pissed off than pissed on.
You are so funny to read, keep it up
Funboy - If you dont like a response to your posts dont post. if you have to resort to name calling rather than try and have intelligent debate that is your perogative. What time i post is my business my friend not yours.....I am global traveller my friend not confined to an office and 9 to 5 like your self.
Mr Unhappy,
There are some things you may wish to consider before making any more potty posts.
Crowded lifts smell different to midgets. How tall are you?
People like you who tend to be wrapped up in themselves are genrally overdressed.
If someone wants to know more about paranoids like you Mr Unhappy, they just follow them around.
I think you should get off my case, be more generic like other posters here, it makes a better reading for those who wish to visit the site and seek news of ESTATE AGENCY.
Please be a good boy and stop making a fool of yourself.
You post here at 10.30pm on a month end Friday, sad.. you cant spell?... sad, you feel lack of ability can be bade up for by logical thinking.... very, very sad.
Enjoy the rest of your week Matey
@Tim M - yes, I do all of those things. I am a real bain to my local EAs as I know the market better then they do - marketed/sold/looking up planning issues etc (they only focus on their little empire). I don't waste my time on anything other than a decent prospect.
My reply to FBA, mainly, was to challenge his ridiculous & arrogant stance. Very annoying how buyers and HPCers (the more enlightened proporption of the population) are dismissed and ridiculed by agents.
Sure we could get by a lot better without the lot of them.
Fun Boy - I will take poor grammar over poor logic.
Brian - I would have used quotes if i had cut and pasted, my grammar is poor not woeful.
Sorry, Beebiesfan.
@Babiesfan.
Don't you do the portals ?
Don't you read and evaluate the listings before viewing ?
Do you really go where you are told to, time after time, even though you mistrust the information you are given ?
.....Grandpa in My Pocket total hoot.
Obviously the world revolves around The Agent.
A buyer who views 25 properties yet offers on none.....hmm. Likely something amiss there - coercing them to see properties that don't actually match what they're looking for? How many times has that happened! Perhaps The Agent has not actually listened to the buyer? Perhaps The Agent has thought of their own interests first and just keen to get the footfall to retain vendor relationship? Am I warm?
Perhaps the property is what they're looking for but is priced at 20% over and above what the vendor paid in October 2008 with no improvements?
Perhaps the buyers have other, better leads with other agents? (we do usually sign up to you all, you know).
Perhaps the buyer has wasted endless free-time/weekends trailing around, looking at extortionately priced wrecks, wasting precious family time and expensive fuel?
But no. We must consider the poor Agent.
Get real.
I find the hunt for a decent agent and our next property I would gladly sink a shed-load of hard-earned cash into, to provide a long-term home for my family, irritating.
FBA - dont blame slapper for his grammer, blame who posted the original thought he has cut and pasted in school.
Last post of the evening (off to football) and purely for Unhappy Chappy.
I learnt this at primary school:
There: used as 'over there' or 'there is a'.
Their: used as 'their belongings' or 'their thoughts'
They're used as short for 'they are'
www.better-english.com/easier/theyre.htm
Try this
FBA - i can understand why you find those pesky buyers irritating.....they only cost you money and pay you nothing!
p.s they have as much right to do this as a vendor does hold out for the price they want.
So what about clients that refuse to reduce there asking price and believe that the reason there property hasnt sold is because you have not tried hard enough to sell it and want to instuct another agent on the same no sale no fee basis they have with you becuase there friend sold there house with them. What would you call them?.
Which is more irritating?
A) Hellbent HPCer offering 25% off asking prices of places they visit
B) Deluded vendor on an EA's books who thinks 2007 prices plus a third is a reasonable asking price that they wont budge from
Which one costs the EA more financially?
Sib,
In answer to your question.
For our clients:
Ethical obligations, in respect of Estate Agency, impose a higher level of responsibility and may have not only legal but also moral obligations. The resolution of issues often involves a subjective decision based on our own personal ethical values and those ethical rules set out in professional codes of conduct. Laws may also set out the legal responsibilities regarding our conduct.
How do you define a 'timewaster' ?
I find the people who view 25 properties and offer on none irritating.
I find the people who consistantly offer 25% under advertised price and moan that no-one takes them seriously irritating.
I find people who say the can only ever 'view' after 7pm because of their work fairly irritating.
Sometimes I even find the attitudes of some of my clents fairly irritating too.
But I regard none of them as 'timewasters'
We use our best endeavours to achieve the best possible outcome for our client, within the limitations of the market conditions and the observation of ethical codes;
Hope this helps
Ah tis true Hamish, the Nationwide does indeed suggest +0.8 YoY
Did I mention that they can't be trusted....
As an EA I hear two statements over and over and over, sometimes both from the same potential Vendor.
1. “I’m in no rush”
2. “I’m not giving it away”
........The potential Buyer says
1. "I'm in no rush"
2. "What a waste of money"
Well I see those house price 'falls' accelerated all the way up to +0.8% Year on Year today.
I'd imagine the Nationwide going year on year positive wasn't exactly what the crashaholics had in mind when this article was released. ;-)
Jonnie, aha I see what you've done there; that's the equivalent of Columbo's "just one last thing ma'am".
If prices dropped, say, 20% and I bought I wouldn't be concerned about further falls. Sure i'd be kicking myself that I missed the bottom but who can call the bottom of any market?
The main thing is that proper falls will reduce the absolute amount of money needed to borrow to buy leading to less monthly outgoings leading to a better standard of living. Who knows - let's go crazy - perhaps even the wife wouldn't have to work.
As for employment, I work in public sector recruitment. Not great at the moment and further cutbacks anticipated but greater UK unemployment will only serve to exacerbate price falls (whether i'm in employment or not).
As hard as it maybe to believe, most HPCers realise the importance of sensible house prices not just themselves but for society in general and for future generations.
Interesting FBA, presumably your office/firm has a view on how long to keep a vendor's property on your books before you label them a timewaster?
Apologies to all readers of posts on this site (again). I find myself needing to apologise for some idiot posting using my name, and now cutting and pasting snippets from one of my previous posts and pasting them again out of context in a woeful attempt to discredit me.
The last 2 posts in my name and the ‘everyone’ post are obviously the work of the ‘cowardly muppet’ Post your e-mail address 'cowardly muppet' and I will talk to you in person ‘you muppet’
For the sake of that one ‘cowardly muppet’ I will explain once more about vendor expectation and its relation to price. If you don't understand it after this, please go back to primary school, and start over.
If the ‘cowardly muppet’ took a fiver (if he had one) and trudged the streets of London looking for a meal, he would find all the boutique, designer reteraunts would chuck him out on his ear. No amount of bleating about ‘your food is only worth what I will pay’ will get him that meal, Even that good bloke Jamie wouls say “easy tiger” as he kicks the ‘cowardly muppet’ out of 15.
But, with the fiver the ‘cowardly muppet’ would find a meal in central London, McDonalds. KFC or a kebab maybe. So price and vendor expectation is real.
The reason is: You can bang on as much as you wish about something only being worth what someone else will pay for it, even with houses. But if the person selling does notreceive an offer that meets their expectations you cant have the product. In a restaurant that would be the nice gourmet meal, with house that would be the keys.
If you don’t meet the vendor expectation on price, you cant have the product. Simple.
The person selling (whatever it may be) has no obligation to fulfil a buyers expectation on price. If they are overpriced they no doubt won’t sell (whatever it is). But if our gourmet restaurant is full of happy diners all paying the price but you get ejected with your fiver, it is a simple case that you cannot afford to eat at this table and should depart. It is the same with houses.
If a buyer meets vendor expectation and you have a sale, no matter the product.
As I said, often, house price expectation is out of line with the current market. That is a vendors prerogative not a buyers. No amount of bleating from an excited HPCer will force a stubborn buyer to sell for less than they want.
As an EA I hear two statements over and over and over, sometimes both from the same potential Vendor.
1. “I’m in no rush”
2. “I’m not giving it away”
This is just expectation. No doubt the Vendor in many instances can wait the market out, and this could take years, but if that’s what they want to do, there is no changing it......by you.... you muppet.
"...Added by I think if your examples on 2011-10-31 17:35:15
Steve Piv if you are an agent and I do not think you are then you are genuinely in the wrong job. Rant, Brit and co have a better understanding of property than you do and it is probably their experience of you and your kind that finally explains to me why the public hold us in so low regard...".
As perfect an example of what an agent should be as one could hope to find. Well-said in every respect.
As for 'Fun Boy Agent' who suggested I am bitter, this is not the case at all. I have 9 months left for one of my offers to be accepted (the procesing time for my Green Card). Should no offer be accepted, I will simply decamp to the US where house-price falls and equal-opportunity MIRAS for buyers are both still in force. I am bitter for those who, by no fault of their own, will never have the opportunity to own their own home in Britain, with all the consequential impact for starting families and our economy. I can leave the UK easily enough, but few have that opportuinity. If we want a society composed of middle class home-owners selling houses to each other, estate agents, welfare dependents and public-sector expectants, then we are well on target to that end.
Consistently high house prices are destroying the fabric of an already fractured society, and those who think only of the lining of their pocket have everything to be ashamed of.
I can't let that particular point about house prices and economic difficulties go by Jonnie - the mid to late 90s were when house prices were at their lowest in recent times and the economy was motoring along then. Lower house prices leave people with more disposable income and less debt, thus supporting the economy, not undermining it. High house prices tip the economy into recession, not lower prices, although the timelag involved may make this appear to be the case.
As an aside, another of the social failures at the HPC site has analysed the UK's 'boom' over the last decade. If you take out the effects of mortgage equity withdrawal and money borrowed by the govt to create non-jobs in the public sector, then the UK has been in recession every year this century. The two largest drivers of growth since 1997 were based on unsustainable growth of debt. High house prices have not added to this country's economic wealth one dot (I read also that Brazil's economy will pass the size of the UK's this year and that Zimbabwe currently has a lower inflation rate than we do).
Good God,
Here we are gain with a house prices set to drop item and everyone whipping them selves into a lather.
I think its best we ignore Fat Boy Agents press release as he did it a few days back on another article and it failed to raise a titter then, then we have the EA’s on here having a pop at the HPC lot (stop it lads, you’ll only encourage them and for god sake don’t suggest the live with their mum, its sets them off).
……then we get to the point, that being the prices dropping point, so lets assume that all advocates of big fast drops, ill use our new friend ‘1st Time Buyer’ – snappy name, well thought out and memorable, lets say he / she (they are normally he’s – dunno why their isn’t many HPC ladies around) will buy when prices drop then that’s good, we will have more buyers, more sales, more volume, more demand, more money in EA’s banks – splendid.
But, and this is the part someone (Rant / Sibley’s you out there today lads?) will have to advise on…………once the big ole drops you want / expect / need come and you buy, do you want the prices to stop dropping and freeze at the price you buy at? Or keep dropping for the next generation of HPC’ers?
And, it seems that most commentators and history suggest that periods of rapid and steep house price drops are matched with times of deep economic woes and un employment, so, HPC friends how secure is your job? According to the survey on HPC many of you are in IT development?? – Its just what you hope for might well come but you might not be able to exploit it if you have no job / are temping.
Comments please
Jonnie
P.s – what happened to Bob Dobalina?? – he rocked up on an article the other day with ‘me gain, where shall I start’ and hasn’t been seen since?? – perhaps he realised the answer to his question was bring something meaningful / thought provoking / informed or even funny……………ive answered my own question haven’t I?
...but only tubbies & now Mike the Knight.
Do all HPCers rent?? Do they? I don't.
*********** NEWS FLASH ***********
**** SPRING BOUNCE 2012 is ****
**** OFFICIALLY CANCELLED ! ****
***************************************
The title says it all:
"House price falls to accelerate"
Good news.
The faster the better.
"In 27 years of EA I have never ever come across a property that is 'overpriced' by Vendor expectation. Although I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
What a prat!
......"They say we're young and we don't know......We won't find out until we grow"
Are you lot still at it?
are what you consider good advice then you are presenting a very strong argument why the general public think that agents are thick spivs.
It is obvious the you do not understand what a demand push is.
if you take the last 12 months figures from the land registry (who also last year posted had an average house price story quoting £163,xxx not £166 364) work a full calculation including stamp duty, solicitor fees and mortgage payments, even with a 2.8% drop this year and last you will be the next labour chancellor if you can get a cost of ownership (excluding capital repayments to compare like with like) up to the average rent of £673 pcm.
Even if the figures are exactly the same or dop indeed favour renting the biggest argument for buying is that no-one can ask you to bugger off with 2 months notice to join the 30 or so other folk in your predicament.
Steve Piv if you are an agent and I do not think you are then you are genuinely in the wrong job. Rant, Brit and co have a better understanding of property than you do and it is probably their experience of you and your kind that finally explains to me why the public hold us in so low regard.
"In 27 years of EA I have never ever come across a property that is 'overpriced' by Vendor expectation. Although I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
Me, 2011.
Dear Mr Page,
you sound a little bitter that no-one is going with your 75% offers.
Don't be bitter, keep going. One day, some mug might give in to you and sell to you with a 25% discount. In the mean time it will help the Agents down your way agree a sale when a good offer from a good buyer of between 5% and 10% off asking price comes in and they compare it with your speculative offer. Nothing wrong in this at all.
Nothing wrong with low offers, keep going matey, it will help any good Estate Agent no end... We loves ya baby!
"It suits your argument to ignore the demand push on rental inflation for 25 years!, that is a good indication of your depth of thought. "
What a stupid thing to say. My example was based around a renter should bother to wait another 12 months before purchasing. Rents are only likely to go up at the end of the 12 month period (and then only in-line with GDP growth, which is roughly 0 at the moment).
"You have also chosen to ignore the long term average increase in property prices since the war."
I didn't choose to ignore long term property price trends. I was responding to an example by "what is an hpc'er" that was based on whether someone should continue to rent if prices continue to fall at a projected rate of 2.8% per annum. He (or she) neglected to include the interest costs on the mortgage and quite a few other costs besides. I was simply pointing out that when these costs are included then it is better to rent and delay purchase if property prices are falling at 2.8% per annum.
Besides, the long-term record of house prices since the war shows that current prices are almost certainly overpriced (based on rental yields and price-to-income ratios).
It does no favours to the image of estate agents for you to deliberately twist and distort other people's arguments. If you have nothing intelligent to contribute, then I would suggest you stay silent.
"...The very simple way to stop this would be for sellers simply not to allow their prices to come down
There should be a law saying you cannot sell a house for less than it is worth. That would stop the cowardly bargain hunters from trying to steal peoples homes...".
Simply comical, and all the more depressing for being a true mindset even if offered only in jest.
This notion might make a nice commission scenario for the suited spiv with a spelling dysfunction, but the bottom line is that an entire generation has had their lives put on hold for the best part of a decade whilst the powers-that-be and their VI buddies have bent our entire economy toward house price inflation.
I've looked at 12 houses over the past 3 months as a cash buyer (money earned and saved, rather than borrowed with no hope / intent of ever paying it back) and in each case I have offered a maximum of 75% of the asking price. Some have responded with incredulity in their greed whilst others have made counter-offers, but all have been flummoxed by my apparent unwillingness to pay their extortionate asking prices, in one case in Somerset, where a house had been on the market for 18 months (and likely will for another 18), my refusal to buy at near the asking 'caused' them to miss out on the bargain in Pembrokeshire that they had hoped to pick up for a song from their ill-gotten gains. In all this I get to sound out the property market whilst discomfiting a raft of different EAs in the process, influencing sentiment generally. I would say that this is a public service for all those who seek to own a home rather than an 'investment'.
Who do the EAs and building VIs really think is going to win this general stand-off between vendors and buyers? The vendors sticking to the guns of their asking prices, or the legions of people who would like to buy but cannot because of the dampening effects of the financial crisis on lending and its likely decadal tenure? I can afford to buy outright but won't; the majority do not even have the deposit and certainly can't get the mortgage. I do not disparage here -- my point is that under these conditions, prices must come down. And they will. And all the EA ramping and squealing in the world won't stop it.
Fair return for ruining the lives of a generation I would say, wouldn't you spivs?
It suits your argument to ignore the demand push on rental inflation for 25 years!, that is a good indication of your depth of thought.
The are currently over 20 people chaing every available rented propery, please see the debates about why renters feel trapped in under sized properties once they have children.
You have also chosen to ignore the long term average increase in property prices since the war. Even with the crashes in 1988, 1992 and 2007 the average property price today, in this report is, over 7x more expensive than it was 25 years ago.
Ooh the other thing about an HPCer is that it is easy to get a rise out of them and a demonstration of Bambi niavety.
Sorry, forgot to put the Piv on my name there.
As for the rising rents, I fail to see how the trend would continue forever. Is there really a lack of supply? In my North London suburb there are many flats that are both for sale and to let. Many remain empty for a simple reason: overpriced.
Even if there was a lack of property that alone couldn't keep the market going forever. Money must come from somewhere. In the current economic climate - 10% of Londoners being out of work - I can't see the current trend lasting.
As long as the interest rates stay at their all time lows there won't be a crash, just a prolonged 'gentle' downturn. However, with inflation being out of control I'm not sure how long BoE is able to keep the rates down.
@Please can we stick to one average house price index
As an estate agent, I say we need to stick to the index that shows the biggest prices falls. If we choose to cherry-pick the nationwide because it shows the smallest price falls, then all it will do is keep encouragin vendors to overprice (as Rob MK helpfully pointed out to me - houses aren't selling because of unrealistic expectations on the part of the vendor - tellin people that house prices are higher than they are is going to get stock shifting)
Here is a "ctrl c + crtl v " from EAT
Wednesday 1st December 2010
House prices fell by 0.3% in November, the Nationwide reported this morning, bringing down the average price to £163,398.
If we are now down to £162,109
That is a fall of £1289 in 12 months which is not an annual fall of 2.8% it is just under 0.8%
If we all stick to one index we can all have a much more meaningful disagreement
Oh Deary Me.
An average house that costs £160k that costs £7k per annum to rent.
If the renter is thinking of buying it with a £125 mortgage plus deposit, but is trying to decide whether or not to wait a year then we need to compare the following (assuming a 3% interest rate on the mortgage):
Buy now - interest costs £52830 over 25 years, followed by one year rent/mortgage free
Buy in a year's time when prices are 2.8% further down - £7k in rent plus interest costs of £50,928 on the mortgage of ~£120500.
So, if the costs of maintaining, repairing, decorating and insuring the house comes to more than £600 per year (which it will do) then the person is better of renting for a year before buying rather than buying now.
Simple Maths.
Even a simple little estate agent like myself can see that people are better of renting with prices falling at 2.8% per annum.
Someone who spends an average £8000/ year in rented accommodation hoping that average prices will crash by more than £32,305 so they are better off than they were in 2007.
Even with a 2.8% predicted fall in prices per the article the average HCPer is losing out by £3500 per annum by renting.
HPCers are great at blahing on in Internet forums but are rubbish at maths, logic or common sense.
Rant is correct that they are lampooned on here, most have been given some very sound advice about why they should have bought when mortgage deals where there for the taking.
As well as being rougly £300/ month worse off by renting, HPCers will not be convinced that the stock of first time buyable properties continues to diminish as Buy to propser landlords continue to buy anything that comes on the market in order to meet the ever increasing demand for rented properties.
The reason most of us do not bother with the HPC site is because it has simply failed to deliver the crash that they have been predicting. for the past 5 years
Ranked in 2007 by the Times as the 8th best business blog in the UK. Google it.
"How likely is it that a bunch of benefit scorungers are likely to come up with sharp analsies ?? ha ha wtf
EA’s wear suits, much celeverer than any scrounger. Go watch Cbbeies televiasion morons!!! "
I know. People living on council estates simply don't understand the years of training and experience required to put on a suit.
“ the site has been noted by the Times amongst others for it's sharp analysis of the build-up to and present economic crisis the country is in”
How likely is it that a bunch of benefit scorungers are likely to come up with sharp analsies ?? ha ha wtf
EA’s wear suits, much celeverer than any scrounger. Go watch Cbbeies televiasion morons!!!
Put interest rates at 5% and lets see how long it takes for affordable housing to appear on the horizon...
The supposed lack of supply hasn't stopped house prices tumbling across North England over the last 12 months.
There is one region of this country where the housing market is undersupplied - the South East. Even then, prices are being supported by foreign buyers taking advantage of the crash that has already occured in non-Sterling currencies and this having a spillover effect outside of Prime Central London.
Anyway, I need to go an get another cheap lager from the fridge. In the meantime, do continue researching the tabloids to further your knowledge...
@oooow looky
So, the 20% fall in house prices in 2008 was presumably caused by the random slaughter of a fifth of the population?
Rant is now blaming the media for the economics of an increasing population.
Without government legislation property prices will continue to follow the path of Dick and Fanny. When one goes up so does the other.
HPCer = housepricecrash poster (visit www.housepricecrash.co.uk)
Put simply, a bunch of folk who have chosen not to join the 'house prices only ever go up' herd toward the cliff edge.
They are regularly lampooned on EAT and presented as a bunch of uninformed, benefit scrounging, binge drinking, social failures who only want prices to crash so they can load up on BTL.
The reality is quite different - the site has been noted by the Times amongst others for it's sharp analysis of the build-up to and present economic crisis the country is in.
Loons who post here with an anti-EA agenda are often presented as having come from the HPC site. In most cases that isn't true, although that point rarely gets mentioned, especially by those who have never actually visited the HPC site.
Overall - an established site browsed by thousands of people who do not believe that high house prices are either good for most individuals or the country as a whole. It offers an alternative to the view that most UK media have towards the property market, predicted the credit crunch and presents the argument that UK house prices have been inflated by loose lending. With that source of cheap money now gone, HPCers believe that despite the government's best efforts, house prices will continue to trend down. Certain members of the EAT community get extremely offended / upset by this point of view, forgetting that they work in an industry which relies on turnover and transactions, not high prices.
Needless to say, this post is going to be subject to the usual treatment...
Estate agent today ......... what a depressing thought!
Don't despair, volumes willl pick up eventually when prices fall back to reflect tighter lending criteria.
Help me please:
HPCer is a reference to those that frequent the House Price Crash website.
Our vested interest goes without saying...
http://www.housepricecrash.co.uk/
Put me out of my misery. What or who is a HPC (er)? Then I can enjoy the wit and banter that rolls throughout the stories on this site, and not sit here thinking I must be as thick as pig s**t!!
If the banks give away house at joke valuations then it affects the whole neighbourhood.
No it doesn't, a new kitchen, a slap of magnolia and a bit of B&Q laminate soon has the property rented out to HPCers or churned for its open market value, thus restoring the area to the norm.
J Jones are suggesting that we rule against a free market economy?
Got a pension? Stocks and shares?
A thing (anything) is worth what you can sell it for.
The trick is find a punter who will pay more than its worth!
If no one buys at the marked price then its not worth anything at all, only once some one pays do you find the value.
Steve Piv.
Whys no one buying?
Too high prices, low rates of interest that are not available to 1st timers, and only short term fixed rates (indicates banks are hedging on rise and don't want to lose out on a better return).
Oh and job worries, higher costs for loans, mortages, fuel....hey but high house prices are a good thing. Not for me, I can't afford them..
Lets just get back to the story a second!!
Hometrack have said that the prices of houses and the amount sold will fall over November and December!!
So glad I read this as would have been wondering what the hell was going on.
I mean last christmas prices and transactions went up didint they??? Oh and the year before and year before!!!!!
Thank god for all these professionals telling us something we already know!!!
I'm an estate agent. And so's my wife. However, we need more comments from the general public, not less. I've hardly been selling anything over the last couple of years and I can't work out why. Perhaps we can learn something if we just listen?
Bargain, if you are earning £25k and living in a £180k house you can simply withdraw equity from your house to get yourself up to an acceptable level for home improvements.
By the banks criminally selling house for less than they are worth and killing peoples equity they are plunging us into a recession because no one will be able to spend what they should.
I came across this site/article from a news link.
For all those who want prices to fall or for those who want prices to remain the same or go up, how can you not realise that you are all acting with self interest.
Using sentimental references of the people who worked hard for their house and now seeing the value drop (or "stolen" from them) much akin to the opposite references of the young being priced out by greedy baby boomers is rather pointless and only seems to cause anger.
suggesting it should be made that a house can't be sold less than a certain limit...
Ho hum, this is what happens when housing becomes a zero-sum game.
Still, your loss is my gain.
Oh and J Jones, i've come to the conclusion you are most definitely on the wind-up - hats off to you sir/madam.
The irresponsible lending from banks over the last decade that is contributing to rising repossessions now was criminal too. Surely there is at least one extreme case of this that can be made an example of and we can finally see one banker in jail.
Jones
Only the minority who piled into the bubble during 2005, 06, 07 would be affected and only then if they hadn't bothered paying off any capital over the past 5 years. You could argue that that is their problem anyway for getting carried away and paying too much.
Average terrace houses like mine in the area are simply not worth much more than £120k (about the price people were paying in 2002). I reckon the ave single income of the occupants is likely to be around £25k.
If I hadn't bought at £120k who knows how far the price would have dropped before somebody else was interested.
This site has been hijacked by non agents I think.
Is there any way we can ban members of the public?
I am bored wading through the absolute drivel that they spout, when they have no idea at all what it is like to sit behind a desk selling houses in a sh*t market.
I want to know what my fellow agents think, because they might be able to help me with their knowledge and expertise.
If you are not (or have never been) an agent or someone professionally involved with selling houses can you please just get lost?
Bargins, what happens when one of your neighbours wants to move? Answer, they can't because the bank gave you a house at a silly price so its affects their valuation as well.
I don't blame you, if I was offered a house for next to nothing I would take it too. By what the banks have done in your case is board-line criminal in my view, because they have stolen equity from dozens, scores of your neighbours.
Jones
The bank didn't give it away. The asking price dropped over a period of months until muggins here was tempted.
I suspect that most of the neighbourhood would realise that £165k was a silly bubble price and couldn't give a stuff that current valuations are lower. As they are across much of the country.
@ J Jones
You have a very valid point.
The 'money lenders' advertise a re-po for the minium period of time that they can get away with in the eyes of the law and then sell it for the amount that THEY have loaned plus possibly their costs - sometimes nothing like true marketing or true value.
Brain - you made me smile thanks :0)
Gloria
Zoopla will do it, The website
Bargins, just to answer your other point yes, the bank should have been banded from giving it away.
You might think that this legalised theft is a victimless crime when the banks are selling, but I can assure you this is not the case. If the banks give away house at joke valuations then it affects the whole neighbourhood. As a lot of the time this is what estate agents try and base prices on and so sometimes get it wrong when they previously gave a higher price.
Bargins, If I had to guess I would say about £180k.
You know it is worth a very minimum of £165k, and it would have gone up since then. You have to get valued periodically as most home owners would to get a good idea of current price.
My house is worth more, but added about £35k between 2006 and later years.
OK J Jones here's a scenario for you:
I just bought a house. It was last sold for £165k in 2006, was repossessed and I paid £120k.
What is the house "worth"?
Should the bank have been banned from selling it?
please dont bite people. J Jones is clearly on the wind up.
Thank you Brum Agent, I’m glad someone gets it.
Gloria, as an estate agent you should know full well.
J Jones. What exactly is a house worth, how can you tell?
What we need is the angry J Jones in a room with the pillocks Happy Slappy and rantwave, that could be good viewing, but then again doubt the latter would turn up from the protection of their little keyboards, been bullied as wimps most of their lives no doubt.
Price mentioned!!! Prepare for endless twaddle from the HPC morons in rented and on benefits.
Same fools, same cut and pasted messages.
The very simple way to stop this would be for sellers simply not to allow their prices to come down.
There should be a law saying you cannot sell a house for less than it is worth. That would stop the cowardly bargain hunters from trying to steal peoples homes.