How far will house prices fall [volume 4]
Discussion
Unquestionably both. Well, I don't doubt specific cases could question either but generally values are up. Frequently by surprising amounts.
Edited to add;
The last official figures are year to end of June (released at the end of July)
http://www.landregistry.gov.uk/__data/assets/pdf_f...
London-wide YOY growth of 16.4%
Surrey YOY 8.3%
Former Surrey London Boroughs YOY 13-17%
Edited to add;
The last official figures are year to end of June (released at the end of July)
http://www.landregistry.gov.uk/__data/assets/pdf_f...
London-wide YOY growth of 16.4%
Surrey YOY 8.3%
Former Surrey London Boroughs YOY 13-17%
Edited by scenario8 on Monday 18th August 18:02
Back in May, I put in offers on three houses, at asking price. For all three, vendors accepted offers for 3-5% above asking.
Two of those three are now back on the market, at the same asking price. It'll be interesting to see what they go for this time. (/what I could get them for...)
But even assuming the properties went for asking, that's still a 3-5% drop in 3 months.
Two of those three are now back on the market, at the same asking price. It'll be interesting to see what they go for this time. (/what I could get them for...)
But even assuming the properties went for asking, that's still a 3-5% drop in 3 months.
Data today is asking price data, one can ask what they want, doesnt mean they will get it, rendering it not the most useful statistic. August is historically slow, im not saying prices wont slow down or even come off a touch, but this isnt really a great indication of it.
Sure its a vague indication, but land registry sale price data is what counts.
Sure its a vague indication, but land registry sale price data is what counts.
okgo said:
I reckon I would pull if I saw this news (if I had been odd enough to buy at this time anyway).
You can not really say that though, because let's say you buy a house you like in a location you want to live in and your paying today's prices which lets say have risen 20% this year but you have also sold your house at the same percentage increase, then roll into next year and house prices have dropped by 5%...does it matter in that although you paid 15% more last year, you also sold yours 15% more...then you still need the pieces to fall by another 15% just to bring your value inline with last years prices...if that makes sense? Housing will always fluctuate up and down...If your buying a house as a home and your in a good postion to buy, then buy. That's my view .
brickwall said:
Back in May, I put in offers on three houses, at asking price. For all three, vendors accepted offers for 3-5% above asking.
Two of those three are now back on the market, at the same asking price. It'll be interesting to see what they go for this time. (/what I could get them for...)
But even assuming the properties went for asking, that's still a 3-5% drop in 3 months.
It's only a drop in offered price, nothing more. The sale didn't complete in May at that price so it's a meaningless observation really. Two of those three are now back on the market, at the same asking price. It'll be interesting to see what they go for this time. (/what I could get them for...)
But even assuming the properties went for asking, that's still a 3-5% drop in 3 months.
Because there is a value to put on you and your families happiness. Living in a nice new home which gives you what you want is worth a damn site more to me than anything you might save by waiting a few months (or potentially years... if the market drops who's to say when the drop will finish). What would you do for those few months/years? Sit in some rented place... great fun... Not for me, life's too short.
Anyway, can you pass me your crystal ball when you're done with it?
Anyway, can you pass me your crystal ball when you're done with it?
Lets come back to this post in 6 months or so and see how the month on month trend has changed in London. I don't think its a massive gamble to think it will cool off, look at the last month, the biggest drop in an August ever recorded, Carney accused of this that and the other to keep things sweet till elections, I think there is a lot that will happen to fuel negativity in the market.
TLandCruiser said:
But then the house your selling will be worth less, that's if they do drop
For the people in a chain yes, as I said 3 times above, many are not, so not such an issue. But yes, this particular chap is in a chain, though selling and moving to rented for the time being would be the move I would take if it was a big money move, assuming that isn't too much hassle, kids and the like.Maybe I am more open to risk, I am not about to buy something for £800k, when it was £550-600k 18-24 months ago, which seems common place on the properties I am considering.
okgo said:
But you could buy it for a huge amount less in a few months? How can you look past that?
Being in a chain obviously a bit different, but as I said above, many people are chain free.
No you wont, because the house, if decent, in a decent area and at a decent price will have sold.Being in a chain obviously a bit different, but as I said above, many people are chain free.
gibbon said:
No you wont, because the house, if decent, in a decent area and at a decent price will have sold.
Yes, but they're not at a decent price. That is the point.Look at what brickwall posted, people jump in with both feet, realise they're being mugged off, pull out, and back on it goes. Its happened a lot locally to me, and slowly they're coming down in price.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff