How far will house prices fall [volume 4]
Discussion
alfaman said:
Mobile Chicane said:
That just screams 'executor sale'.
Guess what? Executors are greedy.
I can see that being up for rent sooner than it's sold.
But with executors sales the recipients are likely to be paying tax at 40% and could be splitting the gains.Guess what? Executors are greedy.
I can see that being up for rent sooner than it's sold.
So sometimes won't hold out for a high price - especially if there is squabbling... An additional 100k split 4 ways is only 15k each after tax ... On a base of around 0.3m each ( as hypothetical example)
It's not a house for people as they get old - which is more than likely why it's up for sale.
alfaman said:
Similar in South Bucks where I used to live - there is currently a large old house on a prime road , 1.3 acre plot , bankruptcy, internal property damage. Was up a while back at 1.3mill - now going to auction at 1.0m starting price.
I am half inclined to have a punt - but I think i would be out bid by professional developers ( would go to 1.5m+?)
Not the same scale, but anything around me (rural Cheshire) that comes up at auction seems to go for a higher price than you'd expect on the open market. The worse condition, the more bonkers the price.I am half inclined to have a punt - but I think i would be out bid by professional developers ( would go to 1.5m+?)
Jimmyarm said:
I've been watching our local area pretty much constantly for the last year or so whilst the future Mrs Arm and I wait for the planets to align and release some funds.
Seeing quite a lot of things that 'sold' at the peaks earlier in the year reappear on the market at slightly lower prices over the past month or so in the £200 - £350k range (Hampshire area). Perhaps it is just the normal sales falling through/desperate to move. I haven't watched the market much before to get a feel for what is normal.
Whilst I don't want anyone to end up homeless, I really hope that the (asking) prices do crash by 10% or more, it brings a lot of more desirable stuff into reach of our budget.
Similar story here in Fleet, not sure they are being resold or just sales have fallen through. Some of the asking prices are simply crazy, they either sell or get reduced over time and then go! Seeing quite a lot of things that 'sold' at the peaks earlier in the year reappear on the market at slightly lower prices over the past month or so in the £200 - £350k range (Hampshire area). Perhaps it is just the normal sales falling through/desperate to move. I haven't watched the market much before to get a feel for what is normal.
Whilst I don't want anyone to end up homeless, I really hope that the (asking) prices do crash by 10% or more, it brings a lot of more desirable stuff into reach of our budget.
Anecdotally, in the Newcastle area, stuff that was selling 10 to 20% under asking a couple of years ago now seems to be selling around asking price. In the £200-250k price bracket anyway.
As new stuff comes on the market near us it increasingly makes our house look more of a bargain; similar house with an extra bedroom and less outside space just came on at £375k, another is the same size, worse layout, but slightly larger kitchen and a downstairs toilet, on at £330k. We paid £210k, so will be very intersting to see how those two sell, as we can fairly easily add an extra bedroom, batroom and larger kitchen, whilst still retaining more garage space, a larger garden and a better location.
Anyone else got a handle on the market in the North East?
As new stuff comes on the market near us it increasingly makes our house look more of a bargain; similar house with an extra bedroom and less outside space just came on at £375k, another is the same size, worse layout, but slightly larger kitchen and a downstairs toilet, on at £330k. We paid £210k, so will be very intersting to see how those two sell, as we can fairly easily add an extra bedroom, batroom and larger kitchen, whilst still retaining more garage space, a larger garden and a better location.
Anyone else got a handle on the market in the North East?
Derek Chevalier said:
z4RRSchris99 said:
high end market still alive. heard some very strong deal going through this week.
I heard it was dead round Surrey way - lots of McMansions being built but not many sales.
Nationwide pr and numbers for Sept 2014 (pdf):
http://www.nationwide.co.uk/~/media/MainSite/docum...
"Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3. Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak."
http://www.nationwide.co.uk/~/media/MainSite/docum...
"Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3. Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak."
turbobloke said:
Nationwide pr and numbers for Sept 2014 (pdf):
http://www.nationwide.co.uk/~/media/MainSite/docum...
"Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3. Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak."
31% is a ridiculous percentage in only a few years. http://www.nationwide.co.uk/~/media/MainSite/docum...
"Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3. Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak."
Not surprising mind.
House prices expected to 'dip' next year. http://www.theguardian.com/money/2014/oct/06/uk-ho...
Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
Esseesse said:
House prices expected to 'dip' next year. http://www.theguardian.com/money/2014/oct/06/uk-ho...
Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
So if it happened now say, we would be back to prices sometime in September?....Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
That 1% would need to be 75% to make a big enough difference to, um, make a difference.
Esseesse said:
House prices expected to 'dip' next year. http://www.theguardian.com/money/2014/oct/06/uk-ho...
Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
Guesses - sorry, estimates - have never been wrong before... Less than 1%, can a prediction really be that accurate?
If there was a dip overall I assume it would be lead by London where things seem to have got a bit heated. Elsewhere flat?
jonah35 said:
How on earth do they know what inflation will be, what the economy will be like, what wars we are fighting, who will win the election etc?
No one knows is the honest answer.
Which is why it's the trillion dollar (pound) question.No one knows is the honest answer.
Ultimately, we've had successive government that have upheld and increased house prices at all cost - it's a vote winner. Until such time that it's seen as a negative, that won't change. Amazingly, people generally still perceive increases to be good news.
Much like those in power, the general public don't look beyond the very short term.
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