Selling houses
Discussion
Things seem to be very slow at the moment with houses sticking unless they are a top bargain price. Thing is where one of my Bro' lives houses are selling like hot cakes on new developments in and around Buxton, Derbyshire. Also read a short report that house prices have GONE UP 
3.8% since Christmas 2007. Well report was from 'Rightmove' so handful of salt maybe. But it seems mid country are doing well. I wonder if thier car market is much the same, these two major purchases do seem to be very closely linked nowdays. Whats your take on this.
3.8% since Christmas 2007. Well report was from 'Rightmove' so handful of salt maybe. But it seems mid country are doing well. I wonder if thier car market is much the same, these two major purchases do seem to be very closely linked nowdays. Whats your take on this.
Simpo Two said:
Why do you people keep buying cars you don't want? If you bought something you liked you wouldn't have to sell it!
Maybe some people like a new shiny 'toy' every few years. No mention of either of us not liking our cars.Edited by Simpo Two on Tuesday 19th February 21:10
at the top.
Honestly I have lost count how many cars and motorbikes I have bought and sold over the years. It seems I buy the 'car of my dreams' and then after a couple of years I've been there and done it' so need to find another dream car/bike.
Have to confess the John Cobberly ranks as the most difficult car to sell thus far!
Have to confess the John Cobberly ranks as the most difficult car to sell thus far!
Crank - dont beleive what you read in the press. There is still a demand (strong) for property but its a BUYERS market, although the prices advertised seem to remain strong, deals that are completing are well discounted.
Unique one off properties are still increasing in value by a marginal amount but on the whole discounts of between 2 - 20% are happening in the market place (yes 25%).
Flats in large towns like Ipswich and Colchester are discounted in some cases at 60% below thier original sale prices (you can check this out on sold prices rightmove and similar sites).
Thier are pockets across the country that seem to be bucking the trend, but they are few and far between. The property market is going through a small correction, nothing to much to worry about, but I do feel this isnt quite the end, as it surprises me how many empty properties are for sale. Auction houses have also reported that repossesions have doubled over this time last year appearing in thier regular auctions.
I think thier will be some further fall out from the buy to let market.
The real worry however is the underlying issue of finance, due to the fallout of the prime market in the states and the huge wright off's banks are taking on the chin, mortgages are becoming more expensive and much harder to get. Fixed rate deals and capped rate are available but via large arrangement fee's.
Some outside the market may think that bank interest rates coming down will help the market, well it willhelp those with existing mortages, but in most cases borrowing rates actually went up.
Barclays for example increased thier tracker rate from 0.48% above base to 0.69% above base. Ok base may have come down 0.25% but the underlying fact is its getting more expensive to borrow and arrange finance.
Unique one off properties are still increasing in value by a marginal amount but on the whole discounts of between 2 - 20% are happening in the market place (yes 25%).
Flats in large towns like Ipswich and Colchester are discounted in some cases at 60% below thier original sale prices (you can check this out on sold prices rightmove and similar sites).
Thier are pockets across the country that seem to be bucking the trend, but they are few and far between. The property market is going through a small correction, nothing to much to worry about, but I do feel this isnt quite the end, as it surprises me how many empty properties are for sale. Auction houses have also reported that repossesions have doubled over this time last year appearing in thier regular auctions.
I think thier will be some further fall out from the buy to let market.
The real worry however is the underlying issue of finance, due to the fallout of the prime market in the states and the huge wright off's banks are taking on the chin, mortgages are becoming more expensive and much harder to get. Fixed rate deals and capped rate are available but via large arrangement fee's.
Some outside the market may think that bank interest rates coming down will help the market, well it willhelp those with existing mortages, but in most cases borrowing rates actually went up.
Barclays for example increased thier tracker rate from 0.48% above base to 0.69% above base. Ok base may have come down 0.25% but the underlying fact is its getting more expensive to borrow and arrange finance.
Interesting read Patrick, and if I read it correctly the middle market have hocked themselves into so much debt they have hung themselves, the top end - well its such a small % it pretty well carries on and the first timers still cannot get a leg on the ladder hence big discounts to move units. Can't see anythuing other than a correction either ar the moment. Possibly the general housing shortage in the Country will continue to bouy prices of the middle market?
I'm probably oversimplifying but I believe that if the cost of borrowing goes up, the price of houses goes down to match. The figure most people pay for a house is not the asking price, but the monthly repayment.
And there will be no let-up of demand - the Govt moans there is insufficient housing, price of houses yada, then lets 1.6 million new people move in in just 2-3 years. Utterly mad.
And there will be no let-up of demand - the Govt moans there is insufficient housing, price of houses yada, then lets 1.6 million new people move in in just 2-3 years. Utterly mad.
Interesting site which lows low of the radar :
www.propertysnake.co.uk
Punch in your post code and check it out
Its called propertySNAKE because we all get on the property ladder, but with a correction no body likes to admit to a fall in prices hence the "Snake" and you move up and fall back down again. Info is pretty accurate and gives some idea of whats going on, it monitors Right move.
Be interesting to hear some thoughts!
www.propertysnake.co.uk
Punch in your post code and check it out
Its called propertySNAKE because we all get on the property ladder, but with a correction no body likes to admit to a fall in prices hence the "Snake" and you move up and fall back down again. Info is pretty accurate and gives some idea of whats going on, it monitors Right move.
Be interesting to hear some thoughts!
Edited by prmoldoaks on Thursday 21st February 12:38
Guess the oversupply of flats in Ipswich (100s gone up, and still going up, round the docks) is a big factor.
Me, I look on the bright side - another £80k on the mortgage might get me one extra bedroom on the house (big wow), so instead I spend £15k on a Caterham superlight.
cheers
Roger
Me, I look on the bright side - another £80k on the mortgage might get me one extra bedroom on the house (big wow), so instead I spend £15k on a Caterham superlight.
cheers
Roger
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