How far will house prices fall [volume 4]
Discussion
Burwood said:
he is talking about the new builds like battersea and other central London where they are trying to get 2M + for a 2 bed. And who is surprised no one wants a bar of it. There are very few unique places where i'd buy a flat in a block.A 3000 or whatever giant wart like Battersea aint one.
I was referring to the posts by red sir.Thankyou4calling said:
Burwood said:
he is talking about the new builds like battersea and other central London where they are trying to get 2M + for a 2 bed. And who is surprised no one wants a bar of it. There are very few unique places where i'd buy a flat in a block.A 3000 or whatever giant wart like Battersea aint one.
I was referring to the posts by red sir.
http://www.standard.co.uk/news/london/harrods-fine...
I know it's only a tiny part of the market but this story about Harrods Fine Wines Department closing says:
"But it appears the champagne bubble has burst. Property prices in the area are plunging, foreign buyers have all but vanished and a planning application lodged with the council reveals Harrods proposes converting the department into an evening restaurant."
I know it's only a tiny part of the market but this story about Harrods Fine Wines Department closing says:
"But it appears the champagne bubble has burst. Property prices in the area are plunging, foreign buyers have all but vanished and a planning application lodged with the council reveals Harrods proposes converting the department into an evening restaurant."
Randy Winkman said:
http://www.standard.co.uk/news/london/harrods-fine...
I know it's only a tiny part of the market but this story about Harrods Fine Wines Department closing says:
"But it appears the champagne bubble has burst. Property prices in the area are plunging, foreign buyers have all but vanished and a planning application lodged with the council reveals Harrods proposes converting the department into an evening restaurant."
Did you know that planning is sympathetic if you are losing money on the status quo. In other words, complete tosh to support their intentions.I know it's only a tiny part of the market but this story about Harrods Fine Wines Department closing says:
"But it appears the champagne bubble has burst. Property prices in the area are plunging, foreign buyers have all but vanished and a planning application lodged with the council reveals Harrods proposes converting the department into an evening restaurant."
Just taken a property off the market in sth Devon as it seems dead down there, a nice 3 bed detatched in a good position that has only had 1 sale in 5 years in the close. Ours went on at £389k (original not extended), within days next door and next door but one went on as well, at £490k (nice extension) and £425k (small ext)in 6 months I think we were the only one to have viewings, 3 max.
Thankfully we had an offer to rent so we will try again when the tennants leave.
Houses near home (Epping) seem to be selling within days at silly prices, and anything on the crossrail route seem a gold mine. (Friends brought in Brentwood, gone up 25% in 18 months)
Thankfully we had an offer to rent so we will try again when the tennants leave.
Houses near home (Epping) seem to be selling within days at silly prices, and anything on the crossrail route seem a gold mine. (Friends brought in Brentwood, gone up 25% in 18 months)
It has taken a while to filter through the reports, as they often represent transaction from months before, rather than more recent sale prices.
Unsurprisingly, a lot of the major news outlets aren't reporting on it.
However the headline is that London is seen as the 'underperformer' with an average drop of 2.5% (many estate agents reporting 10% as typical in some areas). Apparently the biggest fall since 2012.
http://www.mortgageintroducer.com/first-uk-house-p...
Unsurprisingly, a lot of the major news outlets aren't reporting on it.
However the headline is that London is seen as the 'underperformer' with an average drop of 2.5% (many estate agents reporting 10% as typical in some areas). Apparently the biggest fall since 2012.
http://www.mortgageintroducer.com/first-uk-house-p...
4% inflation being thrown around today in the Beeb. What's people's thoughts on this? Is it more crying wolf like this time last year?. Due to what was being reported this time last year about high Inflation just around the corner I fixed my mortgage for security and piece of mind for 5 years. (Maybe not the smartest move in hindsight)
Matt p said:
4% inflation being thrown around today in the Beeb. What's people's thoughts on this? Is it more crying wolf like this time last year?. Due to what was being reported this time last year about high Inflation just around the corner I fixed my mortgage for security and piece of mind for 5 years. (Maybe not the smartest move in hindsight)
There's definitely going to be some inflation in the pipeline due to currency devaluation, business to business prices are up around 10% in my industry and those kind of increases filter through eventually. Imported goods in the shops will be showing similar rises any time soon.turbobloke said:
tomw2000 said:
turbobloke said:
It may be that my ISP is on a tea break but the link to that Ropsley property is now loading much slower than before, presumably quite a few PHers on this thread are taking a look? Best of luck with the sale tomw2000 
Update: I never expected folk to queue round the corner to view it but we've had 7 viewings.Most of which were tyre kickers imo.
But now have 1 offer at asking price....let you know how that pans out. I'm realistic about such things. But you never know. Might work out. Fingers Crossed.
RYH64E said:
Matt p said:
4% inflation being thrown around today in the Beeb. What's people's thoughts on this? Is it more crying wolf like this time last year?. Due to what was being reported this time last year about high Inflation just around the corner I fixed my mortgage for security and piece of mind for 5 years. (Maybe not the smartest move in hindsight)
There's definitely going to be some inflation in the pipeline due to currency devaluation, business to business prices are up around 10% in my industry and those kind of increases filter through eventually. Imported goods in the shops will be showing similar rises any time soon.Aren't there Apple products in the basket? That alone will push inflation up!
What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
Pork said:
Aren't there Apple products in the basket? That alone will push inflation up!
What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
Your timing as you call it will never be spot on-everyone in same boat. The best advice you can take is to make a call on whether you want to be a renter forever or a home owner. A speculator must consider things to the micro level. A 5 yr+ plan is a different scenario. If you can afford the house and you like it, buy it. Yo will never know week to week or even month to month.What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
Burwood said:
Pork said:
Aren't there Apple products in the basket? That alone will push inflation up!
What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
Your timing as you call it will never be spot on-everyone in same boat. The best advice you can take is to make a call on whether you want to be a renter forever or a home owner. A speculator must consider things to the micro level. A 5 yr+ plan is a different scenario. If you can afford the house and you like it, buy it. Yo will never know week to week or even month to month.What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
And don't forget to compare the cost of rent vs. INTEREST rather than rent vs. REPAYMENT on the cost of the mortgage.
walm said:
Burwood said:
Pork said:
Aren't there Apple products in the basket? That alone will push inflation up!
What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
Your timing as you call it will never be spot on-everyone in same boat. The best advice you can take is to make a call on whether you want to be a renter forever or a home owner. A speculator must consider things to the micro level. A 5 yr+ plan is a different scenario. If you can afford the house and you like it, buy it. Yo will never know week to week or even month to month.What are people's views on prices now? We had an offer on a house accepted a month or so back and as basically first time buyers, were nervous our timing is a little off.
I don't want prices to carry on climbing, but could do without them dropping the week we complete particularly as it might be a relatively short term home.
And don't forget to compare the cost of rent vs. INTEREST rather than rent vs. REPAYMENT on the cost of the mortgage.
TheLordJohn said:
By all means compare rent vs interest of the mortgage payment, but at least if you're paying a mortgage off you're paying something off for yourself.
Renting, on anything more than short term, is a mugs game.
This just sounds like a financial fail to me, no offence.Renting, on anything more than short term, is a mugs game.
If you are paying off the mortgage then you are saving (at a terrible interest rate as it happens).
There is nothing to stop you saving while renting.
This issue today, as Tonker's numbers show is that rent is FAR more expensive than the interest.
He has £48k vs. let's say a 2ppt fix? So £25k on the full £1.25m. (Obviously you don't mortgage at 100% but taking account opportunity cost of the equity).
This is true in many cases - you see rental yields at 4% vs. 2% interest rates on mortgages.
This is VERY VERY rare (but has been going on for a while now admittedly!).
Normally rent and interest are much more closely aligned so you need to believe in house price rises to make ownership not a "mugs game"!
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