How far will house prices fall [volume 5]
Discussion
troika said:
I think there will be a bit of a bloodbath in the autumn. However, friend of mine just put his place on for 1.3, sold in a week at full asking price. There are still plenty of folk with cash who’ll spend it on something they like.
I spoke to an EA friend of mine nearby and he said as soon as the restrictions were lifted, things went absolutely nuts. Seems true as a lot round my way has gone sold STC. I guess if you think how many people might have been looking for 3 months if it wasn’t for Covid, suddenly all came looking all at once.
This one just been sold in two weeks recently.
https://www.zoopla.co.uk/for-sale/details/55246624...
The next house also sold just in a few weeks just before the lock-down, similar price point.
https://www.zoopla.co.uk/for-sale/details/55246624...
The next house also sold just in a few weeks just before the lock-down, similar price point.
p1stonhead said:
Mine is literally 85-90%. Kinda always has been.
I used to live in a country with little capital gains, and also legally buying a house was a right pain the ass. So I generally rented and paid rent with dividends from the invested deposit. Worked out quite well, purely by luck. And the habit stuck. That's all been turned on it's head now with a perfect storm of market volatility, kids and home working etc.
Edited by anonymous-user on Friday 3rd July 21:34
sambucket said:
p1stonhead said:
Mine is literally 85-90%. Kinda always has been.
I used to live in a country with little capital gains, and also legally buying a house was a right pain the ass. So I generally rented and paid rent with dividends from the invested deposit. Worked out quite well, purely by luck. And the habit stuck. That's all been turned on it's head now with a perfect storm of market volatility, kids and home working etc.
Edited by sambucket on Friday 3rd July 21:34
I don’t underestimate how much of the ease has come from having just ‘space’ to do stuff.
Now I’m permanently working from home even more so. Timing it was incredible luck.
I can’t imagine how I’d be feeling in my old house or even say my first flat.
p1stonhead said:
I spoke to an EA friend of mine nearby and he said as soon as the restrictions were lifted, things went absolutely nuts. Seems true as a lot round my way has gone sold STC.
I guess if you think how many people might have been looking for 3 months if it wasn’t for Covid, suddenly all came looking all at once.
I've viewed 14 or so flats in SW London over the past 2-3 weeks and I made a couple of offers. About 10 of them are now under offer, the majority of them only on the market for a couple of weeks.I guess if you think how many people might have been looking for 3 months if it wasn’t for Covid, suddenly all came looking all at once.
Ive always been bearish on property as prices have always seemed absurd to me. I even spent far too long posting on House Price Crash Forum. However, even I can see some bullish trends for property:
- Cash rich people turning for bricks and mortar for security
- New round of people looking at BTL for yield now interest rates are pinned to the floor
- People’s homes rising in importance as a lifestyle factor
- People thinking “you only live once” and being a bit more bullish
- People cashing in their chips and leaving London
I personally was happy with our house and had my savings in the markets back in February. Now I find myself in all 5 of those categories above to varying extents.
I think with short term pent up demand and a bit of this, we could remain in silly season for most of the summer.
- Cash rich people turning for bricks and mortar for security
- New round of people looking at BTL for yield now interest rates are pinned to the floor
- People’s homes rising in importance as a lifestyle factor
- People thinking “you only live once” and being a bit more bullish
- People cashing in their chips and leaving London
I personally was happy with our house and had my savings in the markets back in February. Now I find myself in all 5 of those categories above to varying extents.
I think with short term pent up demand and a bit of this, we could remain in silly season for most of the summer.
kingston12 said:
John Locke said:
Those are my thoughts; we have accepted an offer of 8% less than the house was valued at in 2017, which seems fair enough, yet up the chain sellers expect buyers to underwrite their apparent losses for them.
How do you know they have actually made any losses? Different area, but if I was to sell my place now, I'd expect to take a similar hit compared to 2017 values. The houses I would be looking at in a higher price bracket all have asking prices significantly higher than they would have done in 2017, but considering they appear to be selling through quickly I've no reason to think that isn't the correct valuation.
It doesn't mean that the higher value houses won't be hit as well in the future though.
This thread is demonstrating some superb cherry picking and using what they’ve heard from an EA as a reliable guide.
All the actual data clearly shows that sale prices are down and sales volumes are down.
We can all find examples that are the opposite in the same way you still have an MVP when your team loses 5-0 but the facts are the facts.
All the actual data clearly shows that sale prices are down and sales volumes are down.
We can all find examples that are the opposite in the same way you still have an MVP when your team loses 5-0 but the facts are the facts.
Thankyou4calling said:
This thread is demonstrating some superb cherry picking and using what they’ve heard from an EA as a reliable guide.
All the actual data clearly shows that sale prices are down and sales volumes are down.
We can all find examples that are the opposite in the same way you still have an MVP when your team loses 5-0 but the facts are the facts.
As an average yes perhaps. All the actual data clearly shows that sale prices are down and sales volumes are down.
We can all find examples that are the opposite in the same way you still have an MVP when your team loses 5-0 but the facts are the facts.
Popular areas are still popular shocker. Most people are only mentioning their immediate areas.
rovermorris999 said:
BMW A6 said:
That wouldn't put me off at all. A couple of hours and all that is gone. Whether it's priced correctly is another matter. I've always bought tatty but structurally sound houses by choice. rover 623gsi said:
indeed - it is bizarre how many people cannot see past the decor when buying a house. I know of someone who decided against a particular property because they didn't like the wallpaper.
I used to be an estate agent and it happened all the time. The one that stood out was 'I like the size of the house and the garden, but I don't like the tiles in the bathroom, so it's a no'!!Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff