How far will house prices fall [volume 5]

How far will house prices fall [volume 5]

Author
Discussion

romeogolf

1,810 posts

75 months

Thursday 2nd August 2018
quotequote all
Joey Deacon said:
And let me guess, they will also pay an attractive middle aged but just starting to lose her looks designer £500 a day to decide to paint the house white and grey (or what ever the Farrow and Ball paint names for Grey and White are)
"Blackened" (white) and Drop Cloth (grey). We use them at work.

devnull

2,410 posts

113 months

Thursday 2nd August 2018
quotequote all
Well, the rates went up then - .75%

I have slack sellers of a property who are dragging their heels to complete, so it looks like my current 1.9% offer is out of the window as it expires in Oct.

FocusRS3

3,411 posts

47 months

Thursday 2nd August 2018
quotequote all
devnull said:
Well, the rates went up then - .75%

I have slack sellers of a property who are dragging their heels to complete, so it looks like my current 1.9% offer is out of the window as it expires in Oct.
The rates rise was nailed on and the lenders I'm sure had already priced this in to mortgage deals.

I am trying to push for my sellers to rent to get my deal done too.....

Alfa numeric

2,965 posts

135 months

Thursday 2nd August 2018
quotequote all
superlightr said:
Alfa numeric said:
an internal door that was literally ripped off its hinges by an 8 year old girl...
I blame the kids too wink

It really is our kids that are wrecking our house...….no point in having walls repainted, new doors put on etc and looking nice as the children are just not careful enough. When they move out will be the time.

Lucky my parents built the house and have solid internal walls and stuff that even kids cant destroy. Its just cosmetic.
The door hinges weren't screwed in- it was the ensuite door in a room we'd not moved in to yet, she just pulled it open and if I hadn't been there to catch it she would have ended up underneath it!

makaveli144

263 posts

95 months

Thursday 2nd August 2018
quotequote all
People go for new builds as the whole thing is so much easier imo. You have no seller faffing about as they are desperate to sell it so will throw solicitors etc at you. Which I appreciate isn't ideal but if your after an easier house purchase journey it works.

Couple that with all the incentives that can be negotiated and help to buy the cost of the process is so much less.


If your are a first time buyer or havent banked loads of equity then a new build is the best option.

I'm in a new build and it isn't ideal, I would have liked a character property. But it is our first home, it's incredibly well insulated (costs £50 average for gas and electricity) in a 4 bedroom house.

kingston12

3,133 posts

113 months

Thursday 2nd August 2018
quotequote all
A massive £50k reduction on one of the ones I posted in the last thread:

https://www.rightmove.co.uk/property-for-sale/prop...

It makes you wonder if the buyers prepared to part with well over £1m for a bog standard semi in Surbiton have started to dry up.

That said, it has been joined by an even more expensive one:

https://www.rightmove.co.uk/property-for-sale/prop...

That's not been on as long, but obviously not a sealed bid job so the estate agent might have to do some work.

stongle

3,043 posts

118 months

Thursday 2nd August 2018
quotequote all
devnull said:
Well, the rates went up then - .75%

I have slack sellers of a property who are dragging their heels to complete, so it looks like my current 1.9% offer is out of the window as it expires in Oct.
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.

FocusRS3

3,411 posts

47 months

Thursday 2nd August 2018
quotequote all
stongle said:
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.


Edited by FocusRS3 on Thursday 2nd August 12:58

turbobloke

89,919 posts

216 months

Thursday 2nd August 2018
quotequote all
FocusRS3 said:
stongle said:
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.
Possibly one more 25bp rise to provide wiggle room before rates start to fall again around brexit?

wisbech

1,511 posts

77 months

Thursday 2nd August 2018
quotequote all
From elsewhere - Perth WA prices are now down 14%, and still sliding.

gibbon

2,058 posts

163 months

Thursday 2nd August 2018
quotequote all
FocusRS3 said:
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.


Edited by FocusRS3 on Thursday 2nd August 12:58
I'm with Strongle on this.

They have hiked as they backed themselves into a corner and would loose huge market respect / control sould they AGAIN not hike, with the double benefit of having somewhere to actually cut from once things worse.

In a normal scenario, we dont have the numbers to justify a hike imho.

hyphen

15,911 posts

46 months

Thursday 2nd August 2018
quotequote all
makaveli144 said:
If your are a first time buyer or havent banked loads of equity then a new build is the best option.

I'm in a new build and it isn't ideal, I would have liked a character property. But it is our first home, it's incredibly well insulated (costs £50 average for gas and electricity) in a 4 bedroom house.
Are the rest of the residents also volvo drivers with accountancy or similar jobs? tongue out

As a FTB who hadn't banked loads of equity, I bought a character home!

FocusRS3

3,411 posts

47 months

Thursday 2nd August 2018
quotequote all
gibbon said:
I'm with Strongle on this.

They have hiked as they backed themselves into a corner and would loose huge market respect / control sould they AGAIN not hike, with the double benefit of having somewhere to actually cut from once things worse.

In a normal scenario, we dont have the numbers to justify a hike imho.
I think WE are saying the same thing. Strongel was suggesting there would be a 'cut'.. The start of your post reads differently.

tonker

57,014 posts

204 months

Thursday 2nd August 2018
quotequote all
romeogolf said:
Joey Deacon said:
And let me guess, they will also pay an attractive middle aged but just starting to lose her looks designer £500 a day to decide to paint the house white and grey (or what ever the Farrow and Ball paint names for Grey and White are)
"Blackened" (white) and Drop Cloth (grey). We use them at work.
£500. A day. No, of,course not, it's nearer 800 a day (100 an hour) plus a commission on anything (everything) bought - which is bought at inflated prices anyway.

stuckmojo

2,105 posts

144 months

Thursday 2nd August 2018
quotequote all
tonker said:
£500. A day. No, of,course not, it's nearer 800 a day (100 an hour) plus a commission on anything (everything) bought - which is bought at inflated prices anyway.
Christ, it's almost McKinsey rates smile

Keep the viewing comments coming, please, they make good reading.

wisbech

1,511 posts

77 months

Thursday 2nd August 2018
quotequote all
gibbon said:
I'm with Strongle on this.

They have hiked as they backed themselves into a corner and would loose huge market respect / control sould they AGAIN not hike, with the double benefit of having somewhere to actually cut from once things worse.

In a normal scenario, we dont have the numbers to justify a hike imho.
Unemployment getting to historically low levels - inflation over target - a weak currency. Numbers are there I think.

tannhauser

1,185 posts

171 months

Thursday 2nd August 2018
quotequote all
FocusRS3 said:
stongle said:
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.
Agreed, though I wouldn't be surprised if they raise them slightly then lower them in "times of need".

And the borrowers who cannot afford the extra £20-50 a month on mortgage interest, and have failed to factor possible future increases into their repayment plans? Fck 'em.

stongle

3,043 posts

118 months

Thursday 2nd August 2018
quotequote all
FocusRS3 said:
stongle said:
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.


Edited by FocusRS3 on Thursday 2nd August 12:58
Less than 0%, you wish. Rate rise on back of .4% growth and manufactured unemployment number. Vacant leadership on brexit - seriously. The MPC was in a corner this time around. Unless the govt get real o a Brexit strategy (either in or out), the economy has a very very strong chance of falling into-'ve growth this year. Manufacturing data is poor and we don't have an (announced) strategy on Financial Services preventing investment. This is sleep walking to death.


stuckmojo

2,105 posts

144 months

Thursday 2nd August 2018
quotequote all
stongle said:
Less than 0%, you wish. Rate rise on back of .4% growth and manufactured unemployment number. Vacant leadership on brexit - seriously. The MPC was in a corner this time around. Unless the govt get real o a Brexit strategy (either in or out), the economy has a very very strong chance of falling into-'ve growth this year. Manufacturing data is poor and we don't have an (announced) strategy on Financial Services preventing investment. This is sleep walking to death.

Interesting opinion. I'd mention that the MPC need to look at inflation and currency, and these are both under threat from the US growth and USD performance, as well as the FED interest rates policy.

Ideally, we should be above the US rates to protect the Pound. So I'd say there are more rate rises to come. Over borrowed mortgage holders? As above, fck'em.

p1stonhead

22,628 posts

123 months

Thursday 2nd August 2018
quotequote all
turbobloke said:
FocusRS3 said:
stongle said:
Big chance rates coming down later in the year. This was a dumb rise. Although the headline numbers said do it, and the hawks have cried wolf a lot in the pass; there is no way the economy will support significant rises. The savers won't see it, and the borrowers have been hit 20,40,50 quid in the pocket a month with declining job security. Genius.

0.2-0.4 growth is FA, emplyment number heald up by gig econony? poss poor rate decision.
With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.
Possibly one more 25bp rise to provide wiggle room before rates start to fall again around brexit?
yes heard lots saying this today. Rising so that they can be sufficiently dropped post brexit.