Have we just passed the bottom of the house price falls??

[Welshbeef]

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

[phil1979]

Hope so! I want to sell early next year! I don't care if it makes money - I just want to move on in life, and not lose my shirt doing it.

Edited by phil1979 on Wednesday 8th October 13:57

[Timmy35]

Are you totally fookin mad?

Good luck if you do take the plunge.

[marsred]

"I'll take a large five bed detached on that big new build estate there and 300,000 of your RBS shares please, and make it quick".

[Vesuvius 996]

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Hilarious.

All our (very expensive) predictions show a minimum 30% drop from the top, we're at 12% now.

Dream on.

[loafer123]

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Hmmm. Economy entering recession, tighter lending standards mean bigger deposit required, and housebuilders falling over themselves to dump stock.

On balance I think not.

[GuildfordPaul]

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

How about you take the plunge and tell us how you get on, I think your inclin is just about as far off the mark as possible!!

[Welshbeef]

loafer123 said:

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Hmmm. Economy entering recession, tighter lending standards mean bigger deposit required, and housebuilders falling over themselves to dump stock.

On balance I think not.

Recession is two qtrs in -ive growth of GPD. You can quickly get out of that and frankly Recessions are part of the ecnomic cycle.

As you say house builders desperate to sell - .... thats when stunning deals can be made, when you opposition are on their knees give them one last kick and they'll happily take it.

[NoelWatson]

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Where did your inkling come from?

[off_again]

Timmy35 said:

Are you totally fookin mad?

Good luck if you do take the plunge.

Don't mince around with your words..... say what you mean...



You are correct of course. It will take months before any improvement will be felt. Don't forget, its the run up to Christmas and things get slow in late Nov and throughout Dec. No one wants to move at Christmas and the average sale takes 6-8 weeks if you are lucky.

If the recent actions make any difference, I suspect an improvement in Feb to March, but this is MASSIVELY OPTIMISTIC.... so the bottom has yet to be reached. Lets see, but I don't see the bottom for at least another 6-8 months if we are lucky, probably longer. Plus I think there will be stagnation for a while....

[Asterix]

Vesuvius 996 said:

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Hilarious.

All our (very expensive) predictions show a minimum 30% drop from the top, we're at 12% now.

Dream on.

Best news for years - as soon as it gets close to that I shall be snapping up some bargains - now if the Dollar can be at it's strongest at exactly the same time

[tricky69]

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

I'll have some of what ever you are smoking mate....

[PhilLL]

Maybe if you buy now, you can release the equity in 12 months to buy that 123d!

[Tony*T3]

Went to see a new build house on the weekend. 4 bedroom detached place in v nice area, listed price was £399,000

However the sales staff made it quite clear that even the most cheeky nay insulting offer would most likely be approved if we were in a strong position as a buyer.

[Welshbeef]

Vesuvius 996 said:

Welshbeef said:

http://news.bbc.co.uk/1/hi/business/7659155.stm

Banks are already passing the 0.5% cut on - I have an inclin that we may have reached the bottom so is anyone going to take the plunge now and buy quickly?

Hilarious.

All our (very expensive) predictions show a minimum 30% drop from the top, we're at 12% now.

Dream on.

We only had a 12% average drop in the last housing price crash. Some areas were far far higher than that others far far less - hence average.

Predictions are at the end of the day just that - expensive or not.
A friend who is an Actuary has told me on many occasions that one of the partners in the firm can give just as good a future valuation on the back of a fag packet as the whole team who could spend a few weeks working like dogs with countless assumptions. At the end of the day predicting accuratly is impossible.

Today we have had a step change in the market conditions - this years price reductions & low vol of sales is primarily driven by the lack of funding/fear of the consumer. Now both of those or at least one is now fully secure.

[Asterix]

Tony*T3 said:

Went to see a new build house on the weekend. 4 bedroom detached place in v nice area, listed price was £399,000

However the sales staff made it quite clear that even the most cheeky nay insulting offer would most likely be approved if we were in a strong position as a buyer.

Whereabouts Tony, if you don't mind me asking?

[Obiwonkeyblokey]

In 2001 I looked at a new build which was on at 320k, after some haggling and general digging of heels I got it for 265. That was about 3 months after 9/11 so god knows what deals you could get now.

[Incorrigible]

Answer to the original question

No, no, no, absolutely not

No

[Tony*T3]

off_again said:

Timmy35 said:

Are you totally fookin mad?

Good luck if you do take the plunge.

Don't mince around with your words..... say what you mean...



You are correct of course. It will take months before any improvement will be felt. Don't forget, its the run up to Christmas and things get slow in late Nov and throughout Dec. No one wants to move at Christmas and the average sale takes 6-8 weeks if you are lucky.

If the recent actions make any difference, I suspect an improvement in Feb to March, but this is MASSIVELY OPTIMISTIC.... so the bottom has yet to be reached. Lets see, but I don't see the bottom for at least another 6-8 months if we are lucky, probably longer. Plus I think there will be stagnation for a while....

Hmmmm, shouldnt take much more than 4 weeks to complete. The mortgage centres have no other work right now, the solicitors have no other work, the land registry people are sitting on their backsides, and the estate agents have been living on a diet of water and dust for several months now, sure they'd like to see some money before xmas.....

[djohnson]

We're in the process of ungrading to a much bigger house. Substantial price reductions to be had from previous values. The market may well have further to fall but we want more space and I'm not in the business of trading in properties so any losses will not realised losses.