snowychap Posted February 21, 2008 Share Posted February 21, 2008 This is purely anecdotal but I regularly browse through the property pages in the local rag. Now over the past month or so these pages have been getting fewer and fewer and the number of properties being carried on each page has also decreased (the pictures of those properties being advertised have increased to compensate). It would appear that there are either fewer properties for sale OR that properties are staying on the market longer OR both. I would certainly think that the latter is the case because in the blocks of flats where my mother lives there are several flats for sale and only one of them is advertised in the local paper (they have been on the market for at least 2 or 3 months). Would it be the case that they are not being pushed by the estate agents as it might be throwing good money after bad? I would put this in the context that even up to September of last year these flats were on the market for around 1 month maximum and some were selling to the first viewers for the asking price. Link to comment Share on other sites More sharing options...
claret+blue_watch Posted February 21, 2008 Share Posted February 21, 2008 Some interesting articles from the normally bullish Times: Times1 Times2 Times3 And yes, believe it or not house prices can actually go down as well as up, who'd have thought it ey? I can see Gordon now:Repeat after me, sound economic fundamentals, no more boom and bust, house prices only ever go up As for sub-prime(aka Lie to buy/mortgage fraud)that's nasty America's fault and anyway we don't/won't have that problem here :roll: .Boy are some people in for a hell of a shock. Link to comment Share on other sites More sharing options...
ahamaad Posted February 21, 2008 Share Posted February 21, 2008 Like I said in another thread, the US economy is in a full scale recession, and the UK's is on the brink of it. Reposessions are up, houses not selling, all fuelled by inflation and interest rates. First time buyers are shafted unless they have a huge deposit. There are going to be hard times ahead. Link to comment Share on other sites More sharing options...
snowychap Posted February 21, 2008 Share Posted February 21, 2008 Thanks c&b, for the links. More interesting and worrying reads. I particularly liked this quote, though: ..Mr Brown now seemed to be following Lewis Carroll's advice to believe in six impossible things before breakfast every day. Link to comment Share on other sites More sharing options...
Digsby Posted February 21, 2008 Share Posted February 21, 2008 As for sub-prime(aka Lie to buy/mortgage fraud)that's nasty America's fault and anyway we don't/won't have that problem here :roll: .Boy are some people in for a hell of a shock. The Sub-Prime market had nothing to do with people lying to get a mortgage, on the contrary - banks had identified these people as being at massive risk with regards to having a mortgage - and yet they still lent to them. I managed to haul myself onto the Housing ladder a few years back, through saving hard over a number of years, I find it distasteful to see so many people almost enjoying the prospect of a crash. I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all. Link to comment Share on other sites More sharing options...
snowychap Posted February 21, 2008 Share Posted February 21, 2008 As for sub-prime(aka Lie to buy/mortgage fraud)that's nasty America's fault and anyway we don't/won't have that problem here :roll: .Boy are some people in for a hell of a shock. The Sub-Prime market had nothing to do with people lying to get a mortgage, on the contrary - banks had identified these people as being at massive risk with regards to having a mortgage - and yet they still lent to them. I managed to haul myself onto the Housing ladder a few years back, through saving hard over a number of years, I find it distasteful to see so many people almost enjoying the prospect of a crash. I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all. But if the market had not been over inflated by this kind of thing then you wouldn't have had to save as hard as you did over a number of years. I really think that a fair few people will be happy to see house prices at a more realistic level together with fewer people being priced out of the market for buying and priced out of an area for both buying and renting. Link to comment Share on other sites More sharing options...
Awol Posted February 21, 2008 Share Posted February 21, 2008 I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all. Well sorry to be a removed word but as a potential first time buyer I'm absolutely banking on a crash and have deliberately held back from diving into the market for a couple of years in anticipation of it. Housing prices are not sustainable in the long term unless there is a shift in the culture of home ownership towards long term rentals like they have in Germany. Either that or half the country will be renting short term from the other half who used their equity to buy all the houses! The other option is to do a 'Nick Rogers' and get the hell out of dodge to a country that's not in a shite state. Link to comment Share on other sites More sharing options...
snowychap Posted February 21, 2008 Share Posted February 21, 2008 The other option is to do a 'Nick Rogers' and get the hell out of dodge to a country that's not in a shite state. I refer you to a thread that Nick started earlier today. Link to comment Share on other sites More sharing options...
claret+blue_watch Posted February 21, 2008 Share Posted February 21, 2008 As for sub-prime(aka Lie to buy/mortgage fraud)that's nasty America's fault and anyway we don't/won't have that problem here :roll: .Boy are some people in for a hell of a shock. The Sub-Prime market had nothing to do with people lying to get a mortgage, on the contrary - banks had identified these people as being at massive risk with regards to having a mortgage - and yet they still lent to them. I managed to haul myself onto the Housing ladder a few years back, through saving hard over a number of years, I find it distasteful to see so many people almost enjoying the prospect of a crash. I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all. And I find it distasteful that a whole future generation are being priced out of being able to put a roof over their and their families heads.House prices are unsustainable at their current rate, the 10 year credit binge is no-one's fault but the irresponsible and negligent lenders and customers and I have no sympathy whatsoever for those people who have stupidly over-extended themselves in the popular belief that house prices can only ever go up.Greed, pure greed. The party is coming to an end and I think although it will be painful, hopefully it will be the catalyst for the change in attitude in this country from obscene debt fuelled spending to sensible saving, and maybe people viewing their homes as a place to live in, not a cash cow, MEW-ing till their hearts content to keep up with the Jonses. I think there are far more people hoping for a correction than you realise. Link to comment Share on other sites More sharing options...
Digsby Posted February 21, 2008 Share Posted February 21, 2008 As for sub-prime(aka Lie to buy/mortgage fraud)that's nasty America's fault and anyway we don't/won't have that problem here :roll: .Boy are some people in for a hell of a shock. The Sub-Prime market had nothing to do with people lying to get a mortgage, on the contrary - banks had identified these people as being at massive risk with regards to having a mortgage - and yet they still lent to them. I managed to haul myself onto the Housing ladder a few years back, through saving hard over a number of years, I find it distasteful to see so many people almost enjoying the prospect of a crash. I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all. And I find it distasteful that a whole future generation are being priced out of being able to put a roof over their and their families heads.House prices are unsustainable at their current rate, the 10 year credit binge is no-one's fault but the irresponsible and negligent lenders and customers and I have no sympathy whatsoever for those people who have stupidly over-extended themselves in the popular belief that house prices can only ever go up.Greed, pure greed. The party is coming to an end and I think although it will be painful, hopefully it will be the catalyst for the change in attitude in this country from obscene debt fuelled spending to sensible saving, and maybe people viewing their homes as a place to live in, not a cash cow, MEW-ing till their hearts content to keep up with the Jonses. I think there are far more people hoping for a correction than you realise. I am from the generation that has been most affected by the price rises. I found a way of getting on the ladder through hard work and determination. Whilst I am not looking for any sort of congratulation on this achievement I certainly don't consider myself a 'negligent customer' or one who is driven by greed, just one who - as you put it, "put a roof over my head" Hindisght is such an exact science and all those who have not bought, for whatever reason, are now taking total delight in the prospect of a crash - akin to a spoilt brat walking around the playground saying " I told you so" Not everyone who has bought in the last few years has done so to 'get rich quick' - some of us have bought homes to live in, becasue we have found ourselfes in the positon to do so - to sit back and applaud a potential crash is distasteful. Link to comment Share on other sites More sharing options...
gr10 Posted February 21, 2008 Share Posted February 21, 2008 All this talk of house price crash has been around for years, load of garbage.. if it drops it will be pennys in comparison. Folks i have chatted to seem to think house prices are going to drop thousands upon thousands... If i had a house an it crashed out say from 150k to 120k i wouldnt sell.. I'd simply sit tight and wait for my 150k Link to comment Share on other sites More sharing options...
Gringo Posted February 21, 2008 Author Share Posted February 21, 2008 All this talk of house price crash has been around for years, load of garbage.. if it drops it will be pennys in comparison. Folks i have chatted to seem to think house prices are going to drop thousands upon thousands... If i had a house an it crashed out say from 150k to 120k i wouldnt sell.. I'd simply sit tight and wait for my 150k People buying at the peak in 88 had to wait 12 years to realise the same value in real terms. And digsby, I'm not sure anyone is being triumphalist about the decline of the housing market - it's not good for anyone apart from those who sold up and decided to rent until the market bottomed, which I don't think anyone on this this thread has admitted to. It's a bad time, but the best we're looking at is a few years of stagnation, ie prices rising with or below inflation. If you're happy in your house and you're there for the medium term, that shouldn't affect you. Link to comment Share on other sites More sharing options...
leviramsey Posted February 22, 2008 VT Supporter Share Posted February 22, 2008 I am from the generation that has been most affected by the price rises. I found a way of getting on the ladder through hard work and determination. Whilst I am not looking for any sort of congratulation on this achievement I certainly don't consider myself a 'negligent customer' or one who is driven by greed, just one who - as you put it, "put a roof over my head" Hindisght is such an exact science and all those who have not bought, for whatever reason, are now taking total delight in the prospect of a crash - akin to a spoilt brat walking around the playground saying " I told you so" Not everyone who has bought in the last few years has done so to 'get rich quick' - some of us have bought homes to live in, becasue we have found ourselfes in the positon to do so - to sit back and applaud a potential crash is distasteful. The crash will only affect you if you sell. If you can wait long enough, you'll eventually be able to sell at a profit. The only people negatively affected (ignoring the generally felt economic side effects in the broader market) will be those who figured either a) I'll buy now and flip it for a profit or I'll wait on selling it for another year and make even more... Link to comment Share on other sites More sharing options...
shambles Posted February 22, 2008 Share Posted February 22, 2008 All this talk of house price crash has been around for years, load of garbage.. if it drops it will be pennys in comparison. Folks i have chatted to seem to think house prices are going to drop thousands upon thousands... If i had a house an it crashed out say from 150k to 120k i wouldnt sell.. I'd simply sit tight and wait for my 150k So what are you going to do with your £150,000? Oh yeah, thats right; you'll have pay extra to move into another house as prices have risen. Link to comment Share on other sites More sharing options...
TrentVilla Posted February 22, 2008 Moderator Share Posted February 22, 2008 Houses prices may slow but they will not crash. The doom and gloom merchants have been telling us they would crash for the last 5 years via the front page of The Daily Mail and yet they continue to rise. Link to comment Share on other sites More sharing options...
drat01 Posted February 22, 2008 Share Posted February 22, 2008 Guy on the local radio up here yesterday "This is a great time for those that can afford to buy property. House prices not going up as much as they were which means some good bargains. The fact that the mortgage lenders are making it harder for first timers means that there will be more people wanting to rent. Plus those that don't want to rent but live in it as a home will get more done on their own house which means more work for local tradesmen" - It's maybe something in the Sheffield water! Link to comment Share on other sites More sharing options...
TrentVilla Posted February 22, 2008 Moderator Share Posted February 22, 2008 Guy on the local radio up here yesterday "This is a great time for those that can afford to buy property. House prices not going up as much as they were which means some good bargains. The fact that the mortgage lenders are making it harder for first timers means that there will be more people wanting to rent. Plus those that don't want to rent but live in it as a home will get more done on their own house which means more work for local tradesmen" - It's maybe something in the Sheffield water! I agree. Its a great time to invest in property and thats exactly what I'm doing. Link to comment Share on other sites More sharing options...
Jon Posted February 22, 2008 Share Posted February 22, 2008 Guy on the local radio up here yesterday "This is a great time for those that can afford to buy property. House prices not going up as much as they were which means some good bargains. The fact that the mortgage lenders are making it harder for first timers means that there will be more people wanting to rent. Plus those that don't want to rent but live in it as a home will get more done on their own house which means more work for local tradesmen" - It's maybe something in the Sheffield water! I agree. Its a great time to invest in property and thats exactly what I'm doing. kinda agree trent. I've just bought an apartment (complete next weekend), and have managed to hold onto my existing one for the time being as it's not the right time to sell. It's a stretch, but for the moment i'm an owner of 2 properties, and have managed to get tenants into the one i've just left. Prices in my area have dropped quite a bit these last 6 months, so around here it is defeintely not the right time to sell, but is possibly the right time to buy. Depends if you think prices will continue to fall off, or just level out or recover. I don't think for hereonin we are going to see big price drops. I'd have my money on more of a leveling off, followed medium term by a slight recovery. I think the market is still trying to find a new equilibrium. Link to comment Share on other sites More sharing options...
bob Posted February 22, 2008 Share Posted February 22, 2008 Guy on the local radio up here yesterday "This is a great time for those that can afford to buy property. House prices not going up as much as they were which means some good bargains. The fact that the mortgage lenders are making it harder for first timers means that there will be more people wanting to rent. Plus those that don't want to rent but live in it as a home will get more done on their own house which means more work for local tradesmen" - It's maybe something in the Sheffield water! I agree. Its a great time to invest in property and thats exactly what I'm doing. It certainly is not a great time to invest in property! Link to comment Share on other sites More sharing options...
ianrobo1 Posted February 22, 2008 Share Posted February 22, 2008 the housing market needs to come down. there is now a lack of first time buyers and this is causing at the bottom end a severe problem. Take my example brought my house for 50k at a time when I was 18k a year with a 44k mortgage, just around 2.5 times my salary, the preferred level. Of course I brought in 1999, just on the upcurve of Gringo's graph, so at the right time. Now my house is worth £130k but the same job would only pay 22-25k a year, so I woudl still be living with parents until i was on 30k or living with someone else on same salary. so as you can see there is a massive problem there, because of this I can not upgrade as the next step is simply unaffordable, so it makes you wonder how stretched some people are. Once the first time buyers go a lot of demand goes and then the market whilst not crashing, hopefully willl go to a more realisitic level. Link to comment Share on other sites More sharing options...
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