UK housing market slump
Jun 24th 2008, 1:58 pm
#31
Banned
Joined: Mar 2008
Location: Winnipeg
Posts: 1,252
Re: UK housing market slump
I think that the media have made people panic - yes the market is not as good as it was but now the media are terrifying people into not buying.
Also the greed of the estate agents can't be helping, we sold a house just under 4 years ago and the estate agents charged £500 plus vat to sell a £135k house. Now to sell a £175k house we have been quoted £3k plus vat. Surely the high cost has put people off moving and will now make do or extend?
Our house is about to go on the market - fingers crossed we can find a buyer, so we can get to Oz as soon as possible.
Also the greed of the estate agents can't be helping, we sold a house just under 4 years ago and the estate agents charged £500 plus vat to sell a £135k house. Now to sell a £175k house we have been quoted £3k plus vat. Surely the high cost has put people off moving and will now make do or extend?
Our house is about to go on the market - fingers crossed we can find a buyer, so we can get to Oz as soon as possible.
Jun 24th 2008, 1:59 pm
#32
BE Forum Addict
Joined: Sep 2005
Location: Windsor, ON
Posts: 3,374
Re: UK housing market slump
In my area prices on right move are slightly lower than what they would have been on at last year, but not much, maybe a few % (other than mine, which is priced to sell!)
Jun 24th 2008, 2:00 pm
#33
BE Enthusiast
Joined: Jan 2008
Location: West Lothian
Posts: 685
Re: UK housing market slump
It's the asking prices I am looking at......that's what I am saying.....they haven't fallen that much! But I did say I didn't know how that translates to prices achieved.
Jun 24th 2008, 2:01 pm
#34
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,020
Re: UK housing market slump
No immediate plans but the ex is gone for the summer to the house she's just bought in France, they have to be thinking about staying there. Another daughter is in South America with no immediate plan to return, the third will end up in the US, so there's less and less to keep me here. The OH would rather be in the UK. If we could afford to move there I'd like to.
Jun 24th 2008, 2:02 pm
#35
BE Forum Addict
Joined: Aug 2005
Posts: 1,999
Re: UK housing market slump
Yes. The thing is asking prices are one thing, but the fact that so many houses are sitting on the market for months with no viewers is quite another. Right now, vendors are refusing to lower asking prices, but when inflation forces interest rates up, and food and fuel prices also, many vendors will be forced to sell, and when that happens it's goodnight Vienna.
Jun 24th 2008, 2:05 pm
#36
BE Forum Addict
Joined: Sep 2005
Location: Windsor, ON
Posts: 3,374
Re: UK housing market slump
Yes. The thing is asking prices are one thing, but the fact that so many houses are sitting on the market for months with no viewers is quite another. Right now, vendors are refusing to lower asking prices, but when inflation forces interest rates up, and food and fuel prices also, many vendors will be forced to sell, and when that happens it's goodnight Vienna.
Jun 24th 2008, 2:11 pm
#37
BE Forum Addict
Joined: Aug 2005
Posts: 1,999
Re: UK housing market slump
True - but then it's already been stated that the inflationary pressures at the moment (mostly related to oil) aren't due to spending (though last months spending figures certainly don't help) and raising interest rates won't do anything to control inflation - what's the point of getting people into the shit for the sake of it?
Jun 24th 2008, 2:14 pm
#38
BE Enthusiast
Joined: Jan 2008
Location: West Lothian
Posts: 685
Re: UK housing market slump
No immediate plans but the ex is gone for the summer to the house she's just bought in France, they have to be thinking about staying there. Another daughter is in South America with no immediate plan to return, the third will end up in the US, so there's less and less to keep me here. The OH would rather be in the UK. If we could afford to move there I'd like to.
Jun 24th 2008, 2:14 pm
#39
Thread Starter
Joined: Apr 2005
Posts: 9,606
Re: UK housing market slump
No immediate plans but the ex is gone for the summer to the house she's just bought in France, they have to be thinking about staying there. Another daughter is in South America with no immediate plan to return, the third will end up in the US, so there's less and less to keep me here. The OH would rather be in the UK. If we could afford to move there I'd like to.
That being said, if we win 649, we'll be out of here like a shot.
Jun 24th 2008, 2:18 pm
#40
BE Forum Addict
Joined: Sep 2005
Location: Windsor, ON
Posts: 3,374
Re: UK housing market slump
Smarter move would be to reduce the duty on fuel - they're already making a killing, reducing it so that they're still making the same as they would have before the oil price surge, means they don't screw their budget figures and also would reduce the fuel cost which is being added onto goods at the moment...
Jun 24th 2008, 2:18 pm
#41
Sawdust making harpy
Joined: Sep 2007
Location: Alberta
Posts: 11,291
Re: UK housing market slump
I was in Wales a month ago and the agents there were saying they were getting good offers and were selling things, this is by the sea on the coast so possibly a different market??
However, I was in Banbury/Bicester just before then and they were tearing their hair out and prices had come down. However, just trawling Rightmove & asking prices seem to be quite bullish and not that much lower than the peak last year. I don't know if this translates into the offers and what is then accepted. There are a lot more houses on the market up here than there would be normally.
All I know is that if I was investing now, I would want to mitigate my risk of the value falling by buying for a lower price. The position with the lenders is also making things very difficult as the cost of the mortgage is way more than the rental income. It's been this way for a few years but the rising prices hid that as the total return was still good. An investor cannot invest if their returns are negative and that takes away some potential buyers that have held the market up previously.
However, I was in Banbury/Bicester just before then and they were tearing their hair out and prices had come down. However, just trawling Rightmove & asking prices seem to be quite bullish and not that much lower than the peak last year. I don't know if this translates into the offers and what is then accepted. There are a lot more houses on the market up here than there would be normally.
All I know is that if I was investing now, I would want to mitigate my risk of the value falling by buying for a lower price. The position with the lenders is also making things very difficult as the cost of the mortgage is way more than the rental income. It's been this way for a few years but the rising prices hid that as the total return was still good. An investor cannot invest if their returns are negative and that takes away some potential buyers that have held the market up previously.
No G it doesn't seem to be any different by the coast. Ours is on the North Norfolk coast, and unfortunately in recent years the locals have been priced out of the holiday market by the 'weekenders'.
Now that things are slowing neither the weekenders are looking for that getaway, but locals still cannot afford. Its a catch 22 situation.
Luckily ours is just going through after 2 years, we have watched right move and noted that there are many properties that came on at the same time as ours still on there too, but also as has been said before there are some that have just been removed from sale and are now rentals.
We bit the bullet and dropped by an amount a lot larger than the standard 10k every 6 months that seems to be the trend.
To answer Souvenir yes I expect many are rethinking their move, especially regarding the areas that they will eventually end up, i've looked at house prices in Nova Scotia - they are so much cheaper than AB and BC - maybe why a sudden influx there?
Jun 24th 2008, 2:24 pm
#42
BE Forum Addict
Joined: Aug 2005
Posts: 1,999
Re: UK housing market slump
Smarter move would be to reduce the duty on fuel - they're already making a killing, reducing it so that they're still making the same as they would have before the oil price surge, means they don't screw their budget figures and also would reduce the fuel cost which is being added onto goods at the moment...
Jun 24th 2008, 2:25 pm
#43
BE Forum Addict
Joined: Sep 2005
Location: Windsor, ON
Posts: 3,374
Re: UK housing market slump
See my earlier comment about ruining the economy ready for the Tories....
Jun 24th 2008, 2:25 pm
#44
BE Forum Addict
Joined: Aug 2005
Posts: 1,999
Re: UK housing market slump
No G it doesn't seem to be any different by the coast. Ours is on the North Norfolk coast, and unfortunately in recent years the locals have been priced out of the holiday market by the 'weekenders'.
Now that things are slowing neither the weekenders are looking for that getaway, but locals still cannot afford. Its a catch 22 situation.
Luckily ours is just going through after 2 years, we have watched right move and noted that there are many properties that came on at the same time as ours still on there too, but also as has been said before there are some that have just been removed from sale and are now rentals.
We bit the bullet and dropped by an amount a lot larger than the standard 10k every 6 months that seems to be the trend.
To answer Souvenir yes I expect many are rethinking their move, especially regarding the areas that they will eventually end up, i've looked at house prices in Nova Scotia - they are so much cheaper than AB and BC - maybe why a sudden influx there?
Now that things are slowing neither the weekenders are looking for that getaway, but locals still cannot afford. Its a catch 22 situation.
Luckily ours is just going through after 2 years, we have watched right move and noted that there are many properties that came on at the same time as ours still on there too, but also as has been said before there are some that have just been removed from sale and are now rentals.
We bit the bullet and dropped by an amount a lot larger than the standard 10k every 6 months that seems to be the trend.
To answer Souvenir yes I expect many are rethinking their move, especially regarding the areas that they will eventually end up, i've looked at house prices in Nova Scotia - they are so much cheaper than AB and BC - maybe why a sudden influx there?
