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how can the house market possibly get out of this lock?

how can the house market possibly get out of this lock?

Old Oct 25th 2009, 3:29 pm
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Default how can the house market possibly get out of this lock?

Let’s say a property was selling in Spain in 2007 for 600.000 Euros and now has been reduced to 420.000 Euros, a 30% discount!! It appears to be! To the Europeans perhaps but not to the UK citizens since the sterling has also come down to 30% so all and all no bargains to be have!

In order for the market to be more appealing a 60% reduction should be applied but then the sellers would really be out of pocket therefore how can the house market possibly get out of this mess???
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Old Oct 25th 2009, 4:18 pm
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by oliklom
Let’s say a property was selling in Spain in 2007 for 600.000 Euros and now has been reduced to 420.000 Euros, a 30% discount!! It appears to be! To the Europeans perhaps but not to the UK citizens since the sterling has also come down to 30% so all and all no bargains to be have!

In order for the market to be more appealing a 60% reduction should be applied but then the sellers would really be out of pocket therefore how can the house market possibly get out of this mess???

Nobody is going to sell their house for 60% less than it was worth in 2007,
especially anyone who purchased in 2007, unless they are desperate.

Until the idiot in charge of the current Spanish government agrees to reduce taxes, nothing will sell.
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Old Oct 25th 2009, 4:52 pm
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Default Re: how can the house market possibly get out of this lock?

I do wonder/wish occasionally that they might remove or reduce the IVA on property, specially 2nd hand property. It must be a huge upwards pressure on prices.
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Old Oct 25th 2009, 5:06 pm
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Default Re: how can the house market possibly get out of this lock?

I noticed yet another For Sale sign this morning, people that I know vaguely who have lived here for 25 years, and whose children were born here and live in nearby towns, a son and daughter married into Spanish families.

The sign showed a Spanish estate agent’s website and I looked it up. I’m not an expert but it did appear very cheap, around half the price from a couple of years ago. They must be desperate to sell, I think the husband has been ill recently, but when I’ve spoken to them over the years they always insisted they would never return to the UK. They’re just above pension age, decent people and totally integrated.

There’s nothing selling around here, for whatever reason, and I don’t think lowering the prices will make much difference.
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Old Oct 25th 2009, 5:22 pm
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Default Re: how can the house market possibly get out of this lock?

I lost two sales last week, a Dutch couple and an English couple. Both knew nothing about the procedure and costs of buying in Spain. Both offered what I was prepared to accept, break even and cut my losses, but when the procedures and costs were explained neither of them could afford my apartment. Happens I suppose.
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Old Oct 25th 2009, 6:09 pm
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by oliklom
Let’s say a property was selling in Spain in 2007 for 600.000 Euros and now has been reduced to 420.000 Euros, a 30% discount!! It appears to be! To the Europeans perhaps but not to the UK citizens since the sterling has also come down to 30% so all and all no bargains to be have!

In order for the market to be more appealing a 60% reduction should be applied but then the sellers would really be out of pocket therefore how can the house market possibly get out of this mess???
The big flaw in your argument is that you are assuming that only the British buy in Spain ...!

I think people have to start considering marketing properties in other european countries by using their national web sites and not keeping solely to those for the brits.

As you correctly state, the brits won't buy in Spain (in any vast numbers anyway) until something drastic happens.
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Old Oct 25th 2009, 6:14 pm
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Default Re: how can the house market possibly get out of this lock?

I have friends who are estate agents and they have turned their attention to the non Brit market, advertising heavily to the germans, russians, chinese.....

With things as they are, most brits are just not buying in Spain

Jo xxx
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Old Oct 25th 2009, 6:56 pm
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Default Re: how can the house market possibly get out of this lock?

It does seem strange, the Germans, Russians and Chinese are already here in numbers, but not in proportion to their much larger populations, where the Brits are still way in front.

I’ve got no idea why that should be – the British love affair with Spain. When and why did it start?
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Old Oct 25th 2009, 7:08 pm
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by jojojojojojojojojojojojo
I have friends who are estate agents and they have turned their attention to the non Brit market, advertising heavily to the germans, russians, chinese.....

With things as they are, most brits are just not buying in Spain

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Russians etc will always buy in Malaga, some Chinese will also buy but it is more to do with money laundering than holidays therefore there will never be large numbers of them in Spain.

It is very difficult to get money out of their countries and the majority of the population are pixx poor anyway.
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Old Oct 25th 2009, 7:21 pm
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Default Re: how can the house market possibly get out of this lock?

(2005) Banks lend money, people borrow, houses get sold.

(2008) Banks crash, stop lending, people cant borrow, houses don`t sell.

(2010) Banks lend and made responsible for debt, people don`t qualify, houses sell slowly.

(2012) Banks make safe low profits, people unemployed, houses still not sold.

Guess what Banks and share holders win, govts change and people suffer.



Sorry forgot.

(2013) Banks become chinese owned, people get given state homes, everybody works for the Govt.
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Old Oct 25th 2009, 8:54 pm
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by chulo
(2005) Banks lend money, people borrow, houses get sold.

(2008) Banks crash, stop lending, people cant borrow, houses don`t sell.

(2010) Banks lend and made responsible for debt, people don`t qualify, houses sell slowly.

(2012) Banks make safe low profits, people unemployed, houses still not sold.

Guess what Banks and share holders win, govts change and people suffer.



Sorry forgot.

(2013) Banks become chinese owned, people get given state homes, everybody works for the Govt.
2012 End of the world, no bloody houses to sell and no banks to buy.
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Old Oct 25th 2009, 9:07 pm
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Default Re: how can the house market possibly get out of this lock?

Well I know someone with a three bed, two bath quad house in Playa Flamenca, valued by an estate agent as really being worth €180,000, and she is having to price it at €100,000 in the hope of selling it before she runs out of money.
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Old Oct 25th 2009, 9:33 pm
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Default Re: how can the house market possibly get out of this lock?

house swopping could be a solution?

I love your house!

Do you like mine?

Shall we swap?

Go on then!
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Old Oct 25th 2009, 9:34 pm
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Default Re: how can the house market possibly get out of this lock?

house swApping, sorry
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Old Oct 25th 2009, 11:09 pm
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by oliklom
house swopping could be a solution?

I love your house!

Do you like mine?

Shall we swap?

Go on then!

The trouble with that is that you still have to pay all the ancillary costs and both sales and purchases have to be done as if they were seperate issues, and if one or both houses have mortgages its almost impossible. You cant just swap sadly - we tried it!

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