zip106

As far as house prices go, according to the Nationwide (who mortgage my house) as of yesterday my house is 'worth' £14k LESS than when I bought it in July 2004.
That's after it's value climbing by £80k MORE in 2007.
I live in a quite desirable Notts. hamlet where the average property price is (or was) about £500K so depreciation knows no bounds.

I don't care to be honest 'cos I'm not planning on selling and my mortgage is less than 50% of the value.


Deep -
Salsa King = bloody cowboy.

Deep Singh

No need to worry about the value anyway matey, njkmrs will be along soon to tell you he has seen something in his tea leaves and the recovery is here

Matteeboy

It appears that a house has been sold on my daily 10 mile cycle route (the only one I've seen that has done so) - WOOO HOOO, THE RECOVERY IS HERE!!!!

njkmrs

Have actually seen a couple of Sold signs myself these last week or so .

Dont jump the gun though ,I did say in a few weeks ,when the sun starts to come out a bit !!!

cookstar

iTrader: (6)

There have been quite a few "FOR SALE" boards changed to "SOLD" recently in my area.

SunnySideUp

Hmmmmm, it's moving - certainly moving ......

SlimJ_2005

Estate Agents swapping boards just to try and encourage people to start buying again perhaps? We all know they are desperate to get things moving again!

cookstar

iTrader: (6)

Doubtfull,

1, It's illegal

2, if it was my house for sale and it hadn't been sold, I wouldn't have a SOLD board outside...

zip106

Two large plots of land (probably 4-5 acres worth each) I noticed today are starting to be cleared and road stone going in.
These have been dormant for about 18 months so it looks like someone's going to start building soon.

SunnySideUp

Green Shoots without doubt ..... 3 months time, when it's sunny we shall see houses being sold quite quickly.

I think there will be resistance to a hike in prices - but, watch the Agents 'test' the limits when there is movement!

njkmrs

Think its my turn again !!!!

Yep stand by what I said .
Slowly ,slowly ,all the interest rate cuts are filtering through and people have taken stock of their situation .They will realise they have a few extra quid floating about and house prices have dropped ,so time to make the move .Feel good factor as the Spring sunshine lightens the mood,and the tough hard winter ebbs away .!!

PaulC72

Thats because you keep buying them all cookstar

speedking

Of course some houses will sell in spring when the weather warms up and the lighter evenings arrive. But it is unlikely to be as many as last year. What we are interested is year on year comparisons, not March compared to December.

njkmrs

Fair comment ,but what im saying is the market may well start to pick up in the next few weeks .After a prolonged period of very few sales .
Therefore 09 will see more sales than we saw in 08 .

Im not saying the world will right itself in the next few weeks as some on here seem to think im saying,but merely that there could be a little hope on the horizon .

Petem95

Oh there's hope on the horizon alright - the biggest housing crash since records began is in full swing and prices are going to fall SIGNIFICANTLY further! Just because prices are down over 20% from peak doesn't stop houses from being 50-60% overpriced still.

davyboy

I agree that I think prices would drop further, but the kind of drops you are suggesting would mean a 4 bed detached with double garage would be worth about £125k.....and I struggle to see that.

I could be wrong, but when prices get that cheap first time buy houses would be back to about 50k...surely things have moved on from there?

njkmrs

Overpriced compared to what ?Yes they went up ridiculously i know .

Does that mean car prices are 50-60 % overpriced and will fall as well ,because they are not selling either .?

If people have the money or can borrow the money they will buy again,as they always have done .

Petem95

Cars are different because they are pretty much consumables now - but yes more expensive models will take a big hit though as less people can justify them.

Point is we will NEVER return to the lending levels which supported the boom, and massive prices. That boom has almost resulted in the entire banking system collapsing.

Lending will probably go back to 'normal' - ie you'll need a 25% deposit and only be able to borrow 3 x earnings. So if you say average salary is £25k (assuming you have a job...), then average house should be £75k - but currently they're £150k....

stevebt

iTrader: (8)

The sales agent for Charles Church told me as soon as interst picks up properly they will put their prices up!

Also as far as the price drop counts you have to admit most people are offering far less than what the national avagerage price drop is, so people who do buy don't have to worry if the prices fall for another year.

njkmrs

The number of Mortgages approved went up this month also .
Thats more people being given the green light !!!
Ready ,set ,...................

Deep Singh

No. The number of first time mortgages went up, not the total number of mortgages.

Another 9000 people were sacked yesterday. Honda have laid off their staff until June....its looking really good. Unemployed people will buy lots of houses

njkmrs

Subway are creating 7000 new jobs ,Aldi are opening stores left right and centre ,McDonalds have had the best year ,.......

stevebt

iTrader: (8)

Its the 1st time morgages which is causing all the problems!!! As since they can't afford to step onto the ladder it holds up the whole chain. Once these people are allowed back on the chain

Petem95

So what does this tell you? Demand for luxery homes will be increasing, or maybe demand for cheap food is increasing because nobody has any money?...

f1_fan

iTrader: (9)

Thank you so much My business partner is always having a dig at me for being a pessimist.

I have just shown him some of your posts on here. He has now stopped giving me a hard time as he realises I am just an amateur compared to you.

rossyboy

iTrader: (8)

I could be wrong, but I'm thinking that most of the people employed by these organisations earn a good bit less than is needed to buy property at current values or even have the capacity to save up a deposit to buy said property.

Most of the headline job creators at the moment are supermarkets, who employ a large proportion of part time workers. Not exactly something to build an economic recovery on.

stevebt

iTrader: (8)

Are you saying maccy d's food is cheap??? In other words why cook food for a family of 4 as maccy's is cheaper ??? I very much doubt it

Petem95

Business partner?! You mean you've not gone bust yet?!!



I'm a realist Why kid yourself things are how 'you want them to be', when really they aren't? A number of posters on here who seem to fall into that catagory!

FlightMan

FWIW, I see the average house falling to about 100 - 110k.

This crash has only just started, it's going to be a steady drip, drip for another 18 - 24 months mimimum.