Deep Singh

Its all on the up as far as I can see. The recession/depression is over, thank god it was a short one, gone before we knew it really. Houses are selling, used car prices are rising.

I think anybody who doesn't jump in now will miss out. Take all your cash, borrow as much as you can and pump it into property. We are on the up again and this time it will go even higher, there will be no ceiling, the sky is the limit!!!!

THE RECEssION Is DEAD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!

LONG LIVE THE BOOOOOOOOOOOOOOOOOM!

stuart n

It maybe me but those figures don't seem to add up

Mitchy260

In what sense? The official pdf's released by the Halifax are linked into the table on the right hand side so there is no jiggery pokery with the figures, they are accurate figures straight from their releases.

I have no idea however about the % figures that they often used as when you look at Januarys rise they claim a 1.9% rise but in fact it was 2.5%, i think it's to do with seasonal adjustment but either way house prices now according to the halifax anyway are higher than they were back in December 2-3mths ago

Julio Jordio

The above is completely untrue in my location I am afraid. Prices are still falling, and we have seen a fall of around 28% from what properties were fetching at their peak 07 prices, to what they are achieving now.

Banks are starting to play ball, I hear 10% and even 5% deposits are available to the squeaky clean amongst us, which has already started helping the buying chain move through the price range.

We were seeing properties moving in the 90-120k bracket, but not much above this, due to the sales at the lower levels tending to be empty homes, or repo's. This doesnt allow the average Vendor to "move up". Now that the FTB's are coming back who want ready to walk in to properties, this will help move bigger more expensive properties, what we call, Linking Vendors Sales. We'll sell one chaps house, sell him another on our books, and sell that Vendor something too. When we had nothing but cash buyers buying the cheap, empty, knackered properties this wasnt happening. So yes there are some signs of a recovery, but prices will not stop falling until more people can actually get a mortgage and we are still a way off from that scenario. We feel there is still a furth 9-12 months of monthly falls before we see any "bottoming out" in our area certainly.

There are lots of FTB's who want to buy, can afford to buy, can afford the repayments, but dont have 20-25% to put down. Once these mortgages are more freely available to your average joe FTB at 5 and 10% deposits, we will begin to see things calming, but not until then imho.

FlightMan

And December was down £3700 on November.November was down £4400 on October and on and on it goes.

What's your point? That the crash is over because houses are worth an average of £431 more than December 08?

Leslie

Dream on SSup, but don't get your fingers burnt.

Les

Mitchy260

The crash is not over no, i was just merely stating factual evidence that things sometimes are not as they seem. 2009 is indeed showing positive, who would have thought that if asked in December??

I recall reading lots of predictions for house prices in 2009, drops of 25-30% in 12mths, drops of 70% from peak values and so on and on,

Well so far, since August 2007, house prices are down 19.7% from their peak values. 19.7% in 18mths.

Some people are getting a little too carried away with it all and expecting houses to be bought on credit cards in a couple of years time.

Sometimes you need to put a little bit of perspective on it

Mitchy260

The importance of regional variation

Put the shoe on the other foot, someone who bought a property with a 100% mortgage in the 1st half of 2007 in Aberdeen still has equity in their home.

Not everywhere is falling at the same rate, just look at N.Ireland, down around 35% from peak compared to Scotlands 5% or so.

Julio Jordio

Oh I'll certainly agree with the above, I was purley giving my inside view in my particular area. The average is around 18-19% nationwide, we are certainly closer to 27-28% now.

BlkKnight

Bugger all has happened in the nice areas where I live.

I was hoping for a bit of a drop so I could maximise on the cost differential when up-sizing.

An estate agent I spoke to said that some are inflating the sale prices knowing they'll get knocked down by the buyer.

SunnySideUp

Blackpool has seen a drop of 20% over the last 6 months alone, so a report states today.

SunnySideUp

Usual practice .... houses are selling for, on average, 88% of their asking price.

The clever seller is slightly UNDERPRICING their property - I have seen the effects of this, and it's an extremely effective method of selling within days (sometimes for MORE than the asking price!). The reason is simple, everyone loves a bargain .... by offering a bargain you get lots of people around viewing - people seeing others looking start to get greedy and UP goes the price! Brilliant!

The stupid sellers are chasing the market down, by that I mean they are reducing their price .... but always not enough - so get no interest and have to drop again - eventually viewings dry up because people see that it has sat on the market for months and months and therefore doesn't even deserve a viewing.

Human nature, harness it and get what you want - ignore it at your peril.

Julio Jordio

Great Post

Exactly what we are currently seeing happen here.

And with regards to 20% in 6 months..... Its possible.

SunnySideUp

Just been looking in the local Mazda Dealers .... they have struggled to sell about 5 cars I have had my eye on - I have tracked them since last July .......... they have ALL now been sold in the last week!!!!

It really IS the end of the downturn - either that or it's a mini bubble which will burst ..... ??

Looking at some houses on the Coast tomorrow ..... well, the ones which are left I should say!! They have been selling like hot cakes.

hodgy0_2

where are we ssup?

zip106

A neighbour of mine is a used car salesman at an independant in Lincolnshire.

I saw him today and he told me they sold 70, that's 70 cars in January, 50 in Feb and they've sold 32 already for March.
Of those only 2 were high class cars (F360 and AMV8).

The rest were all priced between £2k and £20k.
His best sellers are Puntos, Fiestas etc.


We've just had our house valued for mortgage purposes.
The mortgage advisor from Nationwide openly admitted that we'd get at least £30k more for it than what they have valued it at, saying that valuers are down valuing everything just to cover their backs.

^Qwerty^

Well they seem to be selling around here (East Yorks). We've sold ours (in a week), we've bought another one, 3 houses we went to look at have also SSTC, 4 on a new build we went to look at are SSTC, and 2 other people I know have also SSTC. Granted some of those deals may drop out, including ours, but Im not hopeful of much of a further drop in prices, which is why we've moved up the ladder now.

SunnySideUp

It's true .... I've just spent all day on the South Coast looking at properties .... houses priced well are going under offer within a week.

Cars are selling by the bucket load .... try getting the amazing new car deals which were going a few months ago - they don't exsist anymore!

I was hoping for bigger falls to be honest and I hope that this increase is just a mini bubble which will pop ..... but, I don't think so - now is no time to have money in the bank, see? It was earning at least £500 a month for each £100k ...... now it's nearer £275 a month - which is encouraging those with savings to look elsewhere, they are looking at houses and new cars.

It's all over ......................... or is it?

Leslie

I seem to remember saying more or less that earlier in this thread.

As you say, not much point in leaving your stash of cash in the bank at the moment. You might as well use it to invest in property while it is still worth something. I esxpect inflation to take hold eventually and a decent house will be a far better investment of course.

Hope you are successful in finding a good one at the right price.

Les

JPF

iTrader: (1)

"the government's third bail out of the banks yet another dismal failure, quantitative easing that puts our economy into the same league as Mugabe's Zimbabwe"

....WTF! you really think things work that quick? sorting out the flow of credit from banks etc takes more than a week or so to take an effect, how you can call it a dismal failure already is beyond me...I just love all the negative crp people spout, how's being negative going to help?it just makes things worse, being realistic is fair enough but negative bull like that really doesn't help things....why would a government do something that would put our economy into Zimbabwe's league? what a lode a bull...get ur head out the papers and look around, most estate agents I have asked say things have bottomed out, also a friend of mine is house hunting and he says most houses he is viewing have a lot of interest and most are achieving there asking price....like I say some people need to look around more rather than just reading inflammatory bull that's in most the rags in this country.

Not saying things are great by any means but they aren't and wont be as bad as a lot of the doom makers make out(for the majority of us at anyway)

Dread to think what would have happened if people in the 40s were so negative. Oh well France has gone, our army's ****ed might as well start learning German.....ok going of on one now but I think its a fair point.

hodgy0_2

we might swell considering how many fvcking German cars there are

diving in France, its quite rare to see a car that isnt French

But i totally aggree with your point about the doom mongers

The yanks will pull us out of this economic gloom with there absurdly optimistic view of life, even when they have been “foreclosed” and are living in cars they seem to keep there sprits up

Timwinner

iTrader: (3)

I remember talking about this a few weeks ago too, I told of how a friend of a friend had just bought 10 flats.
I was immediately set upon by some armchair economist who told me the figures didnt add up and I was talking rubbish, well..... All 10 flats are now rented out, Surrey house prices are up ( a tiny tiny bit) again last month.

I am sure this is the time to make a move, As I have stated before I have a property management business and we are on the verge of landing another 20k in contracts this month.
The one thing that cant lie through this whole thing is my bank account, despite what ***** ( I wont name him) slated me about I am seeing lots of green shoots.

unclebuck

Hardly likely when it's all just fantasy in the mind of a dreamer.

njkmrs

Heard on the radio today approvals for mortgages are up for the second successive month .
I am not one for blowing smoke up my Rickter but I think it was two months ago when I said things are about to pick up !!!!!!!!!
But for the doom mongers out there ,the sunny weather will not last more than a week or so .!!!!!

SunnySideUp

It is, without doubt, looking good if you are selling.

It's not good for the likes of me who thought the fall would continue!

House Prices (the achieved price) are up about 10-15% in 2 months as far as I can make out!