Doomed (yet again, really this time...)

[DaveB]

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If the house prices do fall does that also mean a fall in mortgage interest rates ?

House prices are the end result not the root cause. Higher rates mean lower house prices as buyers can't afford to borrow so much. Lower rates mean higher prices as because money is cheaper to obtain.

[Moscow Mule]

what's wrong with 2 months? Sounds reasonable to me.
So you sold at 313K and now they're going for 320K.
So their still rising in your area.
How is that the top of the market?
It's still going up.

No, do pay attention - I sold a 1 bed flat, 2 bed flats are 320K - previously they had been going for 360-380k

It should not take two months to go from accepting an offer to completing when neither party is in a chain.

[VectraMan]

What’s the big deal? We need this so people will start moving again.

Nobody will move if prices start going down. Lots of people will try to sell, nobody will buy.

[Bagpuss]

No, do pay attention - I sold a 1 bed flat, 2 bed flats are 320K - previously they had been going for 360-380k

It should not take two months to go from accepting an offer to completing when neither party is in a chain.

That's quite a drop, what area do you live? don't worry I won't stalk you at your local Costa.

[Moscow Mule]

That's quite a drop, what area do you live? don't worry I won't stalk you at your local Costa.

Wimbledon (town end near the northern line)

I've moved closer to the airport/birds work now.

[gingerjedi]

Nobody will move if prices start going down. Lots of people will try to sell, nobody will buy.

I don’t think this will be long term it’s more of a price correction, as soon as it levels out people will start buying again.

[Chugnut]

It should not take two months to go from accepting an offer to completing when neither party is in a chain.

No, it shouldn't but you can pretty much blame solicitors for the majority of delays involved with most property transactions.

Speediest transaction - 22 days from auction hammer to completion.

Slowest transaction - just over 3 months for a piece of agricultural land.

They are feet dragging numpties; I'm yet to be convinced otherwise.

[Bagpuss]

I don’t think this will be long term it’s more of a price correction, as soon as it levels out people will start buying again.

In the late 80s when prices last crashed it took 10 years for them to recover. Why do you think people will be sensible this time? All bubbles always end with panic and overeaction, it's human nature.

[DimPrawn]

There's plenty of air left in the bubble.

Next month interest rates will be halved as the numpties at New Lie headquarters realise the only way to sustain Brown's miracle long enough to win the next election is to drop interest rates to close to zero.

Then, cheap money will be back on the cards and bog cleaners will again be borrowing millions for nowt.

Now's the perfect time to enter the property market before the real boom takes off.

[gingerjedi]

In the late 80s when prices last crashed it took 10 years for them to recover. Why do you think people will be sensible this time? All bubbles always end with panic and overeaction, it's human nature.

Because this was orchestrated by the B of E and the government, the 80's crash was a result of interest rates going out of control, this time the rates are being controlled to manipulate the market... but don't let this get in the way of having a good old British panic!