Doom and gloom

[TimberWolf]

If HIP was £5k (or 2-3% of sell price), then I would probably agree, however when cost is less than 0.3%, then, given that seller is likely to profit from increase in value, there is nothing serious to whine about - be grateful if you sell the house at all for that ridiculous of money it is supposed to be "worth".

The issue was whether HIPs could depress an already slowing housing market, not whether ridiculous amounts of money are being made. That’s an irrelevance. No house up for sale means no money made, ridiculous amounts or otherwise.

Who says it's bottom now?

Not me, nor I imagine has anyone else.

[Pinto]

It's more the annoyance of more laws and filling in forms than anything, and the fact is, whatever work you put into it, you'll benefit from the same work done by the person of the next property you will buy. The question is not about whether or not HIPs eat into people's profits, but whether they're useful or not.

[Diver]

The issue was whether HIPs could depress an already slowing housing market, not whether ridiculous amounts of money are being made. That’s an irrelevance. No house up for sale means no money made, ridiculous amounts or otherwise.



Not me, nor I imagine has anyone else.

My god!!!!

It's so frightening!

Soon My houses will be worth less than I paid for them

Like yeh!

Where in the UK are houses likely to be worth less than they were ten years ago ?
House prices/values do not fall, the annual increase in value may slow or fall, but the value of Land/property has been rising since the dark ages. The only way that the values could fall is if the population and therefore the demand for housing decreases to a stage where there are more properties than people.

[AtW]

The issue was whether HIPs could depress an already slowing housing market, not whether ridiculous amounts of money are being made. That’s an irrelevance. No house up for sale means no money made, ridiculous amounts or otherwise.

I don't think HIP can depress the market, even though it should certainly prevent time wasters from putting their house "on the market" without having any serious intention to sell it for market price - they "punt" it as you put it in hope to get high ridiculous offer.

Here is example: I rented very nice house locally for a few years, really lovely place, cheap rent too, but the company decided to sell it (they are selling most local properties), so I had to move. Now the guy who bought it paid something like £230k, too much in my view. So, what he did next? He put in new kitchen and did a couple more things, and then put it onto the market for ... £350k! Bulltulips really, like what, where the feck is rationale here - you put in new kitchen and put on sale next day for 50% more money?

Anyhow, that tw@t, did not sell the house - he had to drop the price a couple of times, but it's still empty - I think he really screwed up as the house is empty for almost 2 years now, he did not get any rent and the market is taking serious downturn now, so I doubt he will actually get his money back. I hope he gets bankrupt - not because he overbid me, but because that's the fate that should fall on all speculators.

[TimberWolf]

My god!!!!

It's so frightening!

Soon My houses will be worth less than I paid for them

Like yeh!

Where in the UK are houses likely to be worth less than they were ten years ago ?
House prices/values do not fall, the annual increase in value may slow or fall, but the value of Land/property has been rising since the dark ages. The only way that the values could fall is if the population and therefore the demand for housing decreases to a stage where there are more properties than people.

I'm not arguing about the long-term trend. My point was that the cost of a HIP could affect the housing market if people that would otherwise have put their houses up for sale won’t, if they feel that house prices are falling. They may wait it out rather than risk losing money paid for a HIP. If HIPs last for some extended length of time, and don’t need regular updating and further cost, then their cost is less relevant. I don’t know how long HIPs last though.

[AtW]

I don’t know how long HIPs last though.

1 year I think? I'd agree that HIPs should have lasted 3-5 years, at least 3 - also include some other stuff that currently every buyer would have to pay money for even before final decision buy/not buy is made, but this was watered down by solicitors and real estate people.

[Diver]

A HIP can last for years, with only minor and minimal cost amendments over time. If you increase the energy performance of your house, then it is worthwhile to update the HIP as it makes the property more attractice to buyers.

[TimberWolf]

I don't think HIP can depress the market, even though it should certainly prevent time wasters from putting their house "on the market" without having any serious intention to sell it for market price - they "punt" it as you put it in hope to get high ridiculous offer.

I used the term punt and it wasn’t in the sense of ‘ridiculous offers’. Just a sale at market prices. The point that I am not getting across to you is that I and most others believe that we may be in for some rocky times in the next months and perhaps years in the housing market. People may just sit tight rather than having a punt that they can sell at todays prices. Like them or not, people wanting to sell at market prices, or above, make up a significant proportion of sellers.

[AtW]

I am actually inclined to believe TimberWolf that for many sellers this extra £500 is causing more bother than it should - and that's exactly the problem with UK housing market - sellers, as well as buyers, banks who lend them money, have all lost all sense when it comes to house ownership - that's why this country will his much more serous troubles unlike central Europe.

[AtW]

The point that I am not getting across to you is that I and most others believe that we may be in for some rocky times in the next months and perhaps years in the housing market.

Agreed.

People may just sit tight rather than having a punt that they can sell at todays prices. Like them or not, people wanting to sell at market prices, or above, make up a significant proportion of sellers.

Agreed again. But that's my point - it's not the HIPs that caused all this, if market was a buyoant as in 2006 then this extra £500 would not matter. But if you are not inclined to sell, then suddenly you look for easy excuses and HIPs are sure #1 target.

As for market prices then I think you may find that any seller can sell at market price pretty easily - problem is that sellers want to sell at some peak market price that is in the past, yet they want it now.