Is the housing market still alive?

**Bumfluff** · 27 January 2009, 23:38

Yeah I recon there is, I was trying to sell my place since last June, but offers were 20%-30% lower than asking, there are people buying but they want them cheap. Saying that the estate last week did say things were picking up a bit mainly due to not many people putting houses on the market (yet......)

Remortgaging is proving a pain as well, I'm using an offset but I didnt really want to commit capital, but because the mortgage can't be more than 80% of the properties value and values have gone down I'm having to commit capital, a fair old chunk.

**lightng** · 27 January 2009, 23:42

Heard some advice on the radio today for people wanting to get on the housing ladder. If house prices are falling more that 7% a year (and currently they are), its generally better to rent than buy.

**TykeMerc** · 27 January 2009, 23:52

I know 2 people who've had their sales fall through since Christmas, both at the point of about to exchange contracts, both had their purchasers try to lower their offers significantly at the last instant, one by 50%.

It appears that the market here is thoroughly goosed, that or vendors here have silly expectations.

**BrilloPad** · 28 January 2009, 07:51

A friend of a friend bought a couple of weeks ago. From Northern Rock. 3 bed semi in Stanmore for £150k. At that price you just cant go wrong.

**minestrone** · 28 January 2009, 07:59

We sold on a high and our rent is pretty high just now as well considering interest rates but I have calculated that house prices just have to keep dropping 2.5% a year to make it worth out while.

Our landlord wanted to sell up and got the place valued, the surveyor told him there was no chance it would sell for what he wanted. In fact it would not get much more than what he paid for it in 2004.

**dang65** · 28 January 2009, 08:14

My in-laws sold their house recently, within a couple of days of putting it on the market. Offer they accepted was five grand below the asking price. That was just a bog standard bungalow in East Sussex. I've also seen quite a few SOLD signs appearing round our way, though I'm not observant enough to know how long they were on the market for first.

**expat** · 28 January 2009, 08:19

Originally posted by dang65 View Post

My in-laws sold their house recently, within a couple of days of putting it on the market. Offer they accepted was five grand below the asking price. That was just a bog standard bungalow in East Sussex. I've also seen quite a few SOLD signs appearing round our way, though I'm not observant enough to know how long they were on the market for first.

I have seen the same thing round our way. ISTM that the period when vendors had unrealistic expectations of high prices, and buyers had unrealistic expectations of buying a house for peanuts, has passed (with little bought or sold), and now people are making a market again. Houses are going for 2006 values, more or less, and not shifting like tulip off a shovel, but decent houses are being bought and sold.

Incidentally I blame the media, who switched from telling sellers that they'd make 50% more next year, to telling buyers that they'd buy for 50% less next year: of course that shafted the market.

**Archangel** · 28 January 2009, 08:56

3 sold signs gone up in my village in the last couple of months, 2 more still for sale.

2 Terraced and 1 medium detached.

**BrilloPad** · 28 January 2009, 08:56

Originally posted by expat View Post

Incidentally I blame the media, who switched from telling sellers that they'd make 50% more next year, to telling buyers that they'd buy for 50% less next year: of course that shafted the market.

So nothing to do with withdrawal of 100% mortgages that actually require people (who are already cash strapped) to save for a deposit then? And of course all those people losing their jobs too......

Okay : I know you mean that the price drop will be less than 50%. But IMO it will finally work out to be a 50% drop from Aug 2007.

Is the housing market still alive?