House prices rising!

[DimPrawn]

Boomed!

UK house prices rose by 2.6% in May compared with April but activity remains low in the market, according to the latest survey from the Halifax.


2.6% in one month! This time next year we'll all be millionaires!

I'm off to spend mine now....

[minestrone]

Went to see a place last night and the place was heaving with buyers.

It seems to me that there are quite a lot of places on the market but there are quite a lot of places that are really needing modernising, old person who lived there for 50 years and has just died type houses. Where as 5 years ago these places would have been picked up by developers in a week and given a cheap makeover nobody is willing to do that anymore.

The real high quality houses are still selling for a premium as there are a lot of people like us who sold up to rent a couple of years ago and now have a large amount of capital just wasting away in the bank.

Anyway, looks like we are bidding for this one.

[DimPrawn]

The real high quality houses are still selling for a premium as there are a lot of people like us who sold up to rent a couple of years ago and now have a large amount of capital just wasting away in the bank.

Anyway, looks like we are bidding for this one.

A classic bull trap.

I too have cash looking for the right property. However, there will come a time when the "cash rich" brigade have all chased the property market back up some, and all that's left are those funding the purchase with a mortgage and a small deposit.

When this happens (later this year I suspect), and at the same time another 1,000,000 lose their jobs, we'll see a 2nd collapse in prices.

Mark my words, these "green shoots have no roots".

[minestrone]

When we first started to rent 2 years ago it was a no brainer, we were almost making the rent money from bank interest on out capital and house prices were falling month on month. Both those things have changed.

We are also buying at 2/3 thirds the price of what we can really afford and the mortgage payments will be bugger all anyway.

Not every decision I make is totally made by people on the internet predicting how the markets will be doing in 1 year, 2 years, 5 years.

[swamp]

owner's flat.

You were curled up in your basket.

It's my flat! The owner just lives there.

[Cyberman]

I saw one worse than that in Doncaster. House was being disposed off after an old lady died, so vacant possession, etc. etc.. Estate agent didn't pass on all the offers to seller. A friend of the estate agent bought the house real cheap and then immediately put it back on the market, such that the details in the estate agents window didn't change. House then sold to the highest of the earlier prospective purchasers.

And apparently it was all completely legal to do.

That is fraud. The agent is obliged to pass on all offers to the seller, but in this case obviously he did not, in order to cheat the seller for the benefit of his friend.

[Menelaus]

Yep, me too. I've got a place in mind that I'm going to be applying for a change of use for as soon as I get it and turning it into a respite care place.

[Moscow Mule]

That is fraud. The agent is obliged to pass on all offers to the seller, but in this case obviously he did not, in order to cheat the seller for the benefit of his friend.

Not if it says in his contract that he doesn't have to.

It's pretty shady but it's not necessarily illegal.

[Cyberman]

Not if it says in his contract that he doesn't have to.

It's pretty shady but it's not necessarily illegal.

I can't see anybody signing a contract that allows an agent only to pass on lower offers.

[Cyberman]

Boomed!

UK house prices rose by 2.6% in May compared with April but activity remains low in the market, according to the latest survey from the Halifax.


2.6% in one month! This time next year we'll all be millionaires!

I'm off to spend mine now....

This news will cause people, especially cash-holders to panic buy as they think they will miss out as the market rapidly rises. It's good for current homeowners whose main asset is now rising in value at long last.