Reply to: DOOM: House Prices

[Paralytic]

it's a good luck to whoever is wanting/needing to buy a house now.

prices will drop more or less depending on the areas, but that's not going to last long; people are always going to need houses.

If the banks are dropping valuations for mortgage purposes, the volume of people able to afford any particular house will naturally fall too. It'll come down to sellers willingness/need to sell at lower prices.

[AtW]

That's why I said "depending on the areas" London is doomed; I'm actually surprised those ridiculous prices held up this long.

Foreign “no questions asked” money

[PCTNN]

Affordable housing near me starts at about £750K for a 2 bedroom flat (10 min walk to canary wharf) must be 50K new flats in last 3 years and thousands more being or about to be built

Now canary wharf is a ghost town forever, now it’s proved we don’t need offices

Rents already down 30%

House prices will soon follow as people move out of the shires or get kicked out as not paying mortgages or rent


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That's why I said "depending on the areas" London is doomed; I'm actually surprised those ridiculous prices held up this long.

[Eirikur]

Let's hope it actually happens

[DoctorStrangelove]

FOaTw.

[GhostofTarbera]

it's a good luck to whoever is wanting/needing to buy a house now.

prices will drop more or less depending on the areas, but that's not going to last long; people are always going to need houses.

Affordable housing near me starts at about £750K for a 2 bedroom flat (10 min walk to canary wharf) must be 50K new flats in last 3 years and thousands more being or about to be built

Now canary wharf is a ghost town forever, now it’s proved we don’t need offices

Rents already down 30%

House prices will soon follow as people move out of the shires or get kicked out as not paying mortgages or rent


Sent from my iPhone using Contractor UK Forum

[PCTNN]

Is that good luck that you get turned down and don't buy just before a drop or !? I can't see it dropping much myself with such low interest rates.

it's a good luck to whoever is wanting/needing to buy a house now.

prices will drop more or less depending on the areas, but that's not going to last long; people are always going to need houses.

[rootsnall]

good luck to whoever is waiting on a mortgage application or is about to start one.

Is that good luck that you get turned down and don't buy just before a drop or !? I can't see it dropping much myself with such low interest rates.

[PCTNN]

yes, those numbers do sound made up to make a story.

having said that, if you go have a look at the mortgages section of the moneysavingexpert forum, you'll find a few people having this problem with lenders and having to pull out of a deal.

good luck to whoever is waiting on a mortgage application or is about to start one.

[ladymuck]

TURWAWMKWYS *








* Try using real words and we might know what you're saying

https://www.contractoruk.com/forums/...ml#post2819567

[BR14]

I don't know that i can be simple enough for you, sorry

[Whorty]

like i said........... SOYMF

TURWAWMKWYS *








* Try using real words and we might know what you're saying

[BR14]

like i said........... SOYMF

[Whorty]

“ Three in four homes in some parts of the country are having their valuations reduced by as much as 20% as lenders become increasingly fearful of a sharp fall in house prices.

In a clear sign that banks are becoming nervous about rising property prices, valuations — carried out when people apply for a mortgage — are proving to be well below the price agreed by the buyer and the seller.

In one west London suburb, the buyers of a four-bedroom house were forced to pull out after the home on which they had had a £700,000 offer accepted was valued at £550,000.”

Will house prices crash? Plunging valuations fuel fears | News | The Sunday Times

It's behind a paywall so I can't see the whole story, but from what I can see it just sounds like made up numbers to create a story. Do they, for example, state the actual property that has supposedly been reduced from 700k to 550k? That's one hell of a drop and I can't think of many areas in West London where you could get a 4 bed house for 550K now, or for that matter 10 years ago!

And as for the " 3 out of 4 houses being reduced by valuations" .... again, where is the evidence of this? I can't see that far into the story, but do they list real evidence or is it just the journo making something up to sell a story? As you all know, nothing sells better than doom

Edit: just wanted to add too ... "by as much as 20%" is one of those claims that could mean anything from 0% to 20% Same as those advertisements that claim that by buying product x toothpaste your teeth can be up to 100% whiter ... yeah, 0% is "up to 100%"

[Paddy]

“ Three in four homes in some parts of the country are having their valuations reduced by as much as 20% as lenders become increasingly fearful of a sharp fall in house prices.

In a clear sign that banks are becoming nervous about rising property prices, valuations — carried out when people apply for a mortgage — are proving to be well below the price agreed by the buyer and the seller.

In one west London suburb, the buyers of a four-bedroom house were forced to pull out after the home on which they had had a £700,000 offer accepted was valued at £550,000.”

Will house prices crash? Plunging valuations fuel fears | News | The Sunday Times

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