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Reply to: House Prices Fall

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Previously on "House Prices Fall"

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  • SueEllen
    replied
    Originally posted by Zigenare View Post

    Wrong, they're spending money on their current property to add value.
    The two tradesmen I had in this year complained that potential new customers were calling them to do jobs like mine e.g. small patch up jobs not large ones since interest rates had gone up. (I was a returning customer.)

    And retail sales tell their own story.

    Leave a comment:


  • Zigenare
    replied
    Originally posted by SueEllen View Post
    Plenty of jobs are linked to property sales from tradesmen to retailers and manufacturers of sofas and beds.

    When people aren't buying property they aren't getting work done and buying new things.
    Wrong, they're spending money on their current property to add value.

    Leave a comment:


  • SueEllen
    replied

    Plenty of jobs are linked to property sales from tradesmen to retailers and manufacturers of sofas and beds.

    When people aren't buying property they aren't getting work done and buying new things.

    Leave a comment:


  • northernladuk
    replied
    Yet in my area the price is still going up due to a total lack of properties coming up and when they do they are sold within 2 days. Rent for a 2 bed 1 bath mid terrace grew is about 7 years from about £500 to one property that went up for 1k this week. For a small northern town that is absolutely obscene. We don't seem to follow any housing or rent trends at all.

    Leave a comment:


  • TheDude
    replied
    Originally posted by WTFH View Post

    Sorry to hear about your father's passing, but well done in getting probate sorted in 3 months - it's frequently 6 months to a year before the process is complete and the benefactors can start looking at selling or letting.

    ...and remember, it's something that is being given to you, rather than something you "deserve".
    Agreed but there is no excuse for the insurance companies to have not even begun drying the place out yet.

    Leave a comment:


  • WTFH
    replied
    Originally posted by TheDude View Post
    My father passed away in December -... so the house cannot be sold or let.
    Sorry to hear about your father's passing, but well done in getting probate sorted in 3 months - it's frequently 6 months to a year before the process is complete and the benefactors can start looking at selling or letting.

    ...and remember, it's something that is being given to you, rather than something you "deserve".

    Leave a comment:


  • TheDude
    replied
    Originally posted by tazdevil View Post
    Who cares what the price of property is when ones already pegged in the market? Price falls will help first time buyers so that's a good thing
    I thought the same until I ended up with another property I wanted to sell.

    Leave a comment:


  • tazdevil
    replied
    Who cares what the price of property is when ones already pegged in the market? Price falls will help first time buyers so that's a good thing

    Leave a comment:


  • sadkingbilly
    replied
    Originally posted by sadkingbilly View Post

    Leave a comment:


  • TheDude
    replied
    My father passed away in December - a week before he died there was a burst pipe and two rooms were wrecked.

    Despite constant chasing the insurance company and contractors have not even commenced work to repair the damage and so the house cannot be sold or let.

    By the time the work is complete I suspect a tidy sum will have been wiped off the sale price (although this has been offset by the fact that the contents that were lost will not be replaced)

    Leave a comment:


  • Fraidycat
    replied
    Market will crash 20 to 33%, if interest rates remain this high.

    But the BOE and Fed will bottle it, and cut to save everyone and let inflation rip instead.

    Leave a comment:


  • sadkingbilly
    replied

    Leave a comment:


  • SueEllen
    started a topic House Prices Fall

    House Prices Fall

    I suppose we need a thread.


    https://www.telegraph.co.uk/property...ll-since-2009/

    ouse prices have fallen by 3.1pc in the biggest annual decline since July 2009.

    Property values recorded a monthly decline of 0.8pc between February and March, marking the seventh consecutive drop, according to lender Nationwide.

    The average house price was £257,122 in March, which leaves prices 4.6pc below their peak in August of last year.

    Demand from buyers remains subdued, with mortgage approvals 40pc below levels a year ago.

    The weakest region was Scotland, while the West Midlands was the most resilient.

    Prices in Scotland were down 3.1pc during the three months to March compared with the same period last year. But in the West Midlands, they were 1.4pc higher.

    Robert Gardner, Nationwide's chief economist, said the housing market reached a “turning point” last year because of the market turbulence following the mini-Budget, which pushed fixed mortgage rates above 6pc.

    Although fixed mortgage rates have come down since then, they remain well above former levels.

    The average five-year fixed mortgage rate for a 25pc deposit was 4.4pc in February, up from 1.8pc a year ago, according to the Bank of England.

    Mr Gardner said: “It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation.

    “Housing affordability also remains stretched, where mortgage rates remain well above the lows prevailing at this point last year.”

    Tom Bill, of Knight Frank estate agents, said: “More financial pain will enter the system as owners move onto higher fixed-rate deals.”

    Alice Haine, a personal finance analyst at brokers Bestinvest, said the data “cemented the gloom for the property market”.

    She said: “The red-hot property market of pandemic days – when buyers snapped up bigger homes in the race for space, aided by temporary stamp duty incentives – is now behind us with buyers and lenders taking a far more conservative approach towards home ownership.”

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