Housing market doomed!

[DimPrawn]

Assuming that you have a property to sell, isn't it all relative?

Ok I could hold off buying somewhere until next year but then my current property will be worth proportionally less than it is now?

Also I think that since my current property is suited to first time buyers it may well drop in price slower than a 3 bed semi...

Not sure if I am talking tulip here...

Depends on what you own now and what you want to buy. Not every type of property is going to fall as much as some others.

Very much doomed:

Apartments in highrises in trendy parts of cities where there are 1000 others just the same.
Houses in so called "up and coming areas" that are now not going to be "up and coming".

Not very doomed:

Giant houses worth £10M+ sought after by wealthy Non Doms.
Anything with large amounts of land.
Farms
Good sized family homes near good schools in nice areas.

[~Craig~]

Assuming that you have a property to sell, isn't it all relative?

Ok I could hold off buying somewhere until next year but then my current property will be worth proportionally less than it is now?

Also I think that since my current property is suited to first time buyers it may well drop in price slower than a 3 bed semi...

Not sure if I am talking tulip here...

[chicane]

Question must be: who in their right mind is now buying when they could get the same place for cheaper next year....?

Some vendors are accepting low offers just to get rid. I know somebody who negotiated around 25k off a house with an asking price of 250k. If the same property was marketed next year, it might be marketed at a more realistic 225k, but the vendor would be less open to offers.

[bobhope]

Question must be: who in their right mind is now buying when they could get the same place for cheaper next year....?

[HairyArsedBloke]

Even the top end of the market is going south.

This place has to be marketed using the '1 quid off the round figure' ploy.

[d000hg]

Prices don't particularly seem to be dropping around here, but there are several new build estates just completed which do not seem to be selling. I wonder if they can be picked up for a bargain price since the owners will have spent £millions and might be desperate to sell.

[tim123]

The auction that I watch, that previously sold around 70% of lots, some at 50% over guide, sold just 25% last week - only one (slightly) over the guide price.

Unless people are prepared to take less money, I don't think it's going to get better in a hurry.

tim

[Incognito]

Separate figures, from the auction experts Essential Information Group, reveal that the number of repossessed properties coming up for sale in auction houses has rocketed nearly 300 per cent in three years.

More bargains for me then.

[Pickle2]

breaking doom

this doom just in.

http://today.reuters.co.uk/news/arti...Tkr/GetContent


Mortgage approvals for house purchases dived by more than two thirds in June from a year ago to hit a fresh record low of 21,118, the British Bankers' Association said on Wednesday.

The annual fall was the biggest since the series began in September 1997 and indicates the downturn in the housing market is accelerating.

[lilelvis2000]

Six homes...so still dong well on the commission side then? The way the media goes on about it you'd think nobody was buying.

[scooterscot]

A young couple have just came to view the house for sale next door...

[KentPhilip]

excellent news.

[DimPrawn]

http://www.dailymail.co.uk/news/arti...ions-soar.html

The number of homes sold has halved in a year, according to official figures issued yesterday.


Coming alongside evidence of the soaring number of repossessions, the news lays bare the extent of the meltdown in the housing market.

Separate figures, from the auction experts Essential Information Group, reveal that the number of repossessed properties coming up for sale in auction houses has rocketed nearly 300 per cent in three years.


Between January and June, 3,115 repossessed homes went under the hammer in Britain, compared with just 799 in the same period during 2005.


The scale of the increase is extraordinary, with the numbers soaring 66 per cent over the last year alone from just 1,873 in 2007.


Experts have been warning that repossessions will soar but this is the first concrete evidence.

Other figures, published yesterday by the National Association of Estate Agents, confirm the crisis facing anyone who needs to sell their home, particularly if they are in a rush.


Last month, estate agents sold an average of just six homes, which has more than halved from an average of 13 in the same month last year. One estate agent from the North East described the first half of this year as 'a complete disaster', adding: 'I can't see any light at the end of the tunnel.'


One from Devon said: 'Transactions are down around 60 per cent which has sent shivers down the spine.'