Is the housing market still alive?

[ruethewhirl]

Bought in South London 2004 with my new lady, spent all the time daydreaming of fat profits. 90% mortgage.

Relationship soured, bubble burst, now spend all day in quiet desperation, running through scenarios in my head where the best case is getting out evens.

On the upside, a guy in my department just bought, don't know the details, but he be a first time buyer.

[tim123]

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.

TBH, he'll have to be lucky if he gets that.

Prices are on a slide back down to 2002 levels (which, IMHO for the good of the economy, they shouldn't have been allowed to rise from!)

tim

[Coalman]

Some friends sold in December last year. They were sh**ing themselves right up to the point the new people moved in.

I've never seen them so relieved!

Brother in law part exchanged with David Wilson in November - not as good a deal as first thought with the market dropping more now.

[AlfredJPruffock]

US housing market showed an unexpected gain in House Sales in Decemner - however Grey Slates remain - Grey Slates.

[BrilloPad]

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.

[Archangel]

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.

[expat]

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.

[dang65]

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.

[minestrone]

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.

[BrilloPad]

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.

[TykeMerc]

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.

[lightng]

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.

[Bumfluff]

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.

[TimberWolf]

Has anyone sold property (in the UK) in the last couple of months? Or have you heard of anyone that has sold a house all the way to completion and run off laughing like a maniac as if he'd just won the lottery? Or have you heard any unsubstantiated rumours of anyone knowing of someone that has managed to sell a house for more than minus money?

Looking at the news (which these days is even gloomier than on here), I'm surprised any houses are being sold. Who the flip, if anyone, is buying property these days?