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Posted By: DAC

Hi all, I keep reading articles about house prices dropping in the UK but I am slowly becoming a bit cynical of all this as prices in our area, Lincolnshire, are steadily on the rise. These articles always mention London as steady but the North as slowing down, I am getting to the point in my belief that this is all just a ploy to apease the many buyers in the south of england, that have mortgages the size of small countries that all is not lost as the poor northerners are getting it much worse! Does everything in our country have to be based on the price of fish in London? anyone want to discuss? Dave



Posted By: Santorini Paul 1

Spookily enough, just read this on the BBC. Gives more information per area. Some areas are still rising,playing catchup but generally on the wain. Londons annual figures are a bit misleading, they explain because huge rises are about to drop off the chart. http://news.bbc.co.uk/1/hi/business/7214777.stm Paul.

Posted By: Steve - SJD

Hi, Well house prices are rising around us - as mentioned probably playing catch up. There doesn't seem to be a problem selling either at the moment though as we all know things can change. Personally I think the media is partly responsible for creating uncertainty and lack of confidence in the market in general. A good example for me was Northern Rock - the headlines & tv interviews whipping up a panic and then asking why everyone was panicking :roll: Cheers Steve

Posted By: DAC

Hi Paul, It's all a bit misleading really, in our town you can buy a good sized 3 bed semi for 130k, that's why loads of southerners are selling up and moving north. But all we ever hear about is London, London and more London, move north dear fellow and live like a king!

Posted By: househunter

Of course their is a downturn all over, but there are areas that always buck the trend, great value out there at the moment, esp if I also add in the good exchange rates for the Euro. Property down 40% would also equate to 45% for me if I convert Euros Examples: 4BR, All Properties | New Properties (l3) 265,000 (DOWN 41%) 4 bedroom bungalow Buy Detached House For Sale eyemout TD14 5PQ (td14) 85,000 (DOWN 38%) 6 bedroom house BASILDON (ss15) 132,000 (DOWN 38%) 2 bedroom house Preston, Paignton (tq3) 249,950 (DOWN 37%) 5 bedroom house MARLOW (sl7) 235,000 (DOWN 37%) 2 bedroom house Leith (eh6) 219,995 (DOWN 36%) 3 bedroom townhouse High Spen, Rowlands Gill (ne39)

Posted By: Santorini Paul 1

Where did the 41% down come from????

Posted By: DAC

Personaly I think that the whole issue would be made much easier, and possiblycheaper, if Businesses and people spreaded out around the country a bit more. In this modern day and age, other than for the convinience of having lunch and going to the Theatre, why does all all business have to be centred on London? If the rest of the country was utilised a bit more we wouldn't be crammed into one sgment of the country and creating a drain on resources within it.

Posted By: bigal

Bigal & I suspect that with the introduction of the Emission laws soon to come into force, some business's will move further North as they won't be able to afford to be in the "catchment area" & potentially could be forced to stop trading down here. Perhaps goods will have to start being moved around the country by train again like the good old days. When we had to put our house back on the market in the New Year (because of our buyer pulling out just before Christmas) we were advised to keep it at the original asking price (from the valuation back in October) & we seem to get about 1 viewing per week. As we get closer to our move we will consider sensible lower offers if one comes along. Prices of properties in our area seem to still be rising at a steady rate & most properties sell within what I would consider a reasonable time. Ruth & Bigal





Posted By: househunter

  • Santorini Paul 1 wrote:
    Where did the 41% down come from????

Don't quite follow you.
The asking price has been reduced by 41%

Posted By: Santorini Paul 1

I meant I find it impossible to believe a property is 41% cheaper than its high, which was only a few months ago, because of a downturn in the market. The BBC article earlier says "Average prices fell by 0.4% in December, bringing the annual inflation rate down from 8.1% in November to 6.7% last month. The average house price was 184,469 in December compared with 186,009 in November." So if a property is said to be 41% cheaper I would suspect that it was on at an unrealistic price in the first place. Similar to a shop selling something for a silly price so they can say 40% off in a sale. Please don't misunderstand me. I don't doubt there is a property out there showing a 41% discount but I would be amazed if it were due market forces.

Posted By: househunter

  • Santorini Paul 1 wrote:
    I meant I find it impossible to believe a property is 41% cheaper than its high, which was only a few months ago, because of a downturn in the market. The BBC article earlier says "Average prices fell by 0.4% in December, bringing the annual inflation rate down from 8.1% in November to 6.7% last month. The average house price was 184,469 in December compared with 186,009 in November."
    So if a property is said to be 41% cheaper I would suspect that it was on at an unrealistic price in the first place. Similar to a shop selling something for a silly price so they can say 40% off in a sale.
    Please don't misunderstand me. I don't doubt there is a property out there showing a 41% discount but I would be amazed if it were due market forces.

Probably not, I understand that a lot of these are overpriced to start with but others are from people who need to sell in a hurry due to work overseas etc.
No I don't misunderstand you at all but even figures like these are used when making up the house price fall of 0.4%,
The fall at present is due to many other things like interest charges, seasonal factors like bad weather/floods etc keeping sales down, the increase in petrol/heating etc, prices are pretty well constant, a small increase here and a small decrease somewhere else.
There was a posting from a member in Devon and if I remember correctly prices had fallen there and then the fall in the value of sterling to euro affected him more.

Posted By: househunter

  • DAC wrote:
    Personaly I think that the whole issue would be made much easier, and possiblycheaper, if Businesses and people spreaded out around the country a bit more.
    In this modern day and age, other than for the convinience of having lunch and going to the Theatre, why does all all business have to be centred on London?
    If the rest of the country was utilised a bit more we wouldn't be crammed into one sgment of the country and creating a drain on resources within it.

Am also amazed by the numbers of people who have to commute even when it is not necessary, a chap beside me commutes to Dublin and back taking nearly 2 hours each way, just to sit in front of a computer doing number crunching when he could log on from home and probably do more work each day instead of being tired from travelling.
This would reduce his carbon footprint, ease congestion etc so if companies got some sort of tax credit it would be a small step in the right direction and it would also allow people to move to another place if they chose.
Unfortunately we were having a pint one evening and he as saying he was in a fairly well paid job and one of the guys said that he probably wasn't when he took into account the cost of going to work and back each week, the high cost of lunches in Dublin and added in the extra 20 hours commuting.
So when he actually worked all this out he nearly felt like crying!! His reply I will not print on this forum.............
Mind you. he is still in the same job but doesn't seem quite so happy these days!

Posted By: Ristac

I did some work a few weeks back for a bloke from Switzerland.. When I asked him what he did for a living he was an advisor brought over by the Nationwide BS and his job was to look at what way the market was likely to go (amongst other things). A very intelligent guy who lost me with some of the conversation (thats not always hard) but his view on it all was that the Media will have the largest part to play. His example was a house for sale at 150,000 and buyers going round chancing their arm and making 10% off the asking price offers, so in this case 135,000 person is desperate to sell and reads the papers saying house price crash. Now this person might have purchased the house 5+ years earlier for 80,000 so they are still thinking 55k profit so they sell... This then has a knock on effect creating a downturn. He did also tell me that an alarming amount of people are now paying their mortgages with their credit cards. :shock:

Posted By: househunter


He did also tell me that an alarming amount of people are now paying their mortgages with their credit cards.

Ouch, I suppose these people think that "Credit Crunch" is a new breakfast cereal! :lol:
Don't think much will change until after US presidential elections, maybe then they can keep the billions of dollars they are spending each year on wars.

Posted By: DAC

hI, I think that much can be said for the media's need to bring us news 24 hours of the day. They are in a ratings war along with all the life sucking soaps that are forced onto the TV. So if they smell a new story in that a couple of extra people than normal have defaulted on their mortgages, before we no it the whole world is in reccession. Or am I just being very cynical??



Posted By: househunter

  • DAC wrote:
    hI,
    I think that much can be said for the media's need to bring us news 24 hours of the day. They are in a ratings war along with all the life sucking soaps that are forced onto the TV.
    So if they smell a new story in that a couple of extra people than normal have defaulted on their mortgages, before we no it the whole world is in reccession.
    Or am I just being very cynical??

No your not being cynical but things are fairly bad in America with regard to the number of repossessions this year so far. It is at an all time high, a lot of people who would not qualify for a mortgage have been given one.
A lot of this credit was from banks outside the US who now want their money back. Similar credit was given in UK and Ireland but to a much smaller extent.
The tightening of credit along with recent interest rates are causing a bit of a ripple in UK markets, hence the current effect on the property market which will settle down.
There are people dropping 30% on their price simply because they have no choice, they have to sell! These have always been around and probably always will.
This time of the year also slow sales, so basically a complete crash is most unlikely.

Posted By: househunter

They are in a ratings war along with all the life sucking soaps that are forced onto the TV.
Reckon I know which programs you are referring to but are they even good enough to be referred to as "life sucking" ? That gives them status!! :lol: :lol:


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