In reply to Post #29
Total rubbish , mine has dropped £15,000 in the last 3 months
Total rubbish , mine has dropped £15,000 in the last 3 months
Just sold a 2 bed apartment £10,000 over asking only been on the market since end of May
In reply to Post #31
And your response to bigclanger is.....
And your response to bigclanger is.....
In reply to Post #31
All depends where you live. Some go up some go down. Its all about location. The rental market is crazy these days. When my last tennant moved out the new one was waiting outside in the street for the keys so they could move straight in. There was also about 10 other people who wanted to rent it.
All depends where you live. Some go up some go down. Its all about location. The rental market is crazy these days. When my last tennant moved out the new one was waiting outside in the street for the keys so they could move straight in. There was also about 10 other people who wanted to rent it.
In reply to Post #32
I think you are a lucky exception to the current trend there...
Just had a valuation for a remortgage and it's come back a LOT lower than my previous valuation. That's three years of natural house price growth since my last remortgage completely wiped out and a valuation that is £7500 less than 3 years back.
Not a good time ahead for the house sellers I think.
Big clanger, if you can get me £10000 more for mine I'll happily give you 10 % commission on that extra!
I think you are a lucky exception to the current trend there...
Just had a valuation for a remortgage and it's come back a LOT lower than my previous valuation. That's three years of natural house price growth since my last remortgage completely wiped out and a valuation that is £7500 less than 3 years back.
Not a good time ahead for the house sellers I think.
Big clanger, if you can get me £10000 more for mine I'll happily give you 10 % commission on that extra!
In reply to Post #35
I'm based in SW London and a neighbour recently had their property valued at £25k (circa 6%) lower than what they had purchased it for 3 years ago. Given the property prices trends over the last 3 years, a 6% reduction in the value of the property seems huge! I think for a lot of people on the Help to Buy Schemes, the deal will not end up being such a good deal either. Whilst the loan amount to be repaid is based on the sale price, buyers end up with less equity if prices fall which makes upsizing more difficult (especially if established properties...i.e. not new-builds, fair better in their prices...which is what evidence suggests). There's that small issue of over 9m workers being furloughed too. Even with some fairly basic assumptions around job losses and debt service, plus all the other compounding factors, it seems at least reasonable to think that the 'house price correction' which people have been speculating about for years, could finally happen.
I'm based in SW London and a neighbour recently had their property valued at £25k (circa 6%) lower than what they had purchased it for 3 years ago. Given the property prices trends over the last 3 years, a 6% reduction in the value of the property seems huge! I think for a lot of people on the Help to Buy Schemes, the deal will not end up being such a good deal either. Whilst the loan amount to be repaid is based on the sale price, buyers end up with less equity if prices fall which makes upsizing more difficult (especially if established properties...i.e. not new-builds, fair better in their prices...which is what evidence suggests). There's that small issue of over 9m workers being furloughed too. Even with some fairly basic assumptions around job losses and debt service, plus all the other compounding factors, it seems at least reasonable to think that the 'house price correction' which people have been speculating about for years, could finally happen.
In reply to Post #34
House price crash will be offset by the demand for houses with gardens in the UK since coronavirus lockdown.
However! due to the negative bond rates (US 10 year note) that flashed in April 2019 and the derivatives associated with the credit mkt - I wouldn't be surprised to see a credit problem come October this year...however again.. the QE may have staved off this with the massive repo injections (overnight lending) and helicopter money.
If the helicopter money and QE doesnt get the money velocity up (the speed in which it chnages hand to create credit) then deflationary laws point down. Basically there is a higher chance of a crash but not just yet.
House price crash will be offset by the demand for houses with gardens in the UK since coronavirus lockdown.
However! due to the negative bond rates (US 10 year note) that flashed in April 2019 and the derivatives associated with the credit mkt - I wouldn't be surprised to see a credit problem come October this year...however again.. the QE may have staved off this with the massive repo injections (overnight lending) and helicopter money.
If the helicopter money and QE doesnt get the money velocity up (the speed in which it chnages hand to create credit) then deflationary laws point down. Basically there is a higher chance of a crash but not just yet.
In reply to Post #36
My daughter is on a help to buy scheme. She's thinking of getting a valuation and then paying some of the money she owes to the government.
Obviously she needs to have spare money but does that sound a good idea?
My daughter is on a help to buy scheme. She's thinking of getting a valuation and then paying some of the money she owes to the government.
Obviously she needs to have spare money but does that sound a good idea?
In reply to Post #33
He,s very lucky , must be down south cause its crumbling up north
He,s very lucky , must be down south cause its crumbling up north
In reply to Post #38
it's very much a buyers market at the minute I think.
does she need a valuation to pay off some of the money? i'd have thought that if she has some cash to do it, then she'd be able to go ahead without. If it's anything like mine it'll just depress her!
Jeff could be right - a regional thing. I'd be surprised if there aren't some people in negative equity already if they bought just before lockdown...
it's very much a buyers market at the minute I think.
does she need a valuation to pay off some of the money? i'd have thought that if she has some cash to do it, then she'd be able to go ahead without. If it's anything like mine it'll just depress her!
Jeff could be right - a regional thing. I'd be surprised if there aren't some people in negative equity already if they bought just before lockdown...
In reply to Post #40
does she need a valuation to pay off some of the money
I think that's what she said you pay around £100 for it. The government owns 20% of the place so if the value has gone down so will the amount she owes the government.
Not saying that's right just the way I understood it
does she need a valuation to pay off some of the money
I think that's what she said you pay around £100 for it. The government owns 20% of the place so if the value has gone down so will the amount she owes the government.
Not saying that's right just the way I understood it
In reply to Post #38
Bob she might want to check but I'm sure you Can only Pay off in full or nothing at all......
Bob she might want to check but I'm sure you Can only Pay off in full or nothing at all......
In reply to Post #42
I can check but I think you can do it increments of 10% of what you owe the government
TBH it's probably a non starter the house price would be probably have to take a complete nose dive to make it worthwhile?
I can check but I think you can do it increments of 10% of what you owe the government
TBH it's probably a non starter the house price would be probably have to take a complete nose dive to make it worthwhile?
In reply to Post #39
Definitely not crumbling where i live in the north. I have a friend who owns a large chain of estate agents next to me and he said on average prices have went up 1.9% on prices pre lockdown. We are only 200 yards from the northumberland coastline and due to the lockdown and people being stuck in there house in town centres it has pushed the price of houses up that are within walking distance of the coast line.
Definitely not crumbling where i live in the north. I have a friend who owns a large chain of estate agents next to me and he said on average prices have went up 1.9% on prices pre lockdown. We are only 200 yards from the northumberland coastline and due to the lockdown and people being stuck in there house in town centres it has pushed the price of houses up that are within walking distance of the coast line.
In reply to Post #44
House prices up, 'offers' up 300% upon average, stamp duty holiday, low interest rates, FOMO...
It's a seller mkt now.
House prices up, 'offers' up 300% upon average, stamp duty holiday, low interest rates, FOMO...
It's a seller mkt now.