Housing market again, again

J J

jay66uk

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Location
High Peak, Derbyshire
http://www.economist.com/world/britain/ ... d=11848948

Flats that they bought three years ago for £330,000 ($580,000 at the time) are back on the market for less than £200,000. One was sold at auction recently for just £115,000.
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Now that is a little drop, don't you think?

Big reason why house prices haven't dropped yet is that mortgages aren't being offered so people can't buy at any price.
 
Are you still saying renting is better than buying?

If you are, you're a mug.

Paying for someone elses mortgage all your life.
 
Overall they are still higher than a year ago in Greater Manchester up to April, even though they did peak last summer.

People are not willing to come down on price and very few houses are being sold.
 
I'm keeping an eye on flat prices in the city centre area. I reckon there will be some good bargains there soon. Prices were dropping even before the credit crunch due to oversupply and housing associations are considering snapping some of them up for social housing.

A mate of mine has seen the price of his flat near the Cornerhouse dip badly recently when he had it valued.
 
i am an estate agent

people keep going mad about how prices are dropping so much but all they ever quote are flats...flats were always gonna be the first to drop..theres too frickin many of them..serves people right for buyin em...

the creditc crunch is jus like sars, bird flu any others? if people just got on with life then it would all simply go away

wouldnt mind but the govt dont effin help..yesterday saying they were lookin into the possibility of scrapping stamp duty for a short while..oh well done..who i ntheir right mind will buy a house over stamp duty now if they can wait 3/6 months and possible save a grand or 2..fuckin stupidity
 
foley87 said:
i am an estate agent

people keep going mad about how prices are dropping so much but all they ever quote are flats...flats were always gonna be the first to drop..theres too frickin many of them..serves people right for buyin em...

the creditc crunch is jus like sars, bird flu any others? if people just got on with life then it would all simply go away

wouldnt mind but the govt dont effin help..yesterday saying they were lookin into the possibility of scrapping stamp duty for a short while..oh well done..who in their right mind will buy a house over stamp duty now if they can wait 3/6 months and possible save a grand or 2..fuckin stupidity
Click to expand...

I bought my first house in 1992 when the Government of the day suspended stamp duty to try and get the housing market moving. Whether they suspended stamp duty or not we were going to buy, so all it did (and I'm not complaining) is save me £450.
All people are interested in is stability. If interest rates stay the same and there's very little possibility of them moving upwards and the BOE formerly state this, everyone will gain confidence, people will want to buy and banks will start lending money again.
 
foley87 said:
i am an estate agent

people keep going mad about how prices are dropping so much but all they ever quote are flats...flats were always gonna be the first to drop..theres too frickin many of them..serves people right for buyin em...

the creditc crunch is jus like sars, bird flu any others? if people just got on with life then it would all simply go away

wouldnt mind but the govt dont effin help..yesterday saying they were lookin into the possibility of scrapping stamp duty for a short while..oh well done..who i ntheir right mind will buy a house over stamp duty now if they can wait 3/6 months and possible save a grand or 2..fuckin stupidity
Click to expand...

I rather say i'm a rag than an estate agent mate...
 
NQT said:
Are you still saying renting is better than buying?

If you are, you're a mug.

Paying for someone elses mortgage all your life.
Click to expand...

I am saying that renting *now* is better than buying *now*.

The "dead money" thing is entirely spurious, though. Over the lifetime of a mortgage you pay roughly the original amount borrowed in interest. That is dead money. I could invest the difference between renting my house and buying it (roughly £300 a month at the moment) and, after 25 years, walk away with an asset just as valuable as the house.

(Except I don't have that £300 a month so I couldn't afford to buy at the moment anyway.)

The Economist doesn't share your view...

http://www.economist.com/world/britain/ ... d=11848600
 
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