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House prices to crash
- Thread starter Uncle C
- Start date
dazzalewis1968
Member
- May 22, 2008
- 570
OK but your seach is for the borough of Barnet which is massive 500 propertys not sold in this area is kinda low THRE ARE 1000'S OF PROPERTYS
in this Borough.
I work in Barnet the town en5 en4 i cover high Barnet, new barnet, Arkley,
Hadley wood.
dazzalewis1968
Member
- May 22, 2008
- 570
Yes agree but your point
Makes very little sence.
Why? Well the borough is very large
And as standard only about 50%
of properties that come to Market sell
Barnet has around 350k homes btw.
Uncle C
Well-known member
- Thread starter
- #405
My point is, that in a buoyant market sellers may take a bid if the buyer seems OK and ready to proceed at appropriate speed. It is rare for sellers to reduce the advertised price.
Conversely the last time there was sustained evidence of advertised prices being dropped was the crash of 2008 when many adverts in the papers were headlined with 'new price'.
Property Snake show house price reductions up to 25%. This is therefore not indicative of a buoyant sellers market, in fact quite the opposite.
Out of interest how many of Barnets properties are up for sale at any one time?
Uncle C
Well-known member
- Thread starter
- #406
Here's some more data from the USA. Its now the sale of new homes that have fallen to their lowest levels since records began in 1963. Equally new house prices there are back to 2003 levels.
But of course some people on here would claim that this will not have a knock on effect in the UK, so thats OK then.
Sales of U.S. New Homes Fall to Record Low Pace
By Courtney Schlisserman - Aug 25, 2010 3:10 PM
Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating.
Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since data began in 1963, figures from the Commerce Department showed today in Washington. The median price of $204,000 was the lowest since late 2003.
A lack of jobs is hurting American’s confidence, leading to a plunge in home demand that threatens to undermine the economic recovery that began a year ago. Builders are also competing with mounting foreclosures that is forcing down property values.
“Home sales are going to remain in the dumps until probably pretty much the end of next year,” Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, said before the report. “We’re going to be talking about the foreclosure overhang for more than a year.”
But of course some people on here would claim that this will not have a knock on effect in the UK, so thats OK then.
Sales of U.S. New Homes Fall to Record Low Pace
By Courtney Schlisserman - Aug 25, 2010 3:10 PM
Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating.
Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since data began in 1963, figures from the Commerce Department showed today in Washington. The median price of $204,000 was the lowest since late 2003.
A lack of jobs is hurting American’s confidence, leading to a plunge in home demand that threatens to undermine the economic recovery that began a year ago. Builders are also competing with mounting foreclosures that is forcing down property values.
“Home sales are going to remain in the dumps until probably pretty much the end of next year,” Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, said before the report. “We’re going to be talking about the foreclosure overhang for more than a year.”
seagullsovergrimsby
#cpfctinpotclub
I remember the days when property ads in the Argus which said "new price" meant that they had put the asking price UP.
According to the 2001 census (which is of course the most recent census), Barnet - the whole borough, not just Barnet itself - has 131,000 homes. Oh well, only out by about 160%
dazzalewis1968
Member
- May 22, 2008
- 570
I guess 300 to 400 in Barnet area today had full asking price on a house thats been on ages 865k so you just never know.
As for the USA i worked in real estate there for 12 years and its apples to oranges to the UK.
first most people rent then even build massive condos only for letting or lease
as they say in the states.
so you can sit looking at property snake as much as you like but the standard is 50% of propertyon the market never sells.
dazzalewis1968
Member
- May 22, 2008
- 570
was meaning to say 350k people
Uncle C
Well-known member
- Thread starter
- #411
Only 22% of potential buyers looking to buy their first home in the next year are first time buyers. This compares with 31% at the same point in 2009.
The proportion of first-time buyers was half the level of 44% needed for a healthy housing market.
http://www.bbc.co.uk/news/business-11124873
The proportion of first-time buyers was half the level of 44% needed for a healthy housing market.
http://www.bbc.co.uk/news/business-11124873
21 pages and we are back to my original point. NO f***ing MORTGAGES !.
Uncle C
Well-known member
- Thread starter
- #413
Uncle S saw this coming.
Home loan squeeze leaves self-employed stranded
http://www.dailymail.co.uk/money/article-1307790/Home-loan-squeeze-leaves-self-employed-stranded.html
Home loan squeeze leaves self-employed stranded
http://www.dailymail.co.uk/money/article-1307790/Home-loan-squeeze-leaves-self-employed-stranded.html
Uncle C
Well-known member
- Thread starter
- #414
Down 0.9% in August
The annual rate of house price inflation fell sharply from 6.6% in July to 3.9% in August.
http://www.bbc.co.uk/news/business-11161166
The annual rate of house price inflation fell sharply from 6.6% in July to 3.9% in August.
http://www.bbc.co.uk/news/business-11161166
You must be very happy today.
I'm probably missing something here but can you explain how, if you're looking to buy your first home, you're not a first time buyer? has it got something to do with bought previously, then sold and now looking to buy again? Seems a high percentage if that's the case.
larus
Well-known member
Article from FT
New homes data spell declining market
By Ed Hammond and Norma Cohen
Published: September 3 2010 22:30 | Last updated: September 3 2010 22:30
The nascent recovery in the house building market appears to have ground to a halt as a leading industry survey, which measures the number of people reserving new homes to buy, dropped to its lowest level on record.
The survey, conducted weekly by the Home Builders Federation, is for internal use only and is regarded by the industry as the best guide to housing demand.
The HBF declined to comment.
The chief executive of one of the UK’s largest housebuilders said the data were “worrying, highly significant and consistent with a falling market”.
In the five weeks through late August, the total net reservations were 3,353, 5 per cent lower than in the 2008 housing market and 22 per cent lower than at the same time in 2009 when house prices were recovering strongly.
Such a sharp drop in new housing demand is a poor omen for house prices generally and for broader economic activity. This week, the Nationwide House Price Index recorded the first back-to-back decline in monthly house prices since February 2009 amid signs of weak mortgage lending.
“Everybody in the industry thought they had died and gone to hell during the second half of 2008,” said one industry official familiar with the figures, noting that times seemed worse, now.
“This is clearly a major warning sign for the housing market and the economy as these leading indicators are strong sign of trouble ahead.”
Ed Stansfield, property economist at Capital Economics, said that the more widely distributed HBF monthly survey, which tracks the number of people looking at new homes, also began falling in April, a month in which site visits are generally positive. “I hear a lot of anecdotal evidence that things have stopped dead in their tracks,” Mr Stansfield said.
Estate agents say there are signs of a glut of existing homes for sale. Peter Hayward, director of Hayward Tod Associates in Carlisle, Cumbria, said that in his area, the number of homes for sale was around 40 per cent higher than a year earlier.
“They are telling us that they can’t afford to live there anymore,” Mr Hayward said. “People are dependent on the rise in house prices to keep going.”
New homes data spell declining market
By Ed Hammond and Norma Cohen
Published: September 3 2010 22:30 | Last updated: September 3 2010 22:30
The nascent recovery in the house building market appears to have ground to a halt as a leading industry survey, which measures the number of people reserving new homes to buy, dropped to its lowest level on record.
The survey, conducted weekly by the Home Builders Federation, is for internal use only and is regarded by the industry as the best guide to housing demand.
The HBF declined to comment.
The chief executive of one of the UK’s largest housebuilders said the data were “worrying, highly significant and consistent with a falling market”.
In the five weeks through late August, the total net reservations were 3,353, 5 per cent lower than in the 2008 housing market and 22 per cent lower than at the same time in 2009 when house prices were recovering strongly.
Such a sharp drop in new housing demand is a poor omen for house prices generally and for broader economic activity. This week, the Nationwide House Price Index recorded the first back-to-back decline in monthly house prices since February 2009 amid signs of weak mortgage lending.
“Everybody in the industry thought they had died and gone to hell during the second half of 2008,” said one industry official familiar with the figures, noting that times seemed worse, now.
“This is clearly a major warning sign for the housing market and the economy as these leading indicators are strong sign of trouble ahead.”
Ed Stansfield, property economist at Capital Economics, said that the more widely distributed HBF monthly survey, which tracks the number of people looking at new homes, also began falling in April, a month in which site visits are generally positive. “I hear a lot of anecdotal evidence that things have stopped dead in their tracks,” Mr Stansfield said.
Estate agents say there are signs of a glut of existing homes for sale. Peter Hayward, director of Hayward Tod Associates in Carlisle, Cumbria, said that in his area, the number of homes for sale was around 40 per cent higher than a year earlier.
“They are telling us that they can’t afford to live there anymore,” Mr Hayward said. “People are dependent on the rise in house prices to keep going.”