To think that big house price falls finally on the way?

[qwertyflirty]

After years or price rises, in my area (edge of London), I'm finally seeing price falls of around 15% from peak.

Lots of evidence in recent months of house price falls starting and picking up in London/South East, and usually once they start here, price falls spread elsewhere.

House prices are down on average 17K since July 2017 in London. "The average price of a home for the capital as a whole was £471,986, down from a peak of £488,247 last July."

There is little the government can do to mitigate it this time round, as interest rates are already at record lows. All signs are currently pointing to the top of the market having been reached and prices about to crash.

Such as:

www.theguardian.com/business/2018/apr/18/london-house-prices-fall-average-uk

www.thisismoney.co.uk/money/mortgageshome/article-5733321/Beware-red-danger-signs-house-prices-Young-buyers-borrow-record-sums.html

www.theguardian.com/money/2018/may/12/house-prices-are-on-the-slide-where-will-they-go-now

www.independent.co.uk/news/business/news/house-prices-fall-housing-market-rics-survey-april-a8343561.html

www.propertyweek.com/finance/house-price-falls-continue-in-london-and-spread-to-south-west/5096455.article

www.theguardian.com/commentisfree/2018/may/10/celebrate-house-prices-falling-britain-property-values

Reports? I meant analyst presentations.

freezerfoodyum

I started off sympathetic to you but now find you insufferably rude.

I will no longer respond to any of your goady posts.

Mrsmadevans

Search wandsworth and look at reductions for what’s listed. Or look at March sold prices versus what was things were selling for 3/4 yrs ago.

I will no longer respond to any of your goady posts.

Thank christ for that, maybe I can have a civilised discussion with some other posters on this thread!!

And I was not the one who had a post deleted, btw.

But that’s not what we’re talking about. We’re talking about house builders insisting the market is on the up because they know no better or want to convince themselves prices are rising when they aren’t. Which is wrong.

Yes.

But you don't have to act as if you would actively take pleasure in other people losing gains just because you didn't make them yourself...

Againfaster What price range are these in?

Boomboom I think that's more the problem of estate agents and asking prices. obviously EAs get their money from achieving higher values so they always over estimate. I think while the wild asking prices will become more realistic the actual agreed selling prices will remain similar. (that's what we tend to see using surveyors to value rather than estate agents)

2 beds 490 - 525 k
houses 750-800

Ahh boomboom12 thank you my dear l will go look now

WeWere0nABreak

House price gains are a zero sum game.

If someone is selling a house that has risen 100% (without doing anything to it, just because prices overall have risen), someone else buying it will have to work extra years or have a lower quality of life or be able to save less for their pension or whatever in order to pay the vastly higher price.

Why should I not sympathise with the person who is having to pay for that price increase through the sweat of their brow rather than the person who earned that just by existing while prices rose?!

Bye then! freezerfoodyum

Go and annoy someone else then.

*2 beds 490 - 525 k
houses 750-800k

I think these prices are still sustainable for the time being at least.

you think that's how you're coming across??

Ooooo-Kay 😂😂😂

Why should I not sympathise with the person who is having to pay for that price increase through the sweat of their brow rather than the person who earned that just by existing while prices rose?!

Well I really hope my Auntie gets a decent amount of money for her house. It's a victorian terraced in an area of East London which has massively "up and come" and shot right up. She paid 180k for it back in 2000 as a single mum. Her waster husband left her and my cousins with nothing, literally stripped the house from top to bottom and fought to kick her out of it too but didn't manage it. She worked 3 jobs to pay the mortgage and she has barely any pension. That house is her pension. So yes, I hope she does get a lot of money for it - she bloody well deserves it.

Fwiw, a neighbour of mine recently tried to sell her 5 bed house for £1.2m. They reduced it twice to around £1m, but it still didn’t sell. She didn’t want to go any lower so they’ve decided to stay put.

Tb perfectly h, I wouldn’t pay a million for it, (even if I had that sort of money, which I don’t - we’re i the same street but a much more modest property).

Generally, I do think a drop in prices would only make things a bit less bonkers round here. It’s been crazy prices for so long.

I’m in Home Counties.

I think the houses in the million range are the ones which will see a drop

I think stock in London priced reasonably (and by that I mean in the 300-500k sort of bracket) will probably stagnate for a bit and then rise again. Not double in price or anything like it's been in recent years, but a rise nonetheless

Where I am in London no one is having issues selling but I do live in quite reasonably priced SE London.

Mrsmadevans

An acquaintance in SE London has been struggling to sell since xmas, they can’t take a big drop. Ive been looking that way & some examples I’ve seen are below

Reduced by 250k since Jan & you would have paid the same price for not as nice a property 4 years ago.
m.zoopla.co.uk/for-sale/details/46346306?search_identifier=997b93ac84c6c72d957c67a5f873d3bf#dp-description-expand

Boomboom12 thank you for that . I can see what you mean , l only went through 300 odd houses and they were either reduced or just added . I was amazed.

Isn't there a forum called something like house price crash or such like?
They read these threads here and have a giggle to themselves about how stupid we all are.

They've been posting there for about 15 years waiting for the prices to crash.

I remember waiting for the price crash I was told was coming when I lived in Brighton in 1999. If I hadn't been so busy waiting I could have bought a flat for £60k........

Boomboom12 that house is gorgeous , I would love it.

Mrsmadevans I guess that’s the issue unless you see it in action so to speak it’s hard to envisage as London is lots of different mini markets. I just remember in Wandsworth around 2014 (I think) that things were crazy, open days to encourage above asking prices, houses under offer within days etc & now things are cheaper in some instances with the naice lifestyle & access to great schools & potentially crossrail 2 and things aren’t shifting.

I just checked sold properties for that link boomboom but there's one that looks a lot nicer which much bigger gardens etc which sold for 925k in 2013 and one which looks today regurbed and has an extra 2 bedrooms in 2014 for 1m.
so this one being on for 1m with small garden and needs updating doesnt seem like that unrealistic ?

refurbished *

Yes definitely Boomboom12 , living in Wales, to me London is like living the dream, l suppose it was inevitable the market would readjust. I live in MONMOUTHSHIRE and the market is still ok atm but l can see reductions on houses starting here too.