UK house prices post biggest fall since October 2008 - Halifax data today Weds 7th Dec

[jimmyjammy001]

Just a quick note for anyone looking to buy, in particular first time buyers who run the extreme risk of running into negative equity if buying with a low deposit

UK house prices post biggest fall since October 2008

Also its important to note that "Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs March 2020). "

I suspect there will be bigger falls yet still to come as well

Given we have the lowest unemployment rate since World War II, i would say precisely zero LOL
But good to know their next on your list of people to take the piss out of/wish for their demise, we’ve got the unemployed to add to the homeowners that have recently purchased what a LOLLOLLOLLOLLOL fest that’ll be 🙄

We are first-time buyers and have been in our new house for around 3 weeks. We paid over valuation on a smaller house than we'd like in an area we liked even less.

However, we were facing homelessness and had no other option as our landlord wanted to move back into the house we rented. As it was, we were already 2 months over the date we were originally given to leave. This was the last chance saloon before having to be housed by our council.

Ideally, we wanted to move again in around 5 years' time to a home of our choosing that we actually wanted as opposed to one we felt we had to take. A housing crash will put paid to that. The thought of losing all the deposit my parents stumped up for us is sickening.

I'm grateful beyond belief that we have a secure roof over our heads but hate the way it was forced upon us and that it may have another impact further down the line.

@DeadHouseBounce sounds very much like a poster called CrashyTime that used to troll the House buying forum on MSE. Especially him talking about Scotland the profile matches. Apparently they were living in a bed sit in Scotland and missed a house buying opportunity 20+ years ago and has been doomongering like his friends on the HPC forum. CrashyTime was a bitter poster that used to constantly derail threads even when they had nothing to do with house prices. I’d be surprised if it wasn’t the same person.

I'd noticed some familiar doom merchants!

A house is always a good investment, and there's always going to be some levelling off or correction in prices after the massive hikes.

@junipermarten it's often easier to move up the ladder in a falling market & think what you are saving on rent.

Seeing a lot of stubborn sellers round here (Home Counties) who won’t accept less than what they think their house is worth. A few taking them off the market for a little while, then relisting with other agents and somehow thinking they can trick buyers into not noticing.

Likewise hearing a lot of shady moves by buyers trying to “chip” sellers by taking money off at the last minute.

not a nice market to be working in.

There's a Mexican stand off at the moment. I watched an estate agent video he worded it as buyers are being "price sensitive" 🤣🤣. I wonder what logic some sellers have. You can also negotiate the price of the ongoing purchase, it's like if they are told a price by an agent they firmly believe they will get it and buyers are cheeky fuckers. The market is very different than the summer !! I fully wouldn't expect to get what my house could have got in the summer.

Agree with that.

Would assume some properties from earlier in the year will come back on around Christmas, anyone who had a really good mortgage deal in the bag, but doesn't complete on it in time, and then can't buy the property on the kind of rates around now when they try to get a new mortgage... etc. The sellers will want the same amount they thought they were going to get... but just looking at the difference in monthly mortgage payment, it's going to be hundreds. Lots of buyers couldn't pay more (that much more) if they wanted to.

That would make sense.
They did make a caustic comment when I mentioned MSE in one of my posts.

Apparently, 32 million in work, of which 8 million, so 25%, are part time. Of the 24 million full time employees, 2.5 million are deemed ‘low paid’.
3 million employed claiming Universal Credit, a further 1.5 million employed claiming housing benefit.
Real earnings are down 3% from last year.
‘full employment’ is a statistic that can be picked apart.

We also have a shortage of workers hence why employment is so low.

Isn't it Sweden right now that has low unemployment and their market has dropped pretty considerably with the rise in mortgage rates?

it's like if they are told a price by an agent they firmly believe they will get it and buyers are cheeky fuckers

This is a very common attitude - you see it on here all the time. Bizarre, but there you go.

High levels of employment in US, Aus, NX, Canada but prices falling significantly with interest rate rises as expected. I haven't seen data on Sweden but that's probably the case there too.

As @C4tastrophe says, they employment figures aren't as brilliant as they look at first glance. Lots of very part time and insecure employment in there. Would expect unemployment to rise this year.

So of the 32 million, 16 million are in a position to be homeowners, should they chose to do so.

Although universal credit is able to be applied to income for mortgage applications sometimes.
There’s currently 375,000 homes for sales on right move.

A tight labour market is inflationary. The BOE is fighting this (a bit). If they want inflation down then people will have to feel less secure in their jobs and so reduce pay demands. They will feel unemployment is a price worth paying. This isn’t a backdrop for a sudden recovery in house price sentiment.

Most of the 16 million will already own a mortgage.
The none mortgage holders will sit on their hands to see what plays out, unless affected by debt, divorce/separation or death. Not so many people are interested in the 375,000 properties for sale. However we will know in a few months due to lagging statistics.
In other positive news, inflation has dropped to 10.7%, so probably only another 0.5% interest rate increase tomorrow.

Exactly, most already have mortgages or own properties. Why would they all be looking for a house suddenly at this point?
I think The Fed are likely to raise 0.5% and the BOE are likely to follow. From what I read, Fed are likely to continue to tighten but more slowly to possible rate of 5 or 5.5.

Over the past couple of months I've seen 3 houses in my area (north) pulled off the market and re-listed as rental properties which is interesting. It indicates that some sellers will simply not be willing to accept lower prices. They will wait it out instead.

@MidnightMeltdown ”Over the past couple of months I've seen 3 houses in my area (north) pulled off the market and re-listed as rental properties which is interesting. It indicates that some sellers will simply not be willing to accept lower prices. They will wait it out instead.”

Probably talked into it by the letting/estate agents.
They’ll be on here next year ‘I’m an accidental landlord and woe is me’

Totally sensible to sit it out if you're not desperate to move. Prices will rise again! Doesn't get much better as a long term investment

Prices wont rise to these levels of multiple of income again, the era of cheap money is over, if you can sell do so now, and dont lose a buyer over a 10 or 20k reduction.

I love that @DeadHouseBounce has imported the crazy fonts of the daily Mail/telegraph commenter

mumsnet must be like a foreign land to him

When he really gets going he'll crack out the "ALL CAPS" style

I wonder what mr deadbouncehouse is saying about us on crashpricehouse?