New Home Owners And Snagging Forum
Home Owners => House Prices and the housing market => Topic started by: Admin on June 12, 2011, 01:36:50 pm
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Vote in the poll on where YOU think house prices will be at the end of this year where you live.
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House prices are going to fall in the short term.
There is an over supply of unsold homes on the market.
It was 13 months worth in April and is now 14.6 months worth at the end of May.
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I tend to agree with Philofacts. Prices are still massively overinflated. One of the contributing issues is the withdrawal of the requirement of HIPs for sellers. Now that cost of around £500 has gone, the market has become even more flooded with chancers who aren't necessarily committed to selling their home. Consequently vendors are putting their homes on the market for silly prices.
In general though, sellers won't or cant sell for normal prices because they're either in negative equity or refuse to sell at a reasonable price during what they consider to be 'the bottom of the market'.
All very frustrating for first time buyers.
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I personally dont think the withdrawal of HIPS has made any difference to house prices.
I agree a few people may put their homes for sale to "test the market" which HIPS would have stopped
but generally it is due to the economic climate, lack of availability of loans and the fact that a home you buy today
may be worth 20% LESS in 18 months time (maybe)
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For first time buyers let's hope so! Unless they've just bought their first home of course!
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Falling house prices is bad news for everyone!
People hold off buying because they believe prices will fall further.
Others get into negative equity and cannot sell.
and with a subdued housing market, all manner of consumer goods important for the economy are not been made delivered and sold.
The result is recession and unemployment.