Housing market close to bottoming out?
Discussion
In view of the popularity of the 'How far will house prices fall' threads, it may interest people to know that we've just had 3 straight weeks of sales on our new homes that we'd have been pretty chuffed with at the peak of the boom.
My region of a major national housebuilder was turning over about 300-350 homes per year before the crash, including the 'affordable' housing (between 15-30% on most sites).
We've done sales over the last 3 weeks that would give us more than that on market plots alone projected over the course of a year (and adjusted for normal seasonal patterns).
Our other Regions as seeing similar signs of recovery, and we're getting feedback from other housebuilders that things aren't nearly as bleak as they were before Christmas.
I don't want to get too optimistic just yet, but beginning of the end of the housing market crash, maybe?
You heard it here first...
My region of a major national housebuilder was turning over about 300-350 homes per year before the crash, including the 'affordable' housing (between 15-30% on most sites).
We've done sales over the last 3 weeks that would give us more than that on market plots alone projected over the course of a year (and adjusted for normal seasonal patterns).
Our other Regions as seeing similar signs of recovery, and we're getting feedback from other housebuilders that things aren't nearly as bleak as they were before Christmas.
I don't want to get too optimistic just yet, but beginning of the end of the housing market crash, maybe?
You heard it here first...
My estate agent told me early in January that he was doing very nicely, selling lots of property. I took this with a pinch of salt until he managed to sell my house 4 hours after putting it back on the market. Things are certainly moving, when the price is realistic. The problem will be that there are many, many people who due to negative equity, high LTVs and simple refusal to accept their house ain't worth what they'd like it to be, who will refuse to sell at a sensible price and keep things stagnant.
Jimmy Hill's in.
My OPC just told me they've had the best January for years for new car sales.
Chinny chin chin chinny reckon. Itchy belm.
A block of executive hutches (MFI kitchens, plumbed in hoovers, situated a stone's throw from Little Bangladesh East London) near me has a new banner "Now all sold due to huge demand." Babelfish (and my source who did the conveyancing) says "Now all sold as we've offloaded them for social housing at 50% of list."
Bet all the people who paid a fortune to buy off their own back will be delighted when Sharon, Chardonnay and Waye move in and start needing to door opened for their dealers at 3am.
FFS.
The market is f cked. It's going to stay f cked. It hasn't even STARTED yet.
My OPC just told me they've had the best January for years for new car sales.
Chinny chin chin chinny reckon. Itchy belm.
A block of executive hutches (MFI kitchens, plumbed in hoovers, situated a stone's throw from Little Bangladesh East London) near me has a new banner "Now all sold due to huge demand." Babelfish (and my source who did the conveyancing) says "Now all sold as we've offloaded them for social housing at 50% of list."
Bet all the people who paid a fortune to buy off their own back will be delighted when Sharon, Chardonnay and Waye move in and start needing to door opened for their dealers at 3am.
FFS.
The market is f cked. It's going to stay f cked. It hasn't even STARTED yet.
Edited by Soovy on Tuesday 3rd February 19:04
I'm not so sure.
Banks are not lending.
I know of two people who work in the city at financial institutions, both who were expecting news of redundancies in their respective companies this week.
One was hoping to buy a property this year.
More jobs have been going over the last few weeks so I don't see who can be in a strong position to buy at the moment.
I think it is far too early to be saying it has bottomed out.
For first time buyers the market is overpriced. Only 4x / 5x mortgages made buying for the majority a proposition.
Now these loans are no longer available, prices have got to fall to affordable levels.
Why are rising house prices seen as a good thing?
It is the over inflating and out of control house prices that have caused this mess anyway.
Banks are not lending.
I know of two people who work in the city at financial institutions, both who were expecting news of redundancies in their respective companies this week.
One was hoping to buy a property this year.
More jobs have been going over the last few weeks so I don't see who can be in a strong position to buy at the moment.
I think it is far too early to be saying it has bottomed out.
For first time buyers the market is overpriced. Only 4x / 5x mortgages made buying for the majority a proposition.
Now these loans are no longer available, prices have got to fall to affordable levels.
Why are rising house prices seen as a good thing?
It is the over inflating and out of control house prices that have caused this mess anyway.
Obviously things are selling at (hugely) reduced prices. If anyone doubts it, then hugely reduce the price of YOURS and email me! (only kidding, unless you´re in Glasgow and selling an up to 2-bedroomed flat at up to 80k or a newbuild waterfront penthouse at under 250k).
More seriously, I´m proxy bidding at a local auction on Thursday. In for 3. Will be interesting to see if prices are up on late November. Will re-post results on Friday.
More seriously, I´m proxy bidding at a local auction on Thursday. In for 3. Will be interesting to see if prices are up on late November. Will re-post results on Friday.
Oddly I've just opened the post, and have received a "cheque book" from a developer selling three bedroom detatched houses near Cambridge.
They were up at 320k, now down to 235k, with my deposit doubled, free carpets, they pay 500 a month towards my mortgage for two year and (get THIS) a FREE RANGE ROVER!
Even I am tempted!
TUS 373 said:
We put our house on the market last May and had 4 viewers to the end of 2008.
We are on our 5th viewer so far this year. Things are picking up from our point of view - the market does not seem to be in such bad shape as the media would leave you to believe.
Did they all want to see how the burglar alarm works?We are on our 5th viewer so far this year. Things are picking up from our point of view - the market does not seem to be in such bad shape as the media would leave you to believe.
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