“U.K. homeowners forced to accept the current market value”
And this sub will cheer it on, even though a house price crash will affect the the wider economy as well, and won’t, actually, make it any easier for them to buy a house.
3%
In my area houses have gone up 9 since January
When you way forced you mean they choose to because that’s the market value, and even then it’s put at a higher price so some idiot who fancies themselves a barterer can knock off 3% and feel like a smooth operator
Your house is worth what someone is able to pay for it. If mortgage lenders think it is over valued, they will not lend. The inevitable market price downwards adjustment is finally happening.
Forced as in gun too the head forced or just accepting that prices have fell and been willing to sell at the current market value 🤷♂️🤦♂️
People are not forced they choose to accept that price.
From my experience you always over value the asking price to get the current value or as close as.
If I were to put my house up for sale I’d put it up £10k more.
Sales dropped up to 50%, sounds more like people can’t get mortgages, are postponing their purchase or as the data suggests, market is due for correction.
3% to 5% drop in asking price is hardly a crash, 30% – 50% drop is. For now, it sounds more like properties have been overvalued and markets are correcting themselves, in other words: supply and demand are getting closer to equilibrium. Capitalism 101.
There really should be regulation for the quoting of statistics by organisations and then also by the media. The amount of nonsensical statistics quoted is crazy.
What use is there in saying that buyers are now settling for prices 3% lower than asking price if we don’t know how much higher or lower asking prices are now compared to another time period? It’s like saying people are now buying 3% less water per bucket without telling you what size the buckets are and were and to what time period it is being compared.
Oh noes, they can’t make insane amounts of money based on nothing but wind.
My heart breaks.
[/s]
“UK homeowners forced to settle for below **asking** price” hmmm
This has been signposted for a while, and would have seemed obvious to anyone. Take a look at any housing stock, such as Persimmon, Bellway or whatever else, and they’ve all crashed hard in the lead up. Housing lags declines in other assets, but big investors have already signposted how they think the market is going to go. It’s gone south already, but I’d say it’s a safe bet we aren’t done yet at all.
The indicator for me was seeing a flurry of property ads on instagram months ago, and random deals from new builds like ‘first year service charge paid’ or whatever. If the market was hot, these would sell themselves without ads or deals. With costly mortgages, not sure what planet some folks are on when believing in infinite growth
“What do you mean my house won’t go up in value 10K every month forever? I want a refund”
This country is a joke, treating real estate like a guaranteed ROI all because the torries have all their money tied to real estate and refuse to let that market fall inline with every other form of investing or markets.
Susana Reid was in GMB a week or two ago saying “we have to help out investors from loosing money” utter bullshit!
Their has been zero risk for your money in real estate for the past 7 or so years, every fucker with a stair 25k has been buying up property making the people financially poorer than them pay of their mortgages and acting like they are Warren Buffett.
The audacity that our own media acts like landlords or property investors loosing money from an INVESTMENT as something that should be illegal or something that immediately needs government assistance is fucking insane, but his country is full of corruption and fucking idiots.
Let me play a sad song on the world’s smallest violin.
I paid £240k for my first house 3 years ago. Identical one across the road (with a smaller garden) sold for £260k. I am in my 30s and I already feel sorry for younger people. They don’t stand a chance if prices keep flying up.
Why is this news? Apart from some very high demand areas, it’s been very common in the rest of the country for offers 3-5% under asking price to be accepted.
I love how the sentiment is always “the poor sellers/landlords” but never “the poor buyers/renters”
Of course, this will get worse in the coming year. Cost of living crisis, mortgage from ~1.5 to 2% to 6+%; rentals going up; vacant properties. Energy and food prices UP and UP… And it is further annoying to see that Rishi Sunak’s #10 Downing Street house has a 1.5 million pounds value garden art recently bought at the cost of tax payers.
Oh noooo. My investment which was never guaranteed a profit isn’t returning one.
Whatever will I dooooo.
Just bought a house, couldn’t give a toss if it falls in value, when I sell it I’ll be doing so to buy a another house which will have also dropped in price. Maybe I’m being horribly naive, but surely regular home owners shouldn’t be concerned.
It being caused because mortgage rates are shooting up? I’m less keen on that, its not really going to help anyone.
Genuinely at a point in my life where I’d like to buy my first house (to live in I might add). No fucking clue what to do.
Oh no! Is the massive bubble that’s has been growing since the late nineties start to slow a bit.
Thought this was the norm lol, never paid more than asking price.
Oh boo hoo. Some of us can’t even rent a council house let alone buy privately
So the greedy landlords can buy them up, just like when Thatcher &co caused a recession, people lost there homes and the rich landlords bought them up.
House prices in my area started to hit stupid levels in the last 6 months.
People have obviously spent money doing up their estate house, and then expected that the buyer is going to cover the cost of their extensions – even though their house is still in an estate, and looks just like the one next to it, and it’s still down the end of a maze of narrow streets.
Valuations are a total joke based on feelings and snake oil. We had several done on a property we’re selling and they differed by nearly £200k. Its just nuts.
The agents window in our area for all the property says ‘offer above £’
Like a 3% drop in house prices, and the UK news is having kittens about it.. When the whole housing market is over inflated and needs to drop by at least 47% more..
That’s what you get when you have people buying an investment rather than a home.
Who would of thought a 2 bedroom isn’t worth nearly quarter of a million.
Houses were overpriced, now the market is deflating. This is a step in the right direction.
The housing market was ridiculous there for 2 years, so much so that home owners were starting to charge for viewings and people were buying without viewing just to get a home.
This is a very welcome change even if it is hard for some, this was going to happen and needed to.
Didn’t see anyone in that article being forced to sell, they merely accepted a lower offer. And usually nobody argues the toss over 3% if their property had already gone up 50%
I mean if anything we should be happy houses are becoming cheaper. Also accepting a 3 percent lower price than the asking price is NOTHING to be upset about because even though they had to accept a 3 percent lower price its probably still 3 times the price they bought it for. I simply cant believe that some ppl are complaining about a three percent price difference while others cant afford heating for the winter.
34 comments
“U.K. homeowners forced to accept the current market value”
And this sub will cheer it on, even though a house price crash will affect the the wider economy as well, and won’t, actually, make it any easier for them to buy a house.
3%
In my area houses have gone up 9 since January
When you way forced you mean they choose to because that’s the market value, and even then it’s put at a higher price so some idiot who fancies themselves a barterer can knock off 3% and feel like a smooth operator
Your house is worth what someone is able to pay for it. If mortgage lenders think it is over valued, they will not lend. The inevitable market price downwards adjustment is finally happening.
Forced as in gun too the head forced or just accepting that prices have fell and been willing to sell at the current market value 🤷♂️🤦♂️
People are not forced they choose to accept that price.
From my experience you always over value the asking price to get the current value or as close as.
If I were to put my house up for sale I’d put it up £10k more.
Sales dropped up to 50%, sounds more like people can’t get mortgages, are postponing their purchase or as the data suggests, market is due for correction.
3% to 5% drop in asking price is hardly a crash, 30% – 50% drop is. For now, it sounds more like properties have been overvalued and markets are correcting themselves, in other words: supply and demand are getting closer to equilibrium. Capitalism 101.
There really should be regulation for the quoting of statistics by organisations and then also by the media. The amount of nonsensical statistics quoted is crazy.
What use is there in saying that buyers are now settling for prices 3% lower than asking price if we don’t know how much higher or lower asking prices are now compared to another time period? It’s like saying people are now buying 3% less water per bucket without telling you what size the buckets are and were and to what time period it is being compared.
Oh noes, they can’t make insane amounts of money based on nothing but wind.
My heart breaks.
[/s]
“UK homeowners forced to settle for below **asking** price” hmmm
This has been signposted for a while, and would have seemed obvious to anyone. Take a look at any housing stock, such as Persimmon, Bellway or whatever else, and they’ve all crashed hard in the lead up. Housing lags declines in other assets, but big investors have already signposted how they think the market is going to go. It’s gone south already, but I’d say it’s a safe bet we aren’t done yet at all.
The indicator for me was seeing a flurry of property ads on instagram months ago, and random deals from new builds like ‘first year service charge paid’ or whatever. If the market was hot, these would sell themselves without ads or deals. With costly mortgages, not sure what planet some folks are on when believing in infinite growth
“What do you mean my house won’t go up in value 10K every month forever? I want a refund”
This country is a joke, treating real estate like a guaranteed ROI all because the torries have all their money tied to real estate and refuse to let that market fall inline with every other form of investing or markets.
Susana Reid was in GMB a week or two ago saying “we have to help out investors from loosing money” utter bullshit!
Their has been zero risk for your money in real estate for the past 7 or so years, every fucker with a stair 25k has been buying up property making the people financially poorer than them pay of their mortgages and acting like they are Warren Buffett.
The audacity that our own media acts like landlords or property investors loosing money from an INVESTMENT as something that should be illegal or something that immediately needs government assistance is fucking insane, but his country is full of corruption and fucking idiots.
Let me play a sad song on the world’s smallest violin.
I paid £240k for my first house 3 years ago. Identical one across the road (with a smaller garden) sold for £260k. I am in my 30s and I already feel sorry for younger people. They don’t stand a chance if prices keep flying up.
Why is this news? Apart from some very high demand areas, it’s been very common in the rest of the country for offers 3-5% under asking price to be accepted.
I love how the sentiment is always “the poor sellers/landlords” but never “the poor buyers/renters”
Of course, this will get worse in the coming year. Cost of living crisis, mortgage from ~1.5 to 2% to 6+%; rentals going up; vacant properties. Energy and food prices UP and UP… And it is further annoying to see that Rishi Sunak’s #10 Downing Street house has a 1.5 million pounds value garden art recently bought at the cost of tax payers.
Oh noooo. My investment which was never guaranteed a profit isn’t returning one.
Whatever will I dooooo.
Just bought a house, couldn’t give a toss if it falls in value, when I sell it I’ll be doing so to buy a another house which will have also dropped in price. Maybe I’m being horribly naive, but surely regular home owners shouldn’t be concerned.
It being caused because mortgage rates are shooting up? I’m less keen on that, its not really going to help anyone.
Genuinely at a point in my life where I’d like to buy my first house (to live in I might add). No fucking clue what to do.
Oh no! Is the massive bubble that’s has been growing since the late nineties start to slow a bit.
Thought this was the norm lol, never paid more than asking price.
Oh boo hoo. Some of us can’t even rent a council house let alone buy privately
So the greedy landlords can buy them up, just like when Thatcher &co caused a recession, people lost there homes and the rich landlords bought them up.
House prices in my area started to hit stupid levels in the last 6 months.
People have obviously spent money doing up their estate house, and then expected that the buyer is going to cover the cost of their extensions – even though their house is still in an estate, and looks just like the one next to it, and it’s still down the end of a maze of narrow streets.
Valuations are a total joke based on feelings and snake oil. We had several done on a property we’re selling and they differed by nearly £200k. Its just nuts.
The agents window in our area for all the property says ‘offer above £’
Like a 3% drop in house prices, and the UK news is having kittens about it.. When the whole housing market is over inflated and needs to drop by at least 47% more..
That’s what you get when you have people buying an investment rather than a home.
Who would of thought a 2 bedroom isn’t worth nearly quarter of a million.
Houses were overpriced, now the market is deflating. This is a step in the right direction.
The housing market was ridiculous there for 2 years, so much so that home owners were starting to charge for viewings and people were buying without viewing just to get a home.
This is a very welcome change even if it is hard for some, this was going to happen and needed to.
Didn’t see anyone in that article being forced to sell, they merely accepted a lower offer. And usually nobody argues the toss over 3% if their property had already gone up 50%
I mean if anything we should be happy houses are becoming cheaper. Also accepting a 3 percent lower price than the asking price is NOTHING to be upset about because even though they had to accept a 3 percent lower price its probably still 3 times the price they bought it for. I simply cant believe that some ppl are complaining about a three percent price difference while others cant afford heating for the winter.