How far will Sheffield house prices drop?

[saxondale 10]

I don't know where you live for a start, and wherever it is, it's unlikely I've said I want to live there, as there's nowhere specific that I want to move to. I'm sure I'd know if there was (since it would be my thought).

If I had to choose somewhere to move to right now, off the top of my head, I might go for Ulley. Do you live in Ulley?

 

Ermm, no, you can set a price, but you can't make anyone pay it.

 

 

 

see thats the problem arguing with you Mr Cyclone, you`e one of the "I`ll take everything YOU say literally unless it suits me ....." type posters.

 

 

 

 

so - some thread you started about "class" where you said there were a couple of what you percieved as "nicer" areas outside of Sheffield are you now saying you wouldnt pay a "premium" to live there?

 

 

Supply AND demand fails the moment you leave the text book

[Cyclone 10]

Of course I take what you say literally, how else am I meant to interpret it?

I vaguely remember the thread you mean, is it about 3 or 4 years old?

 

I'd pay more for a house in a nice area, yes, although I don't want to live where you live (which is definitely what you said).

The housing in nice areas is currently falling in price, so if I choose to move in 6 or 12 months time, it will cost me less than if I chose to move now.

 

Supply and demand doesn't fail. It's an extremely accurate way of understanding and forecasting prices. I presume you say it fails because you refuse to change the price of your house? That's your right, it just means that you won't be able to sell as you're over pricing it.

[Cyclone 10]

 

 

my point still stands, its simply foolish comment to say " object A HAS to be this price because years ago it was £NN.NN and since then inflation has been ..."

 

No one made that argument, you're just straw manning.

 

The statement could be made.

 

"All other things being equal, the price of x now, should be the same as the price of x 10 years ago when adjusted for inflation".

 

Of course all things aren't equal in the housing market, but one of the differences, cheap finance, has now changed back to mirror how it used to be. So the effect of that cheap finance (higher than inflation increase in house prices) will now disappear.

[euclid 10]

if you want to buy a 4 bed house on the estate where we live ( and BTW you actually do want to live on this estate - you said so) then theres only 2 for sale, mine and the one near the shop. Not much supply there to meet the demand when the money is released now is there.I can therefore dictate the price I sell mine for.

 

just out of curiosity WHERE IS the estate you live?if it's that good then tell us all...........it's all relative really,if i was trading up for a bigger more expensive property i'd be rubbing my hand's together,if going for a lesser one i wouldn't be too happy...........as it is the only person who will see any benefit from the sale of my property will be my son.........whatever happens.

[sham71 10]

nice quote from the Independent today....

 

....'But how low could prices sink? It is from the City that the best answer may come. "The median prediction among traders is that from peak to trough we will see house prices fall 46 per cent. The height was reached in the third quarter 2007 when average UK house prices were around the £200,000 mark. By 2010/2011 this is predicted to be £109,000," said Peter Sceats, director of real estate derivative broker Tradition Property.....'

[saxondale 10]

nice quote from the Independent today....

 

....'But how low could prices sink? It is from the City that the best answer may come. "The median prediction among traders is that from peak to trough we will see house prices fall 46 per cent. The height was reached in the third quarter 2007 when average UK house prices were around the £200,000 mark. By 2010/2011 this is predicted to be £109,000," said Peter Sceats, director of real estate derivative broker Tradition Property.....'

 

 

hmm? derivative broker? predicting such falls? ..................... wonder which this impartial observer bet then.

[sham71 10]

hmm? derivative broker? predicting such falls? ..................... wonder which this impartial observer bet then.

 

 

http://www1.landregistry.gov.uk/assets/library/documents/221282.pdf

 

ok, so here are the latest Land Registry figures. Remember they lag behind anything up to 6 months from the Halifax and Nationwide indices so still have a long way to fall.

 

oh, and they don't include repossessions, so actually underestimate the falls.

 

Lets hope you can get double your asking price, it might help the figures from falling too fast.

[BertieBasset 10]

How can they lag up to 6 months behind? These are figures for November, we are now in December???

 

http://www1.landregistry.gov.uk/assets/library/documents/221282.pdf

 

ok, so here are the latest Land Registry figures. Remember they lag behind anything up to 6 months from the Halifax and Nationwide indices so still have a long way to fall.

 

oh, and they don't include repossessions, so actually underestimate the falls.

 

Lets hope you can get double your asking price, it might help the figures from falling too fast.

[Cyclone 10]

The time taken for sales to complete and be registered is how.

If you look at the graph they don't show house prices peaking until 11/07 when in reality it was 08/07.

[BertieBasset 10]

that looks like a 3 month lag, not a 6 month one.

 

 

The time taken for sales to complete and be registered is how.

If you look at the graph they don't show house prices peaking until 11/07 when in reality it was 08/07.

[sham71 10]

I did say UP to 6 months.

 

Haliwide are based on mortgage approvals. It is not unknown for there to be a 5 month lag from getting a mortgage approval through buying the house up to the solicitors getting round to letting the land registry know.

 

Add on the fact that these are November figures when Haliwide will now be releasing December figures, and hey presto, you get up to 6 months.

[saxondale 10]

http://www1.landregistry.gov.uk/assets/library/documents/221282.pdf

 

 

 

oh, and they don't include repossessions, so actually underestimate the falls.

 

 

 

is that true - buy a repo and you dont have to declare it?

 

 

 

you know less than my dog.