House Prices

[jimeve]

Are house & lot prices going up? Just curious. I mean in Metro Dumaguete,
maybe just internet price, I've lost 15% on my house in England over 12 months. USA have fallen more i think, oh well its only money.

[Teacher]

Seems to be a demand for housing But I wish they would drop. But it really comes to one thing location location location when it comes to prices.

[Union Jack]

Originally Posted by jimeve

Are house & lot prices going up? Just curious. I mean in Metro Dumaguete,
maybe just internet price, I've lost 15% on my house in England over 12 months. USA have fallen more i think, oh well its only money.

Let's not forget that no money's lost until the house is sold......sounds like a poem eh?
The main problem is lack of cash.......no lending from banks, no buyers, hence fall in demand and price!

[spot]

Originally Posted by jimeve

Are house & lot prices going up? Just curious. I mean in Metro Dumaguete,
maybe just internet price, I've lost 15% on my house in England over 12 months. USA have fallen more i think, oh well its only money.

I also lost 15% on my house in England in May 2008. (Went on sale Oct 2007 for 275k, sold for 235k.) Since then, same house type is now selling for 210k, a further drop of 8%. Another in the same street went for 184k. I forecast the total drop from 275k to be 40% before things start climbing. If you have an offer and need the dosh, take it.

The statistics in the papers and on the news are not the reality. Ordinary peep's UK house prices are plunging.

Japan's house prices have halved during the last year, so I read.

UK house prices will fall until first-time-buyers (FTB) can get a mortage. Young FTB on 30k p/a can only get 90-100k mortgage, so what does that tell you? Until the FTB can move in, the second-time-buyer can't move out.

[Union Jack]

Hello Spot, very true what you're saying.
And who's fault is it? Is it the greedy bank manager, is it the Government for not issuing legislation to monitor their deals or is it all of us?
I remember black wednesday in 1992 when Norman Lamont pushed the interest rates up to 21% for a couple of days, out of desperation and the pound was knocked out of the ERM. I had to tighten my belt even more but I saw it through. The problem nowaday is that people want the goodies without having hard cash in their saving accounts, do not want to deny themselves of the holiday break, dinners out, new car, latest fashion gadgets hence everything is bought on credit. They make me laugh when they blame the banks for "pushing" them to accept the credit offered. We are simply living in a society based on credit and now the good times are over. Do I feel sorry for people in debt? In some extreme cases yes, for the vast majority not a bit.
Let us not forget that we were all first time buyers in a not very far past, and we made it.
I could not affort to buy a house then, so I had to settle for a flat, later you move up the ladder as you save a bit. I still do not have a detached house with a pool, that will come only if I win the lottery, but I'm pleased with my achievements. First time buyers should get on the ladder by doing just that, not aiming for something out of their reach only for their home being repossesed months later.
Sorry if I went a bit OTT but it simply annoys me hear people complaining day after day.

[jimeve]

Originally Posted by spot

I also lost 15% on my house in England in May 2008. (Went on sale Oct 2007 for 275k, sold for 235k.) Since then, same house type is now selling for 210k, a further drop of 8%. Another in the same street went for 184k. I forecast the total drop from 275k to be 40% before things start climbing. If you have an offer and need the dosh, take it.

The statistics in the papers and on the news are not the reality. Ordinary peep's UK house prices are plunging.

Japan's house prices have halved during the last year, so I read.

UK house prices will fall until first-time-buyers (FTB) can get a mortage. Young FTB on 30k p/a can only get 90-100k mortgage, so what does that tell you? Until the FTB can move in, the second-time-buyer can't move out.

I've no intention of selling if things get worse I will rent out and move to Philippines. It seams there is a knock on effect in the Fils, House prices getting higher also rent, specially around metro Dumaguete.

House prices in the UK was over inflated in the first place, they went up
to quickly, over 8 years they trebled in value.

[Arie]

Originally Posted by jimeve

I've no intention of selling if things get worse I will rent out and move to Philippines. It seams there is a knock on effect in the Fils, House prices getting higher also rent, specially around metro Dumaguete.

House prices in the UK was over inflated in the first place, they went up
to quickly, over 8 years they trebled in value.

yeah rent out seems wise, besides the money it is not always wise to burn all your ships behind you.

[spot]

Originally Posted by jimeve

I've no intention of selling if things get worse I will rent out and move to Philippines. It seams there is a knock on effect in the Fils, House prices getting higher also rent, specially around metro Dumaguete.

House prices in the UK was over inflated in the first place, they went up
to quickly, over 8 years they trebled in value.

There are, apparently, 1 million empty tenanted properties in the UK at the moment, and, like sales prices, rental prices are plunging.

There were several "false" markets which contributed to the huge price rises in UK properties.

First and foremost were the buy-to-letters, a modern and unusual market which resulted in a previously-unknown demand for such properties. This was probably a result of all those diy property shows and the willingness of banks to fall over themselves to lend money to a sector of society who wouldn't normally be in that market.

Then there were the nouveau-riche of old East Europe, particularly Russian millionaires, who have been buying everything. Again, an unusual market.

Then there were the parents who were re-mortgaging their own properties in order to get their kids on an increasingly-expensive property market.

All of these unusual markets contributed to increased demand among the types of people who wouldn't usually be in such a market which meant that the natural rise in property prices was hiked up leaving the more usual buyers in the cold. When those more usual buyers can afford to move on, house prices will settle down.

[spot]

Originally Posted by Union Jack

First time buyers should get on the ladder by doing just that, not aiming for something out of their reach only for their home being repossesed months later.

First-time buyers have been completely priced out of the market. Before the current fall in prices, the cheapest property my son could have bought in our town was about £140,000 for a bedsit. Not possible on a £27k salary. As prices fall, he can begin to think about marrying his girlfriend and buy a flat big enough to house them both, and a sprog or two. His dreams don't go further than that, at this stage.

My other son, on £13k a year, has no hope of ever entering the property market.

[jimeve]

You're spot on spot pardon the pun, and you have my sympathy, but this forum/ thread was/is for METRO DUMAGUETE. or at least it was started as.

Spot do you have any links to Dumaguete or Philippines, if so we are interested in your views.

Jim.