Infiltrator Posted October 9, 2008 Report Share Posted October 9, 2008 Or so says the BBC headline - yet when you listen to the interview it's actually quite positive in that the seller still expects to sell above asking price and John Johnson claims the local economy is booming. The BBC are become more and more sensationalist with their headlines and clearly here were desperate for a story related to the credit crunch when in fact there wasn't one. http://news.bbc.co.uk/1/hi/scotland/7660896.stm Quote Link to comment Share on other sites More sharing options...
JAStewart Posted October 9, 2008 Report Share Posted October 9, 2008 I'm glad house prices are falling. I'm entering the housing market in 2 years probably, and currently, there is no way I'll get on the ladder. Its outrageous. Quote Link to comment Share on other sites More sharing options...
paulb Posted October 9, 2008 Report Share Posted October 9, 2008 if you bought a house for 100000 your not going to be willing to sell it at a loss. this just means less houses being sold. it does mean you will have less chance of getting the money to buy your first home. i hope you have at least 25% of the house price. Quote Link to comment Share on other sites More sharing options...
Fjool Posted October 9, 2008 Report Share Posted October 9, 2008 Consider also whether is it not the case that house prices are falling because people are less able to afford them at the current level, and mortgages are harder to obtain. It is quite likely that one's ability to purchase a house falls faster than the price of the house itself. Quote Link to comment Share on other sites More sharing options...
MaxFusion Posted October 9, 2008 Report Share Posted October 9, 2008 A house is only worth what someone is willing to pay for it...and TBH I think there's a lot of houses up here that are over priced! Quote Link to comment Share on other sites More sharing options...
Njugle Posted October 9, 2008 Report Share Posted October 9, 2008 Too true. Bizarrely house prices in the toon still seem over-priced and some, as well, in the country but i still come across tales of people picking up oldish houses in the country for £30 -40k which is great. Seemed like a couple of years ago people were paying silly money for 'projects' in the country. Met a guy the other week who was up here from sooth looking for property to buy as an investment. Not to live in, just to buy. That doesn't help first time buyers. Quote Link to comment Share on other sites More sharing options...
Infiltrator Posted October 9, 2008 Author Report Share Posted October 9, 2008 Yes but the prices aren't falling according to the seller, what's falling is how much people are prepared to go over the asking price - the houses are still valued/worth the same. Quote Link to comment Share on other sites More sharing options...
MaxFusion Posted October 9, 2008 Report Share Posted October 9, 2008 the houses are still valued/worth the same you say that but there's been a lot on the market that haven't sold!infact I know of one house that must have been on the market for about a year, when it first came up it was offers over 220k then not long ago it dropped to offers over 180k and still took a while to sell and according to ourproperty.co.uk it sold for less than 200k.... oldish houses in the country for £30 -40k which is greattrue this is great, but still overpriced in my mind when say not even ten years ago this would have been more like 10-15k.... Quote Link to comment Share on other sites More sharing options...
JohanofNess Posted October 10, 2008 Report Share Posted October 10, 2008 Met a guy the other week who was up here from sooth looking for property to buy as an investment. Not to live in, just to buy. That doesn't help first time buyers. No it certainly hasn't done. The part of Aberdeen I live in I've seen over a dozen flats on one street come on the market and the majority are being sold by people who were renting them out. They're still making a profit at the moment but the first time buyer is still screwed because mortgages are hard to come by and market prices in Aberdeen are still inflated. We will see more properties come on the market if people get jittery about their finances and that would be the time for all the poor sods who got outbid by property investors in the last few years to start picking up houses for a more reasonable price. Quote Link to comment Share on other sites More sharing options...
Boris Posted October 10, 2008 Report Share Posted October 10, 2008 Remember that asking price may not be the same as valuation. Houses are not selling at the moment because banks are not lending. There is considerable demand for houses so I don't see a major drop in prices if the lending starts again, instead they will probably sell nearer valuation instead of 10 % over. For houses over £200k you have to remember there is quite a small market in Shetland as most people can not afford that kind of money and banks will be tightening up on lending. It will be the end of 100% mortgages so anyone wanting to get on the property ladder will have to start saving. Quote Link to comment Share on other sites More sharing options...
Nigel Bridgman-Elliot Posted October 10, 2008 Report Share Posted October 10, 2008 I thought 100% mortgages ended a little while ago ? About the day before we went to look at a £15k house in London (Shhh!), even so, the payments/cost would have been higher than the rent we are paying at the moment. Then of course the rent here went up to match what it would have cost to buy it.. Quote Link to comment Share on other sites More sharing options...
mr_brain Posted October 10, 2008 Report Share Posted October 10, 2008 I'm glad house prices are falling. I'm entering the housing market in 2 years probably, and currently, there is no way I'll get on the ladder. Its outrageous. i agree with james, i think house prices will be poor till end 2009 (which is when i will buy mine) then pick up again early 2010..... i hope http://img2.mysmiley.net/imgs/smile/confused/confused0024.gif Quote Link to comment Share on other sites More sharing options...
Styumpie Posted October 10, 2008 Report Share Posted October 10, 2008 I think there will be heavy house price falls here over the next 4+ years, esp in Lerwick. I see little chance of a recovery, unless after this spectacular deflationary bust bottoms out, we get pilfered again by Weimar style rampant inflation, but its too early to call, inflation will be the politically correct way to end this, which will no doubt be popular with the heard. Quote Link to comment Share on other sites More sharing options...
ianboy1 Posted October 12, 2008 Report Share Posted October 12, 2008 Sure I read somewhere a cpl a weeks ago that their were more houses currently on the market in shetland than has ever been in the last 10 years ? Anybody know if thats true ? Quote Link to comment Share on other sites More sharing options...
RAWZZ Posted November 29, 2008 Report Share Posted November 29, 2008 Just put my house on the market and it sold in 6 weeks for more than I paid for it 2 years ago, Shetland remains a desirable place to live and the margin between here and the mainland is so vast that it has along way to rise before it reaches the crazy prices down sooouuuthh. Don't think we need to worry an awful lot here, the English will buy here cos it's cheap compared to where they come fae Quote Link to comment Share on other sites More sharing options...
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