Bank Holiday tied up and secure!!

[Lily Rose]

Just now, WotEver said:

Because they’re all priced similarly, which is too high?

I don't know the Scottish system but presumably it hasn't found a way round the laws of supply and demand.

 

Therefore I too assume that if nothing is selling then all the prices are too high resulting in supply exceeding demand. Equilibrium will not be restored until either buyers are willing to pay more or sellers are prepared to accept less.

 

[LadyG]

7 minutes ago, WotEver said:

Because they’re all priced similarly, which is too high?

because no one is buying.

JUST GIVE IT A REST

4 minutes ago, Lily Rose said:

I don't know the Scottish system but presumably it hasn't found a way round the laws of supply and demand.

 

Therefore I too assume that if nothing is selling then all the prices are too high resulting in supply exceeding demand. Equilibrium will not be restored until either buyers are willing to pay more or sellers are prepared to accept less.

 

INTERESTING THEORY.

[WotEver]

1 minute ago, LadyG said:

because no one is buying.

But you said there were no end of people who’d be lining up to buy it at half price, so that’s not actually true, is it?

6 minutes ago, Lily Rose said:

I don't know the Scottish system but presumably it hasn't found a way round the laws of supply and demand.

 

Therefore I too assume that if nothing is selling then all the prices are too high resulting in supply exceeding demand. Equilibrium will not be restored until either buyers are willing to pay more or sellers are prepared to accept less.

 

Indeed

[WotEver]

I recall a story, possibly apocryphal, in the early 80’s where a guy was trying to buy a large mansion somewhere but was held up by the buying chain stalling. He followed the chain back to the beginning and found that a little mid-terrace was at the bottom. He bought the bloody thing with cash and freed up the entire chain. 

[Naughty Cal]

22 minutes ago, LadyG said:

That you don't know the "scottish system"

 

As far as i can see, no flats like mine have been sold in the last eight months!

and very few houses.

 

Anyway, I have enuff things to worry about without you lot throwing fuel on the fire.

I have some knowledge of the system given that family have been involved in the process a couple of times. 

 

People are buying 20 miles (I think that's what you said the other day) from where you are. The cottage next door to Liams mum's sold in weeks.

9 minutes ago, LadyG said:

because no one is buying.

JUST GIVE IT A REST

INTERESTING THEORY.

It isnt a theory it is what is happening in your case.

 

If you want to sell you need to lower the price to what people are willing to pay!

[Matt&Jo]

Supply and demand is key to selling or buying but i feel for LadyG as some regions prices hold still and other rise exponentialy causing a trap for those in stagnant or negative areas. As LadyG sais if she sells at a lower price she can not move onwards and upwards......as these prices rise monthly and hers sits still so the longer you wait the larger the defecit.... 

[system 4-50]

The  laws of supply & demand work well when the market is moving, with a reasonable number of buyers & sellers. When it nears the extremes, very few buyers & sellers or a great many buyers & sellers, then it can get silly and give unpredictable results.  I see something similar at auctions, where the price asked has to drop way below a realistic price before anybody will bid, but once bidding starts lots of bidders emerge.  LadyG has my sympathy in engaging the difficult housing market.

[mark99]

Now the bank hol is over we venture to the Thames - later.

[Neil2]

 

19 minutes ago, system 4-50 said:

The  laws of supply & demand work well when the market is moving, with a reasonable number of buyers & sellers. When it nears the extremes, very few buyers & sellers or a great many buyers & sellers, then it can get silly and give unpredictable results.  I see something similar at auctions, where the price asked has to drop way below a realistic price before anybody will bid, but once bidding starts lots of bidders emerge.  LadyG has my sympathy in engaging the difficult housing market.

      

Good point - I honestly don't know why more house sellers don't adopt this tactic.  Why not advertise your house at a ridiculously low price to start a bidding process.

 

We sold a house a couple of years ago using this method, the estate agent took a lot of persuading and thought we were mad, but the house had a stream of people looking at it from day one and sold in five days.  The price we eventually got was actually above the agents own original valuation.  I've sold two boats this way as well.  

 

[Tuscan]

Had a 4 year old house near Hunstanton which we rented out. Started building a large housing estate about a mile away so we decided to sell as the tenancy was coming up for renewal. Ignored the agent and priced it in relation to the show house on the new estate about £10k less than the agent suggested. Sold it the weekend it came on the market and just about to complete very happy and no hassle.

[mrsmelly]

29 minutes ago, mark99 said:

Now the bank hol is over we venture to the Thames - later.

We are venturing off for water today as there is much less traffic as the working class people have gone back to their moorings ready to continue their contributions to my pension again from tomorrow 

[Stilllearning]

I hope you all have sunscreen or hats on.

It’s not a holiday here today...  

But it is tomorrow, and Thursday

 

[WotEver]

2 hours ago, system 4-50 said:

The  laws of supply & demand work well when the market is moving, with a reasonable number of buyers & sellers. When it nears the extremes, very few buyers & sellers or a great many buyers & sellers, then it can get silly and give unpredictable results.  I see something similar at auctions, where the price asked has to drop way below a realistic price before anybody will bid, but once bidding starts lots of bidders emerge.  LadyG has my sympathy in engaging the difficult housing market.

Interesting article (a few months old now) about House prices in and around Glasgow:

https://www.insider.co.uk/news/property-prices-in-glasgow-2017-11457095

 

I note with interest the line referring to the slower areas: Languishing areas include Govanhill, though it has recovered slightly. There are some sales, particularly in refurbished properties, but prices are still miles away from 2007 levels. Sales are being achieved in Govan. Like everywhere else, the key is realistic pricing. 

[Matt&Jo]

Is there such a thing as realistic pricing anymore.....if you down south you can just keep adding tgousands and people keep paying....mine has gone up 75k in 4 years!!!!!

[mrsmelly]

25 minutes ago, Matt&Jo said:

Is there such a thing as realistic pricing anymore.....if you down south you can just keep adding tgousands and people keep paying....mine has gone up 75k in 4 years!!!!!

Which enabled you to get out of the housing life and get a boat and a REAL life 

[Matt&Jo]

Just now, mrsmelly said:

Which enabled you to get out of the housing life and get a boat and a REAL life 

Yep it sure did 

[WotEver]

1 hour ago, Matt&Jo said:

Is there such a thing as realistic pricing anymore.....if you down south you can just keep adding tgousands and people keep paying....mine has gone up 75k in 4 years!!!!!

The house I spent the first 8 years of my life in, in Wimbledon, was sold for just under twice what Mrs WotEver and I paid for our current house in 1994. Its current value is now approximately four times what our house is worth. Southern prices are just getting sillier and sillier. 

Up from £220k in 1994 to around £1.2m today. 

[Richard10002]

26 minutes ago, WotEver said:

The house I spent the first 8 years of my life in, in Wimbledon, was sold for just under twice what Mrs WotEver and I paid for our current house in 1994. Its current value is now approximately four times what our house is worth. Southern prices are just getting sillier and sillier. 

Up from £220k in 1994 to around £1.2m today. 

That's just over 5 times, so I could suggest that it is not merely a Southern issue. I have been selling houses in a relatively poor area just South of Manchester since 1987. Prices are now definitely more than ten times what they were in 1987 and, of the top of my head, at least 5 times what they were in 1994, (having fallen a bit from their peak in 1993).

 

So the percentages seem similar, although the absolute amounts are wildly different.

[mrsmelly]

5 minutes ago, Richard10002 said:

That's just over 5 times, so I could suggest that it is not merely a Southern issue. I have been selling houses in a relatively poor area just South of Manchester since 1987. Prices are now definitely more than ten times what they were in 1987 and, of the top of my head, at least 5 times what they were in 1994, (having fallen a bit from their peak in 1993).

 

So the percentages seem similar, although the absolute amounts are wildly different.

Mum paid £200 for hers in 1953 and today would fetch £250,000 how do you like them apples and we have the purchase receipt from 1953. Absoloootely ridiculous and a massive  price crash needed so people can have a life again not a mortgage. Biggest mortgage I ever had on a very nice house was 2x my annual income and my wife didnt need to work she did what she WANTED to do and looked after our kids.

[WotEver]

19 minutes ago, Richard10002 said:

That's just over 5 times, so I could suggest that it is not merely a Southern issue. I have been selling houses in a relatively poor area just South of Manchester since 1987. Prices are now definitely more than ten times what they were in 1987 and, of the top of my head, at least 5 times what they were in 1994, (having fallen a bit from their peak in 1993).

 

So the percentages seem similar, although the absolute amounts are wildly different.

Perhaps I’m out of touch, considering where we live. Our house has only (!) tripled (if that) since 1994. 

[mrsmelly]

26 minutes ago, WotEver said:

Perhaps I’m out of touch, considering where we live. Our house has only (!) tripled (if that) since 1994. 

You probably live somewhere nice? The bigger the dump the higher the prices ( Prime example London)

[Ray T]

6 hours ago, Naughty Cal said:

Despite not being on the water this fine bank holiday weekend we have had a brilliant time here north of the border.  Yesterday we had a brilliant day in Edinburgh and managed to teach Sydney to swim in the pools outside Holyrood more to cool him down then anything as he was one hot dog. 

 

 

 

 

 

 

Have you put Sydney in a harness? Much better than a collar for getting him out if needs be.

Edited May 7, 2018 by Ray T

[WotEver]

15 minutes ago, mrsmelly said:

You probably live somewhere nice? 

We think so. View from where I’m sat right now...

 

18 minutes ago, mrsmelly said:

The bigger the dump the higher the prices ( Prime example London)

That was kinda the point I was trying to make originally. 

[LadyG]

5 hours ago, Neil2 said:

 

      

Good point - I honestly don't know why more house sellers don't adopt this tactic.  Why not advertise your house at a ridiculously low price to start a bidding process.

 

We sold a house a couple of years ago using this method, the estate agent took a lot of persuading and thought we were mad, but the house had a stream of people looking at it from day one and sold in five days.  The price we eventually got was actually above the agents own original valuation.  I've sold two boats this way as well.  

 

I 've proposed this,  but there just is no interest., and the agent is sitting tight. It might work in a large town, but this little town is too far from anywhere prosperous.

I don't think any of the viewers to date bought a similar flat.

Mine looks a lot better than the similar others, so they would be expected  to view mine, and they don't. I just have to hope someone comes along who actually needs a flat. Its not the price, most of the viewers have probably been cash buyers, downsizing ...

Edited May 7, 2018 by LadyG

[Richard10002]

1 hour ago, mrsmelly said:

Mum paid £200 for hers in 1953 and today would fetch £250,000 how do you like them apples and we have the purchase receipt from 1953. Absoloootely ridiculous and a massive  price crash needed so people can have a life again not a mortgage. Biggest mortgage I ever had on a very nice house was 2x my annual income and my wife didnt need to work she did what she WANTED to do and looked after our kids.

Whilst it is ridiculous, it is equally ridiculous to suggest a price crash. If there was a massive price crash, nobody would want to buy for fear of losing money as prices fall further. In addition, few would be able to sell due to negative equity. The economy would tank, there would be a mega recession, many people would lose their jobs, and so on.

 

What could work is a policy which stops house prices rising as fast as they have done, along with a period where wages rise at a reasonable rate.

 

Given that the laws of supply and demand work in the housing market, just like any other, a massive house building programme of truly affordable housing, could achieve the first bit, and it might even have an effect on the second bit.

 

When there is a war, government is able to find billions to fund it.... with the same will for housing it’s population, it could find the money to get a house building programme moving.