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ARE WE IN RECESSION?

ROKO Avatar
banned8y, 6m agoPosted 8 years, 6 months ago
is it me or are there fewer buyers on ebay.........


the same types of items i listed 6months ago sold within 12hrs on a buyitnow.

however, i now have relisted 3times now and no buyers despite reducing the price.

is it to do with the "credit crunch"

but then how come airports are packed solid with holiday makers on a daily basis- so wheres the recession?
ROKO Avatar
banned8y, 6m agoPosted 8 years, 6 months ago
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#1
Oh yeh I'd like to hear what people have to say about it all,the way cost of living is etc.
I can't really comment cos don't understand how it all works,but I know our cost of living as gone up,particularly food I've noticed.
#2
I think people are getting really fed up with ebay both buying & selling ! Also the cost of living is steadily going up which is not helping matters either .... have you tried an alternative site ie Ebid or Tazbar ? nowhere as big as Ebay but slowly growing in numbers day by day . . . good luck :)
#3
I had bene trying read up about stuff on MSE but got even more lost on the threads,I don't post up there but do have odd browse and still don't understand what people are meaning exactly.
#4
i figure it's because people are fed up of eBay, with there "you must accept PayPal" and lots of scammers opening paypal disputes, "you neg me and i'll neg you" feedback etc etc
banned#5
Everything does seem to be more expensive, I've noticed that stuff doesn't sell as well on ebay too.

I'm fed up with ebay, their charges are a joke, they ban the wrong people.

They take too long resolving disputes, we are £225 down at the moment because some fraudster in London ripped us off and a disabled lady was ripped off by the same fraudster too.
#6
Agree with the little blue man,

I've contacted watchdog about paypals actions regarding scammers, I've got my own dispute going on, ebays not the place it was.
banned#7
snowtiger
I think people are getting really fed up with ebay both buying & selling ! Also the cost of living is steadily going up which is not helping matters either .... have you tried an alternative site ie Ebid or Tazbar ? nowhere as big as Ebay but slowly growing in numbers day by day . . . good luck :)



also been advertising in my local free ads paper along aside with ebay, and the same story .... barely any enquiries whereas i used to get 6-10 calls per day
#8
Ebay just got too greedy and its starting to back fire I guess.
I think there is an economic slow down. People have now started to tighten their purse strings to enable them to repay all the debts they have got themselves into over the past few years!
Plus with the news coverage on America's economic slump, housing market slowdown, rumours of global recession, people are going to be more wary of how they spend as they now see their future as uncertain
#9
I don't know what other people think, but i did economics at Uni and I am sure we are already in a recession but the Government is pretending it is not happening and hoping that the markets will pick up... the trends are

Increasing food prices, unemployment, inflation, house prices falling, less morgatages being taken up because people feel insecure about whether they will be able to maintain the payments, the credit crunch, do we really need more indicators?

do we?

:whistling:
#10
So if house prices are falling,does anyone think they may fall dramatically.
I've read about and don't understand it all,but I read it will be by 5-10% by end of yr.
Does anyone think its going be a lot more than that,give it another yr or so?
#11
yep... the trend is a boom followed by a bust we have been waiting for this bust a good while so when the bottom falls out of this bucket it is will be difficult to repair!

I am just bracing myself for it..

:thinking:
#12
Recession on it's way thats for sure,hold on to your hats folks and your money.:thumbsup:
banned#13
Mum2Connor&Cerys
So if house prices are falling,does anyone think they may fall dramatically.
I've read about and don't understand it all,but I read it will be by 5-10% by end of yr.
Does anyone think its going be a lot more than that,give it another yr or so?


depends on the area, around here house prices dropped between 30%-40%
#14
Nemz;2101697
I don't know what other people think, but i did economics at Uni and I am sure we are already in a recession but the Government is pretending it is not happening and hoping that the markets will pick up... the trends are


well if the Government say we're not, then it must be true - they wouldn't lie to us, surely :??
#15
There just always seems to be people on the news,saying that they going get their home taken off them cos they not keeping up with repayments. My Dad said other day the courts have said there been mega tons of repossessions issued.
Just where are all these people going go if they lose their homes? Seeing as there is never enough council and housing ass. homes to go round as it is anyway for those who never took the plunge of mortgages.
At same time if private landlords put up rent prices,then surely the landlords and folk who cna take advantage of buying,still buy to rent and then the house prices stay highish anyway.
I'm confused what is really going happen exactly.
#16
Mum2Connor&Cerys
There just always seems to be people on the news,saying that they going get their home taken off them cos they not keeping up with repayments. My Dad said other day the courts have said there been mega tons of repossessions issued.
Just where are all these people going go if they lose their homes? Seeing as there is never enough council and housing ass. homes to go round as it is anyway for those who never took the plunge of mortgages.
At same time if private landlords put up rent prices,then surely the landlords and folk who cna take advantage of buying,still buy to rent and then the house prices stay highish anyway.
I'm confused what is really going happen exactly.


Buy to let Morgages are far more expensive and so even those greedy lot will soon have to stop falsely keeping the market high and as you stated all the repossessed people are moving in with families because they cannot afford to pay private landlords because that would require them to have a huge deposit plus rent and if they could afford to do that they would not lose their homes in the first place...
banned#17
more evidence of recesssion.................

just announced the dsg- currys are to close their stores
#18
I work in retail and for the first time since I can remember our figures are down on last year. As is the footfall (amount of people entering shop) two units are closing on the shopping park I where I work, things just don't look too good at the moment.

I was looking at a chart of our takings yesterday and over the last 4 weeks the only week significantly up is the last week of the month i.e. pay day.
banned#19
No we are not
#20
I personally cant wait for the bust

I need the bust to come to drive down house prices to be able to afford a mortage
#21
Yep I know retail is down,people not spending as much on clothes and shoes and suppose goes same for other shops that sell items that are not essentially needed everyday.
#22
allstar2
I personally cant wait for the bust

I need the bust to come to drive down house prices to be able to afford a mortage


The thing is though,if they do go down,and you go for mortage,they might not offer you as much as they done in past.Like when we went to enquire a few yrs back,they offered us about 85K to borrow,it wasn't enough,so say the house prices go down,we might go bk and they might not be as genorous to offer as much.
1 Like #23
but then how come airports are packed solid with holiday makers on a daily basis- so wheres the recession?


Perhaps they are all leaving the country for good. :whistling:
1 Like #24
Mum2Connor&Cerys
The thing is though,if they do go down,and you go for mortage,they might not offer you as much as they done in past.Like when we went to enquire a few yrs back,they offered us about 85K to borrow,it wasn't enough,so say the house prices go down,we might go bk and they might not be as genorous to offer as much.


to be honest they should offer 4/5 times your morgage not 10times like they have done during the boom, hence why people are in trouble :whistling:

5 times my mortage in 3 years (if im still in same job) will be enough for a nice wee house :thumbsup:
#25
i just been charged £39 for being overdrawn for 4 days and 2 of those days being the weekend, dohh!! thank you play.com and gta 4 lol (and still not had the game from play either!)
i work in retail sales too and its very quiet!!..
#26
i work in a supermarket and for the first time since it opened it made over 0ne million in a week. ( apart from christmas or easter)
#27
The 18 month old block of flats I live in currently has 19 flats with court dates for repossession, all purchased on buy-to-let mortgages. Most are likely to go on quick repossessions so the poor suckers renting them are going to be coming home to court orders forcing them out of their homes in 14 days. To reach the point of repossession, the owners must not have been paying their mortgages for a good year or so, and so this period of downturn has been a long time coming.

With petrol due to hit 150p by the end of the year and food prices getting ridiculous (my gf bought an Iceberg lettuce in Tescos yesterday for 99 bloody pence!) I expect a few years of most people having to cut back. Still, we've never had so much stuff have we- plasma tvs, nice cars, dozens of dvds, ipods and laptops galore, we probably all need a little bit of time to reassess our priorities!
banned#28
the reason for people spending less is because of the high interest rates, high interest rates mean that some people would much rather save their money, and those do want to spend by borrowing are less inclined to do so . the rise in oil prices and food prices won't help either.

As with house prices, this is just my opinion and im not an expert or anything but i can't see a massive house price crash happening. I think there is just too much demand for houses for them to decrease in price significantly. I can maybe see them going down abit but not by lots. Imagine if they did go down alot- everyone thinks yay cheaper houses but who would wants to sell their house if they reduce by alot? the only way i can see people selling their houses is if they are forced to- by the bank due to people going bankrupt because the price of everything is going up (inflation). As a result all i can see is a short lived period of slightly cheaper houses.
#29
I'm trying keep in mind to live for today.
Yeh it be good to have a house eventually,but at end of day,you can't take it with you when you die.
#30
billyX
The 18 month old block of flats I live in currently has 19 flats with court dates for repossession, all purchased on buy-to-let mortgages. Most are likely to go on quick repossessions so the poor suckers renting them are going to be coming home to court orders forcing them out of their homes in 14 days. To reach the point of repossession, the owners must not have been paying their mortgages for a good year or so, and so this period of downturn has been a long time coming.

With petrol due to hit 150p by the end of the year and food prices getting ridiculous (my gf bought an Iceberg lettuce in Tescos yesterday for 99 bloody pence!) I expect a few years of most people having to cut back. Still, we've never had so much stuff have we- plasma tvs, nice cars, dozens of dvds, ipods and laptops galore, we probably all need a little bit of time to reassess our priorities!



My Mum usually picks up lettuce in Aldi,not sure how much for but gotta be cheap cos only for bunny. Looking on Aldi website,3 Little Gem lettuces are 49p.
#31
doughnuty
As with house prices, this is just my opinion and im not an expert or anything but i can't see a massive house price crash happening. I think there is just too much demand for houses for them to decrease in price significantly. I can maybe see them going down abit but not by lots. Imagine if they did go down alot- everyone thinks yay cheaper houses but who would wants to sell their house if they reduce by alot? the only way i can see people selling their houses is if they are forced to- by the bank due to people going bankrupt because the price of everything is going up (inflation). As a result all i can see is a short lived period of slightly cheaper houses.


The properties being repossessed will drive prices down. The flats being repossessed in my building were originally sold at £160000-300000. Now, on a 100% btl mortgage and adding in the service charge, a landlord will need to charge around a grand rent to clear his overheads on the cheaper flats here, when the max anybody will pay to rent a one-bed flat in Cardiff is about £600. It's not a question of people wanting to sell their houses when prices go down, they'll have no choice as it'll be taken from them- the guy who bought my neighbouring flat has made a total loss (money owed on the mortgage etc) of around £20,000 in 18 months as he only managed to rent it out after he'd owned it for the best part of a year and then only for half of what he needed to make to cover the mortgage and service charge each month- he's now terrified that he'll lose his own house and his other rental properties as the pending repossession will leave him owing even more as the value of the flat has already gone down... within two months he could literally owe £50000 due to this one bad investment. That's the risk you take when you buy to let at the peak of the market though.

Rents are going to have to come down as landlords get desperate to let their properties out in an already overcrowded lettings market, meaning current renters will get less for their money if they chose to buy, then there is the cut in 100/105% mortgage availability for buyers which has already happened, so i'm agreeing with mum2connor&cerys when she says 'why buy'.

My predictions- key worker properties will probably spiral, there are already good value properties for key workers out there, but houses and flats are currently so over-valued that i'd not be surprised to see a 20%+ drop within the next three years. What do you think ppl?
banned#32
billyX;2126420
The properties being repossessed will drive prices down. The flats being repossessed in my building were originally sold at £160000-300000. Now, on a 100% btl mortgage and adding in the service charge, a landlord will need to charge around a grand rent to clear his overheads on the cheaper flats here, when the max anybody will pay to rent a one-bed flat in Cardiff is about £600. It's not a question of people wanting to sell their houses when prices go down, they'll have no choice as it'll be taken from them- the guy who bought my neighbouring flat has made a total loss (money owed on the mortgage etc) of around £20,000 in 18 months as he only managed to rent it out after he'd owned it for the best part of a year and then only for half of what he needed to make to cover the mortgage and service charge each month- he's now terrified that he'll lose his own house and his other rental properties as the pending repossession will leave him owing even more as the value of the flat has already gone down... within two months he could literally owe £50000 due to this one bad investment. That's the risk you take when you buy to let at the peak of the market though.

Rents are going to have to come down as landlords get desperate to let their properties out in an already overcrowded lettings market, meaning current renters will get less for their money if they chose to buy, then there is the cut in 100/105% mortgage availability for buyers which has already happened, so i'm agreeing with mum2connor&cerys when she says 'why buy'.

My predictions- key worker properties will probably spiral, there are already good value properties for key workers out there, but houses and flats are currently so over-valued that i'd not be surprised to see a 20%+ drop within the next three years. What do you think ppl?

I disagree mainly because supply and demand dictates rental and sale prices. People need somewhere to live and immigration is placing huge demands on housing. 3 of my friends work as brickies and all have now been reduced to 2-3 day weeks as housebuilders across the board have stopped the majority of their current projects.

No new houses = greater demand on existing stock.

I reckon house prices will be around about 5% cheaper nationwide in a year and then start to edge back up again. Your 20% predicition in 3 years could well be true in certain areas that have seen ridiculous growth in the last 5 years (e.g Northern Ireland). The average mortgage is 44% of the properties value so there would have to be a huge drop for the negative equity problems of the early 90's to repeat itself. Of course there will always be the ones who bought too high with no deposit but this is estimated to be 5% of the mortgage market.

Everyone I have spoken too say they will just sit tight as most people still do regard property as a home first and an investment second.

It will be interesting to come back to this thread in a year to see where we stand.

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