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Your opinions on house prices.

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odyysey
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2008/05/20 10:15:53 (permalink)
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Your opinions on house prices.

I'm, finaly, in a position to apply for a mortgage and am looking at purchasing a flat. The only negative in my mind is that I am hearing some people say prices will DEFINATLY fall further and some saying I should get in now.

Would welcome all opinions as although I am not after a profit I really don't want to be lumbered with negative equity either.

I'm here to attain not maintain
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    187
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    RE: Your opinions on house prices. 2008/05/20 10:17:50 (permalink)
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    im holding off due to the forseen slump/crash/drop in prices
    #2
    anz3001
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    RE: Your opinions on house prices. 2008/05/20 10:18:00 (permalink)
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    cant see them falling much more now and some people are struggling to sell so its a buyers market imo

    play the hand you are dealt!!!

    Its not impossible....it just takes longer than you think! - paul george.

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    #3
    cu3ed
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    RE: Your opinions on house prices. 2008/05/20 10:20:34 (permalink)
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    I cant see it making a recovery this year, so best to sweat sellers out for a good price.

    Problem at your end now is getting a good mortgage from the banks.
    #4
    uncle_peter
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    RE: Your opinions on house prices. 2008/05/20 10:21:45 (permalink)
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    ORIGINAL: odyysey

    I'm, finaly, in a position to apply for a mortgage and am looking at purchasing a flat. The only negative in my mind is that I am hearing some people say prices will DEFINATLY fall further and some saying I should get in now.

    Would welcome all opinions as although I am not after a profit I really don't want to be lumbered with negative equity either.

    Difficult to give a definitive answer mate, but it looks like there will be a drop. My wife works for high street mortgage lender, and one of the senior employees is from America, and she rents at the moment. She is waiting as well. I think if it was me I would wait now.

    Have you got your mortgage sorted yet? there have been quiet a few poducts that have been dropped now.

    Never show the weight that you're scared - Jay Cutler

    #5
    johnnybike
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    RE: Your opinions on house prices. 2008/05/20 10:24:36 (permalink)
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    In my view house prices may drop slightly - no more than 10% and only in some markets.

    My main reason for that view is that interests rates are still relatively low (15% when I first bought) and no pressure on jobs, therefore most people not forced to sell and will stay put.

    I think middle range (300-500K) will stay sttaic or maybe even appreciate slightly. Of course I may be wrong.
    #6
    odyysey
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    RE: Your opinions on house prices. 2008/05/20 10:25:30 (permalink)
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    ORIGINAL: uncle_peter


    ORIGINAL: odyysey

    I'm, finaly, in a position to apply for a mortgage and am looking at purchasing a flat. The only negative in my mind is that I am hearing some people say prices will DEFINATLY fall further and some saying I should get in now.

    Would welcome all opinions as although I am not after a profit I really don't want to be lumbered with negative equity either.

    Difficult to give a definitive answer mate, but it looks like there will be a drop. My wife works for high street mortgage lender, and one of the senior employees is from America, and she rents at the moment. She is waiting as well. I think if it was me I would wait now.

    Have you got your mortgage sorted yet? there have been quiet a few poducts that have been dropped now.


    Not got mortgage sorted yet mate, I work for a major bank so can get a staff mortgage which offers very good rates. I work in customer services though so have little knowledge of how the market is moving etc so thought I'd pop a post up as I know lots of people on here dabble in property.

    I'm here to attain not maintain
    #7
    cu3ed
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    RE: Your opinions on house prices. 2008/05/20 10:28:43 (permalink)
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    I know for a fact that Allience and Leister, have handed out early retirement payments to those inthe UK mainland, whilst alot of poeple have quite here in NI, there seems to be abit of "abandon ship" spell going about.

    Think most lenders are assuming the worst.
    #8
    Wheels
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    RE: Your opinions on house prices. 2008/05/20 11:19:01 (permalink)
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    If it's the right time for you to buy a house, it's the right time. What the market is doing should have little to do with it unless it's an investment purchase.

    Trying to time markets is a mugs game.

    Wheels

      




    #9
    Bodybuilding Warehouse
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    RE: Your opinions on house prices. 2008/05/20 11:23:40 (permalink)
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    Historical levels are prices at 3 x income levels. They're higher than this now.

    This means they will (most probably) fall a bit more generally - but that's like saying the stock market will fall generall, or rise generally. There will always be houses / stocks that buck that trend. I bought mine at 30k less than the guy before me bought it, since Manchester got hit before everywhere else and we really pushed on price.

    I think it depends on where you're looking. Try to find a good property that's been on a market a fair while (ask agents) and then offer a silly price for a swift turnaround. See if they take it.

    Bodybuilding Warehouse
    #10
    Bodybuilding Warehouse
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    RE: Your opinions on house prices. 2008/05/20 11:25:48 (permalink)
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    ORIGINAL: Wheels

    If it's the right time for you to buy a house, it's the right time. What the market is doing should have little to do with it unless it's an investment purchase.

    Trying to time markets is a mugs game.

    Wheels

    This is generally true. Just don't buy like a dick - if you're pushing yourself to afford it, you can't afford it.

    Buy a house that could easily be rented out for a good return rate, and at a "sensible" price, and in an area that's solid with a good community / stuff about to keep people interested. That's as best you can do.

    Bodybuilding Warehouse
    #11
    Mark Thompson
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    RE: Your opinions on house prices. 2008/05/20 12:08:07 (permalink)
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    don't buy a house as an investment, buy it because you want it and feel that it is now time to own your own place. In this market prices will continue to drop, confidence takes a while to come back and the general market is overvalued by anything up to 30%, more for new builds.

    #12
    gibbers
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    RE: Your opinions on house prices. 2008/05/20 12:15:24 (permalink)
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    I just got a place for 25k less that it came on the market for..

    So imo its a good time to buy, as long as you look at it long term.
    #13
    Cardifflad
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    RE: Your opinions on house prices. 2008/05/20 12:28:52 (permalink)
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    Thankfully (as I have recently gone bankrupt) I don't have to worry about this for a while but my mate just bought a £200,000 house, put down a £40,000 deposit and is paying something ridiculous like £950 a month! Not linked to house prices as such but the mortgage companies have a lot to answer for aswell.

    How the government expect first time buyers to get on the property ladder and then succesfully stay on the ladder for anything more than two years is beyond me.

    post edited by Cardifflad - 2008/05/20 12:29:48
    #14
    Skuzzlebutt
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    RE: Your opinions on house prices. 2008/05/20 12:36:30 (permalink)
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    Although some house prices are dropping it isn't the same right accross the market, the more expensive end of the Market will see a drop and not all areas will decrease equally. Most of the BBC news crap you see is generalised around London, which is the most expensive housing Market in the world.

    Also Mortgages are a major issue with the credit crunch in full swing, you may get a mortgage but you may well end up paying through the nose for it.

    As far as investment and trying to guage when to buy in a "falling" market, there's an old investment saying which is "never try and catch a falling knife" in investment terms you wait for the "Hocky stick" which is when the market begins to recover, buy too early and things could get worse.
    #15
    paulthebuilder
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    RE: Your opinions on house prices. 2008/05/20 12:41:49 (permalink)
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    15% drop in the next 12 months is a good bet.

    Houses on at £140,000-£145,000 locally are being accepted at £115,000-£120,000 at the moment.

    A lot depends on whether the lenders drop their cautious attitude - it's predominently this which is causing the problems in the housing market.
    #16
    paulthebuilder
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    RE: Your opinions on house prices. 2008/05/20 12:42:41 (permalink)
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    ORIGINAL: Skuzzlebutt
    Most of the BBC news crap you see is generalised around London, which is the most expensive housing Market in the world.

    5th most expensive - Tokyo and Moscow are miles more expensive for a start.
    #17
    Skuzzlebutt
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    RE: Your opinions on house prices. 2008/05/20 13:09:53 (permalink)
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    ORIGINAL: rightyho


    ORIGINAL: Skuzzlebutt
    Most of the BBC news crap you see is generalised around London, which is the most expensive housing Market in the world.

    5th most expensive - Tokyo and Moscow are miles more expensive for a start.



    I don't know how much has changed in the last 12 months but this tme last year this was published by the Independant business Newspaper:

    It has long been suspected by disappointed house-hunters, and now it's official: London has the most expensive residential property in the world.

    New research shows that the cost of £1m-plus homes in the capital's swankiest areas outstrips even that of glitzy Monaco and New York. And with too much money chasing too few properties, prices are still soaring.

    The report on the top end of the market, by estate agency Knight Frank and Citi Private Bank, reveals that the average cost of prime central London property is £2,300 per square foot. That compares with £2,190 in Monaco and £1,600 in the Big Apple. Completing the top five are Hong Kong (£1,230 ) and Tokyo (£1,100). The capital's "super-prime" areas are Belgravia (where prices can exceed £3,000 per square foot) and Knightsbridge.


    I don't proport to be an expert in Housing Markets but if London isn't the highest prices in the world, then like you said it's definately in the top 5.
    #18
    Wheels
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    RE: Your opinions on house prices. 2008/05/20 13:10:55 (permalink)
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    ORIGINAL: Skuzzlebutt

    Although some house prices are dropping it isn't the same right accross the market, the more expensive end of the Market will see a drop and not all areas will decrease equally. Most of the BBC news crap you see is generalised around London, which is the most expensive housing Market in the world.

    Also Mortgages are a major issue with the credit crunch in full swing, you may get a mortgage but you may well end up paying through the nose for it.

    As far as investment and trying to guage when to buy in a "falling" market, there's an old investment saying which is "never try and catch a falling knife" in investment terms you wait for the "Hocky stick" which is when the market begins to recover, buy too early and things could get worse.


    A better saying is "bottom picker get dirty finger"

    Wheels

      




    #19
    carl19
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    RE: Your opinions on house prices. 2008/05/20 13:56:05 (permalink)
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    up to 50% drop by 2015 in real terms, perhaps 30% in nominal terms

    i would rather chop my arm off than buy a property now, i would rather chop my arm off with a baseball bat than buy a flat now

    the average house price is at about 6 x average household income...... the norm is 3.5-4x it will return to norm

    if you want to guess it then i would imagine those that guess right will get the average house for 3x average income for a short period


    if you want to get on with your life and buy a home then buy one within your limits and dont buy a flat.(they will drop the furthest)
    #20
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