When will people buy.

GDB2222

sympatex wrote: »

No they were (are) 3bed Victorian semi but this has had 2 extentions in its previous life. (not by current owners). It had doubled in value by the time it was bought in 2004 when the current owners bought it as i assume the extentions were added by the previous owner who got it in 2000 for 127.

This is a difficult road to judge as all the houses are very different (bungalows, semis, detached) all of different eras as well and some with extentions and some not. The only thing i can see is if we got it at 220 25k less than the current owners bought it for in 2004 so deduct 10% off 2004 prices we shouldn't lose massively if we can keep hold of the house!

I can't comment, as I don't know the area. Obviously, you need to take into account the possibility that too much was paid in 2004.

fc123

I would hate to be wanting to buy now as asking prices are all over the place...plus with falls each month being reported, you just wait to see what happens the next month and so on. Puts life on hold for some too.

I know we would have waited on our first purchase, 1990, if all the info that is available now (even RM...how did we ever manage?!) had been more easily accessible then (no internet), but it would have been really hard to know when.


I have put links to 3 houses (pretty much the same) in a St I know quite well (not my area) as had a friend who loived nearby years ago.

But what is their true value? Which one is the correct price? How much lower will they go?


1; http://www.rightmove.co.uk/viewdetails-22383020.rsp?pa_n=1&tr_t=buy
£310k. Has parking.


2; http://www.rightmove.co.uk/viewdetails-10270776.rsp?pa_n=1&tr_t=buy
£469,995 (I think it started at £499k..I don't have property bee to check.)

Has a loft conversion but still huge gap in price.

3; http://www.rightmove.co.uk/viewdetails-10270776.rsp?pa_n=1&tr_t=buy

£299,995 with sold stc but not on LR as yet.

21 Nov 200771 Vernham Road, Greenwich, London,Greater London SE18 3EYTerraced Freehold £295,000

28 Sep 200742b Vernham Road, Greenwich, London,Greater London SE18 3HB Flat Leasehold £180,0000

6 Jul 200738 Vernham Road, Greenwich, London,Greater London SE18 3EZTerraced Freehold £292,000

15 May 20071a Vernham Road, Greenwich, London,Greater London SE18 3EYSemi-Detached Freehold £200,000

15 Dec 200662 Vernham Road, Greenwich, London,Greater London SE18 3HBTerraced Freehold £277,710

20 Jun 200658 Vernham Road, Greenwich, London,Greater London SE18 3HBTerraced Freehold £295,000

17 Feb 200650 Vernham Road, Greenwich, London,Greater London SE18 3HBTerraced Freehold £219,995

30 Jan 200670 Vernham Road, Greenwich, London,Greater London SE18 3HBTerraced Freehold £242,000

This is the LR figures and most of the St is similar (builders liked clone houses in the olden days too).

So, I think it's down to personal circumstance as well as what's going on.

Our valuation to sell would still mkale us 20% under any comparable property in out area BUT we also lost confidence as a seller too.....but then fate stepped in (and totlally unforseen things happened...as they do) and the last thing we should do at this point in time is sell anyway........so, I am really relieved I don't have to make the decision.


Just as hard for the sellers as it is the buyers at the moment.

me_jane

We are doing a house 'swap' (they're buying ours, we buy theirs) so this is a good opportunity for us to get a bigger house and for them to get rid of their house (they are divorcing).

Also we have spent a fair bit of time/money creating extra room and 'improving' our house so any money they need to spend will be purely for cosmetic decoration.

To be fair, the house we are buying isn't the 'house of my dreams' - but if it was then I wouldn't be able to afford it but hopefully it will do the job and be functional for our purposes.

Hopefully it will work out to be a win-win.

LilacPixie

Probably around summer 2010. Our fixed rate deal is up then. It all depends on the market because we have to sell and then buy.

luvpump

It is going to take a long slow recovery, anyone who thinks that prices will suddenly take off again are deluded I think

dopester

luvpump wrote: »

It is going to take a long slow recovery, anyone who thinks that prices will suddenly take off again are deluded I think

More so if you think this is as bad as the crash gets. It has barely even started yet.

huntersc

I would buy right now if the prices being asked were at a level I believed to be realistic.

Take this as an example: http://www.rightmove.co.uk/viewdetails-20308400.rsp

What is that place really worth? It started at about £900k, reduced now by £50k. It's a nice place in a nice part of Henley. If the EA called me tomorrow and said £600k I'd buy it. I still think that's a bit overpriced but it's an affordable amount and we'd live there for a good few years, probably keep it even if we moved on so who cares if it drops 10% in the medium term?

But the problem is that they are asking £850k for a 3 bed house. Who, at this point in time is going to spend that much? That house will be on for another 18 months and then maybe, just maybe the owners will realise that perhaps the price is too high.

The problem, as I see it, is there are plenty of people like me out there, we're ready to buy, we just want to see that we get what we consider a god price for this market. Again, if they said £600k Id buy it and have the deal closed by the end of the week. But instead the vendors will keep chasing the market, hoping someone will pay the price they're after.

I spoke to an EA today about a house. It was bought in 2005 for £380k. No major work has been done on it. They are asking for £795k. I said to him that if they dropped £150k I would take it. He said that they were thinking of taking it off the market but would first try a £15k price drop. Madness. Pure greed on the part of the owners, they would still make a £265k profit over a three year period if they accepted my offer. That's £88k a year profit for doing nothing. Instead they will hold out for their £138k per year profit They won't get the price for a long time.

What interests me most is who will win this standoff, who blinks first, the buyers or sellers?

dopester

huntersc wrote: »

What interests me most is who will win this standoff, who blinks first, the buyers or sellers?

FTBs move the system and mostly they can't afford it even if they wanted to buy, because the banks have raised the borrowing qualifications sharply.

Mix in this outlook - unemployment / job uncertainty / pay-cuts / less-hours across the spectrum.

Sprinkle in the sharply reducing tax revenue for so many different channels (stamp duty / corporate taxes ect ect) for the Government coffers.

Bake with a topping of banks hitting the wall, or being rescued, and fearful of how all the MEW-ing and liar loans and record debt will reverse back on them as more people default on their obligations.

And you are left with something ghastly to taste. But if you want to take your big bite now.. go ahead. I'll wait till its all gone and can start fresh with new healthier ingredients.

lethal0r

FTB here! will be looking at houses in jan/feb 09 & will buy as long as monthly price drops are small and I can get what is on now at £115k~ for £95k max.

Cannon_Fodder

while obviously keeping my eyes peeled for anything special\unique\dirt cheap, don't plan looking seriously before next spring.

might buy in the summer, if monthly drops are levelling off and/or the right property comes along and is sufficiently discounted from the peak to represent 'good value'.

if the right property does not materialise, assuming there's nothing to put us off where we are now, then am happy to continue renting.

(don't understand 'this upheaval, living out of boxes nightmare' comment I saw today. took 2 days to unpack 90%, 2 weeks to be fully settled) and its a "home" for the time being, something that was not for sale. very picky, nice views...