Are prices really going down?

penguine

Prices are falling faster than in any previous house price crash. Those who are still in denial will try to tell you that this won't happen everywhere, that "nice areas" are immune. Look at all the financial news over the past 2 weeks, though, and ask yourself if you can really believe that.

Each time the UK has had a house price crash(3x since the 1970s) prices fell for several years then were level for several years before going up again. If you want to get a good house at a *reasonable* price (as compared to the over-inflated prices of the past decade which were the result of low interest rates and reckless mortgage lending) just wait and keep watching the market. It's not fair to keep changing your mind about whether you want to buy a particular property, though. This is a very stressful time for sellers, don't make it worse for them.

lady123_2

It really depends on the individual areas, prices have dropped in Enfield as it was really expensive last year, its also right next to Winchmore hill so....
In Chinford they havent dropped as much as its not that expensive in the first place unless your talking houses in Bury road where the footballers live.
Areas like Chingford are popular because they are leaffy, have good housing stock not bad schools good transport links, although no tube, there are train services and quick bus to tube gets you into london quickly, if you pulled out of a character 2 bed flat in Chingford at £170k your mad, snap it up if the figures add up for you.

Cheshunt is leaffy clean to, just a little further out, it has not bad schools and good houses, and train links into london.

Out of the 3 areas above I'd go for Chingford, because its more leaffy yet still a london postcode, you can get a nice house in Chingford on a nice road for just shy of £300k, and can pick up doeruppers for 250k upwards, but not great streets.

geoffky

Gone From 279k To 219k Where I Live

Debras_Angel

We put ours (3 bedroom townhouse) on for sale 8 weeks ago at £238k, this was the price we paid for it in 2006.

So we aren't trying to make anything from it. We had it valued at Christmas for £250k.

We've had 1 viewing and they were very positive but we know the house won't just sell quickly in the current climate.

If we need to drop it further we will. I agree with the poster who mentioned buyers not messing sellers around as it's bad enough trying to get a sale without people then changing their minds back and forward.

Good luck to all of you who are trying to sell & buy at the minute.

sabretoothtigger

I just heard house prices in wales rose 1% in august but fell 2% compared to aug 2007 so probably best to consider each region separately

PasturesNew

I bet you've not waited long really... how long have you been waiting? A month? Two?

You see ... this time next year everything will be noticeably cheaper.

In the meantime, get property bee

truman_sparks

Its very early days in this crash, When the ecomonic factors start to kick in and unemployment is rising the properties will be alot cheaper.

And there will still be people who cant get their head round their property going down in value. I know, my mates an estate agent, some people are totally unrealistic about what the market is doing, and just wont reduce. They will suffer more in the long run tho.

I would sit tight and clean up when its all in your favour, I know i will!!!!

TS

carolt

200K for the areas you mentioned actually still sounds quite reasonable for the areas you asked - at present. Therefore you probably couldn't expect to get a large percentage off it in the same way as you could off a more overpriced property.

There's no point in expecting say 20% or whatever off all properties - you need to consider how realistic the asking price was to start with.

That said, give it another year or 2 and you will almost certainly be quids in, as all properties, in all areas, fall in price.

It just depends whether you're prepared to wait. No point in messing vendors around though; if I were selling, I'd probably view you as a timewaster now, whatever you were offering.

Why not just sit back and wait for a year?

bazzais

I bought my house here in goodwick - pembrokeshire for £128,000 three years ago and its just been valued at £135,000. No signs of a drop here - that is apart from 'second home ville' on the coast in all our holiday areas.

In answer to the OP directly though a 40 grand drop is alot, and imo is as low. Loads of people are frightened now as if capitalism and all the banks are going to crash leaving anarchy. Its never going to happen, the big boys wont let it.

Now is the low time its time to buy in many areas, its time to pick up a bargain.

zappahey

bazzais wrote: »

I bought my house here in goodwick - pembrokeshire for £128,000 three years ago and its just been valued at £135,000.

Is that the price you sold at or an estate agent valuation?

Only if it's the former do you know the actual value, everything else is just guesswork.