'What'll happen to house prices?' poll results/discussion

Justamum

dianemaytime wrote: »

House prices should stabilise in the next three months or so because unilke America we have a housing shortage in this country. The huge increases of the last two years was fuelled by unscrupulous lenders and could not be sustained but by early next year the Banks will be lending again, albeit with more care, and the Housing market will get started again with proper controls and with more modest increases. This will help unemployment because 90% of the population is directly or indirectly linked to the construction industry so the UK will begin to see modest growth by the end of 2009.

I don't believe we have a housing shortage. There may be a shortage of houses available to buy at reasonable prices, but that's because some people have a second home which they might use for holidays a couple of weeks a year in a nice little village somewhere, thus pricing the young locals out of the housing market. Loads of landlords owning two or three properties, forcing people who would rather be able to buy, but can't afford to, to pay off someone elses mortgage. Lots of people have to live with their parents because they can't afford the exhorbitant prices to buy or rent. If we had a housing shortage requiring the one million houses to be built (which the government seems to think we need) then there would surely currently be that many homeless people .

teddyco

By Christmas 2009, house prices will have dropped by 20 - 30%!

Mervyn King, who is the head of the Bank of England, just announced that the UK is definitely headed into recession, so how can house prices increase?
Many experts are also predicting 10% unemployment rates which means at least 3 million folks out of work.

BigMikeyG

I think prices will drop another 10% next year but that will be the extent of the drop and 2010 will see only a 2-3% drop before things level out. I will be looking to buy my first house (I'm 22) in jan feb 2011 (Ofcourse I will ensure I cna get a mortgage I can afford, I'm not silly enough to try and get one I can't pay back) and that will be me sorted for a couple of years.

172

It is absurd to talk/write about house price increases... Having reached the previous wholly manufactured and unrelated housing valuation, it is about time people realised that living so far beyond ones means has created the present situation. Only an utter fool would stoke and then jump back into the fire that had just burned them! It seems there are many still around!

This 'Labour' government, estate agents, solicitors, and the greedy bloodsuckers in the financial markets (banks and building societies), have encouraged each-other to manufacture the present debt society as they are the elite who laugh and stuff their pockets with our money. They then manufacture further arguments to bail themselves out of their mess - at the public expense. We then borrow more money to solve their debts - and don't give me any adolescent argument about this being the only way - unless you mean the only way to maintain a debt society. Housing is a social need, not a tool to generate imaginary money - take a hard look where that has got us. To those aforementioned greedy abusers and those who want to go back to false and !!!!!! economic practices - sod off!

If you want to get rich then get a proper job, if you want to get very rich then get a very good job, if you want to get richer then start your own company - create jobs - and take what is deserved.

This Labour Party induced greed of get-rich-quick (as highlighted by the Lottery), has done untold harm to hardworking people. Take responsibility for your own wealth - don't screw your neighbor and the foundations of society.

By the way I have not lost a penny - I do not have a mortgage, nor any debts - but I am gutted and sickened for those who have - YOU KNOW WHO TO BLAME.... Brown et al.:mad:

axact

Judging by the results so far this topic should have been entitled 'What do you wish will happen to house prices' rather than its present title as the results are no where near reality !

norm_diploom

Don't forget too the effect of inflation, ie real vs nominal drops. Even if house prices miraculously stood still for the next year, with inflation running at 5%, the house would still have "lost" 5% of its' value. If you factor in the current inflation rate to the year on year falls in the nationwide or halifax indices, we're getting close to 20% drops already.

I'm no economist, but I can't see anything around me suggesting that the housing market is about to recover anytime soon!

Scottie4642

I feel that the house price matter will not be resolved until we reach a ratio of 3 times average earnings equals the average house price.
Then some sanity will be back in the market. Lending 5 to 10 times one's salary was madness, not only by the buyer but also by the mortgage providers.
Where didi common sense go?

bigbrian2

I am looking to buy so I thought I would put in an offer at 15% below the asking price in line with all the talk on the (ever so depressing news shows) and I can't print what the sellers said to me.......so its all a load of rubbish, if the price isn't right people just won't sell :j

wheresmydoshat

same here, we made a few offers on a place the last being 200k (asking price 215k). it was rejected, and suggested to us that she would accept about 210k.

i lauged at that, and told them of course she would !!

6 weeks later, house still unsold, we offered 198k and said the offer would be on the table for 4 weeks. they never even got back to us.

it is still unsold, having been on the market since feb.

problem is as much the estate agents fault as it is vendors wanting what they believed their house was worth. round our way estate agents tell anyone that will listen that this area is unaffected by price's going down.

this is actually true, because no where has sold in 6 months ! catch 22.

we pulled out of looking all together, and told the agents we would maybe see them next summer, and probably for the same house !!!

ElBeanio

I'm not surprised you got no reply - brush up on basic negotiating tactics - your offer was an insult. If I was the seller, I would now not sell you the house out of spite