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Debate House Prices


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When do you think house prices will hit the bottom of the market?

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Comments

  • formulaonefan
    formulaonefan Posts: 357 Forumite
    June 2010
    oh damn! I selected a wrong one. How can I change it? House prices will bottom out June 2009 and not raise that much or drop that much...kinda be stable and by June 2010 it will start to climb up again.
  • stevetodd
    stevetodd Posts: 1,016 Forumite
    June 2011
    mitchaa wrote: »
    Interest rates at record lows, the budget announcement yesterday, houses being close to what experts would deem affordable, the sheer amount of numbers itching to buy

    Its only the true doom and gloom (The 80% crash loonies) that want to believe that everything is doomed.

    This time next year, it will all be recovering.

    Why on earth would you think that it will go past december 2009 is more to the point:p

    Because this recession is worse than the last and they fell for over 5 years in that one.
  • formulaonefan
    formulaonefan Posts: 357 Forumite
    June 2010
    mitchaa wrote: »
    Interest rates at record lows, the budget announcement yesterday, houses being close to what experts would deem affordable, the sheer amount of numbers itching to buy

    Its only the true doom and gloom (The 80% crash loonies) that want to believe that everything is doomed.

    This time next year, it will all be recovering.

    Why on earth would you think that it will go past december 2009 is more to the point:p

    I don't think all the people who are itching to buy have got 15% deposit or greater. Mortgage market is extremely difficult at the moment. You need 15% deposit and good credit rating and virtually zero debt to clinch a mortgage deal. It is going to be like that for a while.
  • mitchaa
    mitchaa Posts: 4,487 Forumite
    June 2009
    formulaonefan wrote: »
    I don't think all the people who are itching to buy have got 15% deposit or greater. Mortgage market is extremely difficult at the moment. You need 15% deposit and good credit rating and virtually zero debt to clinch a mortgage deal. It is going to be like that for a while.

    Only for the most competitive rates granted.

    Im sure you know fine well that there are still 90% and 95% mortgages still available.

    I can only imagine that within the next 6-9mths, banks will ease off on this a little, but then perhaps not:confused:
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Roll up, Roll up.
    Get your crystal balls here ;)

    Essential for future predicting / guessing.

    Hope that you get it right and you can tell everyone I told you so.

    Remember to check your balls daily as results can vary on circumstances yet to unfold.

    Why not buy a second ball to tell the lottery results.
    The options are endless ;)
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • skap7309
    skap7309 Posts: 874 Forumite
    December 2009
    formulaonefan wrote: »
    I don't think all the people who are itching to buy have got 15% deposit or greater. Mortgage market is extremely difficult at the moment. You need 15% deposit and good credit rating and virtually zero debt to clinch a mortgage deal. It is going to be like that for a while.

    Exactly. I did a check on moneysupermarket and here are my results. BTW i have zero debt, no CCJs and an excellent financial record.

    40% deposit - 22 mortgages available.
    60% deposit - 840 mortgages available.

    Average house price in my area is £210k, so to get a decent mortgage (ie. not paying 7%+ interest) i need to be looking at a 100k deposit. Dont think that is quite possible for an average Joe....
  • geoffky
    geoffky Posts: 6,835 Forumite
    December 2011
    look at what the markets are saying...long long long way to go yet..me dec 2011 at the earliest
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • geoffky
    geoffky Posts: 6,835 Forumite
    December 2011
    Cannon_Fodder wrote: »
    The experts can't agree what will happen next year, you pays your money (or not) and you takes your choice.

    http://newsvote.bbc.co.uk/1/hi/business/7727893.stm

    HOUSE PRICE PREDICTIONS 2009

    Capital Economics - "another 15-20% off prices"
    CML - "to keep falling"
    Halifax - "20% fall over 2008 and 2009"
    housepricecrash.co.uk - "prices will fall by 15-20%"
    Nationwide - "prices to continue to fall"
    Ray Boulger - "prices will drift in 2009"
    Rics - "prices will slip in the first half of the year"

    not one of these are experts...they all are vested interests...the market watchers are the experts
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    June 2009
    !!!!!!? wrote: »
    This economic growth in Q409 of which you speak - where is it going to come from, exactly? .

    LONDON (ShareCast) - Bonds were higher across the markets, helped by an Organisation for Economic Co-operation and Development (OECD) report predicting tough economic times around the world.
    Here, the body said the UK economy will remain shackled by high unemployment and low house prices and predicted that growth will resume only in late 2009.

    Even gloomy ole OECD are predicting positive growth Q409 :D
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • Kez100
    Kez100 Posts: 2,236 Forumite
    December 2010
    I saw that and think if we get growth (sustainable) starting late 2009 we are b****y lucky. In fact, if it happens, I might even be found voting Labour.

    But it won't - so LibDem it is.
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