Are house prices really going down?

phlash

Keep waiting. What's 6 months?

House prices aren't exactly suddenly going to reverse.

Catching a falling knife is a dangerous game.

Phlash

uzubairu

EdInvestor wrote: »

I suppose it's pointless to note that if you want to buy a house and can comfortably raise funds to the tune of 250k, then it might be sensible to put in an offer on a property listed at 250k?

Do you not realise that anyone with a property listed at 300k will view your offer as derisory not only because it's too low, but also because you clearly lack credibility mortgage-wise and are likely to be unable to follow through.

Which would be a waste of everyone's time.

It's a pity FTBs are being led astray by the speculators on this forum.

So you don't think the seller wanting £300K in the current market lacks credibility also, or is in state of denial?

They've saved up a 25% deposit.
I think that shows a certain level of credibility. If only a few more FTBs had 25% deposits.

nixinix

We sold our house in July this year (in one day), we put it on for £120k and accepted £114,500 with promise of 28 day completion (over ran by 2 weeks - but thats by the by! Previously an identical house sold for £130,000 in Srp 2005. We had expected closer to £125k but negotiated the extra £10k off our purchase so it equalled out. Last week another identical house was marketed for £112,000 and has sold within the week, unfortunately don't know for what but obv. up to £112k!

The houses are ideal FTB house - decent size 3 bed semi with garage in an 'ok' not great area. So prices are dropping...just not quick enough for some!

ftb_home_dream

EdInvestor wrote: »

I suppose it's pointless to note that if you want to buy a house and can comfortably raise funds to the tune of 250k, then it might be sensible to put in an offer on a property listed at 250k?

Do you not realise that anyone with a property listed at 300k will view your offer as derisory not only because it's too low, but also because you clearly lack credibility mortgage-wise and are likely to be unable to follow through.

Which would be a waste of everyone's time.

It's a pity FTBs are being led astray by the speculators on this forum.

I don't think its lack of credibility because I have told Estate agents everything they need to know about our finance and how much we can afford. My point is simple. When we offer on a house we want to consider the possibility that house prices are going to go down by atleast 10%. In the current market the property maybe worth £270K but in a year's time it may be worth £250K. I could get the property today at £250K or get it at that cost or cheaper after a year. The sellers have a choice as well. They can sell now 10% less and buy something similar or wait for year and sell less.

geoffky

HammersFan wrote: »

Just focus on getting the house that's right for you. That isn't just a finiancial decision as some would have you believe. But if you're primarily worried about finances I'd wait a month or two for very low fixed rate mortgages (high 3%s) and then look seriously with an agreement in principle - do it as long as you can find somewhere you are willing to stay put for a while.

hammers you where shouting from the rooftops there would be no crash and now this...:rotfl::rotfl:

Yes forget all the negative equity stuff and the fact that the country is about to implode finacially just wait ONE or TWO months and go for it...then dont put your head out of your front door for a few years as you might be in negative equity .but hey so what as long as the estate agents get their cut....

geoffky

EdInvestor wrote: »

I suppose it's pointless to note that if you want to buy a house and can comfortably raise funds to the tune of 250k, then it might be sensible to put in an offer on a property listed at 250k?

Do you not realise that anyone with a property listed at 300k will view your offer as derisory not only because it's too low, but also because you clearly lack credibility mortgage-wise and are likely to be unable to follow through.

Which would be a waste of everyone's time.

It's a pity FTBs are being led astray by the speculators on this forum.

what are you saying people are not excepting low bids and its wrong to put them in?
you can wish this but in reality people are bagging up to 40% off asking prices here and now and for you to say dont ask for 15% off makes me think you sir are a fool...

mipueblo

Don't buy at the moment - as most have already said , be patient. The housing market in the uk is going to implode over the next year or so - I live in the states and 50% drop from peak prices is already on the cards here - and uk will follow. The usa will default in the fiancial markets around march '09 and then all bets are off regarding the 'value' of housing stock.

remember most people in the uk know the price of everything but the value of nothing ! Those turing you down now have now idea what is coming !

Stay calm - everything is about timing your entry to the market...good luck.

mewbie_2

EdInvestor wrote: »

I suppose it's pointless to note that if you want to buy a house and can comfortably raise funds to the tune of 250k, then it might be sensible to put in an offer on a property listed at 250k?

And what would you suggest as an opening offer on a 250k property? My understanding is that the average achieving price is something like 10% below asking. So would you think an opening offer of say 15% below would be a good starting point? I make that about 220k. This month.

But next month I suppose another 1-2% off. And the same next month. And so on. It's all a game of poker of course, but really right now the buyer has complete control. Cant make the deal? Just walk away, there are plenty more out there.

brit1234

ftb_home_dream wrote: »

Yes. You are absolutely correct. I think I'm being impatient. But the way the agents say these things. I feel they are just laughing in my face.

He who laughs last laughs best. I don't think anyone on this board would want to trade places with an estate agent in their unsecure situation.

Slow things down, save more and we will see you on the flip side. Mortgage fiancing is set to get tighter next year, that means bigger drops than this year.

Good luck

puddy

nixinix wrote: »

We sold our house in July this year (in one day), we put it on for £120k and accepted £114,500 with promise of 28 day completion (over ran by 2 weeks - but thats by the by! Previously an identical house sold for £130,000 in Srp 2005. We had expected closer to £125k but negotiated the extra £10k off our purchase so it equalled out. Last week another identical house was marketed for £112,000 and has sold within the week, unfortunately don't know for what but obv. up to £112k!

The houses are ideal FTB house - decent size 3 bed semi with garage in an 'ok' not great area. So prices are dropping...just not quick enough for some!

3 bed semi with garage is a ftb property??????