Are house prices really going down?

Cat695

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 your saying if you can afford 250k you should spend 250k....no very bright are you.......especially when house prices are currently dropping....

MMMh I guess it was the Investors like you that got the UK into this mess...well done

IveSeenTheLight

ftb_home_dream wrote: »

I would say even 2002 and 2003 prices seem more reasonable. In answering your previous question, yes I use property-bee. I would prefer not to give out area I'm looking for because of my local EA's use these forums.

We are taking a risk buying in this market. We never know property prices may fall 10-20% over the next few years or even further. We need to get those properties under 250K stamp duty threshold otherwise it is not worth it and it is high risk. That's the target we have set ourselves.

Why would youe EA be bothered about saying which area you are interested in?
This smacks a little of a wind up in this case.

Have a look at this link for your area.
http://www.hbosplc.com/economy/includes/19_01_08PostTownsData3.xls

In some areas between 1989 and 1996 there were places that dropped one year and recovered the next.
At least this will give you some understanding historically about your area

EdInvestor

ftb_home_dream wrote: »

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.

You are asking the seller to take 50k less for his property on the basis its value may drop over the next year to that level. This may happen but of course it may not.

But the main problem for the seller is that if he is to accept your offer, he also has to persuade the owner who is selling to him also to reduce his property by the same amount.

Since this probably can't be done, the vendor would be wasting his time with the likes of you.So that's why you are being treated as non-serious.

IveSeenTheLight

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.

Just realised, a FTB wanting to buy a £329k property for £250k :rotfl:

hethmar

Hmmm, something not quite right here

Cat695

IveSeenTheLight wrote: »

Just realised, a FTB wanting to buy a £329k property for £250k :rotfl:

No the house was origanally up for 329 but is now on the market for 289


so its obviosly not selling so why not make the seller take the hit as its more than likely that it will drop to 250 if not below anyway?

if they have had to drop 40k already doesn't that tell you its well overpriced??

neverdespairgirl

jenner wrote: »

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

For a FTB family with a child or two, yes.

neverdespairgirl

IveSeenTheLight wrote: »

Just realised, a FTB wanting to buy a £329k property for £250k :rotfl:

It's not a £329k property if it didn't sell at that price, and has now dropped to £280k, though.

MiserlyMartin

What are you doing buying now? Its far too early, if you want prices that are realistic you will have to wait until the sellers come out of their denial phase. A lot of them are still in it. Wait at least 2 years and you'll get a reasonable priced house at its true market value.

I wouldn't worry about the agents laughing at you. They are not there to help you they are there to act for the seller and get the best price and the most comission. They will not be laughing anymore when their office shuts and they have to get a real job.

lethal0r

doesn't matter if they laugh at you.

would you take £50k off a house if it meant you were laughed at 10 times??

I would have an open day where people could laugh at me as much as they wanted if it meant I got a big reduction.