Listen to the experts DAMNIT!!!!

Turnbull2000

Some regional property news. Think I better jump in

http://www.sundaysun.co.uk/news/north-east...79310-22470790/

PROPERTY investors hoping to land homes at bargain prices are targeting the North.

Estate agents in the region say they have seen a massive increase in the number of people inquiring about properties.

And most are from people looking to snap up repossessed homes which are being auctioned.

Joanne Longstaff of Tyneside-based Sarah Mains estate agents claimed that more people than ever are visiting their auctions. She said: “We have noticed a definite increase in the number of people who are choosing to buy at auction.

“I think people are realising that prices have gone as low as they are likely to and that, for those people who can get a mortgage at the moment, it is a good time to invest.”

http://icnewcastle.icnetwork.co.uk/homemak...-name_page.html

THIS week’s further slash in interest rates coupled with falling house prices could spell good news for “savvy homebuyers” as the market looks ahead to 2009.

With interest rates now at just 2%, a rate not seen since 1951 and equal to the all-time record low in the UK, property experts in the region are urging buyers to take advantage of this rare situation.

The rental market is also providing to be a sound investment, according to Mr Foster.

He said: “Rental yields are becoming attractive again, we have seen some offerings of close to 10% – gross return – and will be increasingly so as savings interest rates fall further. Investors and speculators should be looking now to enter the market, particularly the buy-to-let and volume new-build sector where there are some very attractive deals to be had but stocks of these properties will fall with the declining pace of construction.”

http://icnewcastle.icnetwork.co.uk/homemak...-name_page.html

The North – covering the North East and Cumbria – was the only region of England and Wales not to see asking price falls during the month, with asking prices here rising by 1.3%, says the survey by property website Rightmove.

Annually asking prices in the North are down only 4.5%, despite other surveys suggesting annual price falls in the region of 8.3% (Land Registry), 8.6% (Nationwide) and 9.3% (Halifax). Rightmove commercial director Miles Shipside said the market in the North was less likely to suffer the sharp peaks and troughs of the South.

http://icnewcastle.icnetwork.co.uk/homemak...-name_page.html

Property expert Richard Sayer says that, despite the economic downturn, it’s time to look again at property:

In a whirlwind year for the UK economy, business and personal wealth, I think now is the time to look at the reality of the results.

Mortgage rates are down 2% on a year ago, and the rate then was at one of the lower rates that we have had over the past 25 years.

We were told to panic about the spectre of inflation, which we now know has “peaked” at 4½% – but that doesn’t scare those of us who can remember 20% inflation in the 1970s. We were told that food costs have shot up, fuel costs shot up 35% but are now back at the level they were a year ago. We have to believe energy costs will now fall as well.

Among this self-induced panic, stocks and shares have collapsed, for many apparently sound companies over 50% and in several cases down to zero. For the first time in 100 years your very savings in the bank have been perceived as being “at risk” and could be lost.

Well my industry, the property market, has been pushed in everyone’s face by most sections of the media for more than 15 months as “ripe for disaster” and this has proved manifestly to be a great exaggeration.

Prices have dropped in the North East, perhaps by 15% – hardly a disaster, but making first-time properties much more affordable for the young. It is mortgage availability which is now preventing them from buying.

Many people are now nervous of what to do with their savings. They won’t like getting 3½% return from the bank and they aren’t ready to buy shares and investments.

Over the past 50 years property has risen at an average rate of 10% or more. You have to believe that if you buy now, in three years’ time you will see a significant gain. Investing in property is, literally, the most rock solid investment people can find at present.

If you are climbing the housing ladder, the more expensive house you are buying has dropped more than your current home and you are making a tangible gain. For buy-to-let investors, the property you are buying has dropped sharply and the rent you will receive from it has gone up. The maths is indisputably sound.

If you take good advice, know what to buy and what to leave behind, I genuinely believe that there has never been a better time to move home or invest in property in the past 18 years.

http://icnewcastle.icnetwork.co.uk/homemak...-name_page.html

WITH borrowing costs at their lowest since 1955 and keen property bargains to be had, now really is a good time to buy a home, according to North East property experts.

The recent interest rate slash has provided a welcome boost to the region’s property market, particularly in the new homes sector. Builders are reporting a marked increase in demand and renewed interest from first-time buyers.

Shepherd Homes’ sales and marketing director, David Smith, said: “We have taken a transparent approach to our offers with no gimmicks built in to our prices, just straightforward reductions on selected homes.

“Demand for these properties has increased and we have had a surge of sales to first time buyers, which is a positive indication that market confidence is increasing. However, market forces dictate that increased demand will lead to increased prices, therefore now is indeed an ideal time to buy – especially with the recent interest rate cut from the Bank of England.

Richard Bass, managing director at Keepmoat Homes North East, agrees that this is actually a good time to buy.

He said: “As the credit crunch continues to bite and people tighten the purse strings with Christmas approaching, I would still encourage those interested in moving and particularly first-time buyers to consider a home purchase.

Northern_girl_2

The asking prices might not be going down yet but nothing much seems to be selling either. I get the Metro over the Tyne every morning and there are two huge new blocks of flats either side that have been standing empty for months.

I'm also hearing lots of stories about students moving into penthouse apartments on the Quayside because the rents have fallen so much.

j-baby-scotland

Dumb & dumber...
Glasgow is full of unsold new builds.
Incentives offered not shifting them.

maybe they think they can bullsh*t forever..?

mizzbiz

Northern_girl wrote: »

The asking prices might not be going down yet but nothing much seems to be selling either. I get the Metro over the Tyne every morning and there are two huge new blocks of flats either side that have been standing empty for months.

I'm also hearing lots of stories about students moving into penthouse apartments on the Quayside because the rents have fallen so much.

Same here Northern Girl, especially about the students.

A lot of those flats in the blocks you mention have already been auctioned off for less than half of what were paid for them. I'll try and find the estate agent that presides over the auctions.

macaque_2

Turnbull2000 wrote: »

Some regional property news. Think I better jump in

My advice would be to stay off the diving boards whilst the pool is being emptied.

luvpump

j-baby-scotland wrote: »

Dumb & dumber...
Glasgow is full of unsold new builds.
Incentives offered not shifting them.

maybe they think they can bullsh*t forever..?

I am sure some think they can !!... But with 2009 set to be the Worst year since ww2, a serious dose of reality is coming there way... I would take more notice of the regular posters on these boards than i would any "Expert" ...

the_ash_and_the_oak

I remember what these experts said last year. I didn't trust them. Some of them looked a little shifty. I even got the feeling that some of them wanted to sell something to me. I decided I couldn't really justify the expense anyway

I'm reading what these experts said this year. I don't trust them. Some of them look a little shifty. I even get the feeling that some of them want to to sell something to me. In all honesty, I realised I couldn't justify the expense anyway

halight

Here in the west midlands
nothing seems to be selling.
a house in my street has now been on the merket for over 12 months,

Broken_hearted

luvpump wrote: »

I am sure some think they can !!... But with 2009 set to be the Worst year since ww2, a serious dose of reality is coming there way... I would take more notice of the regular posters on these boards than i would any "Expert" ...

True people on the boards saw it coming ages ago but everyone told them to shut up. They were seen as doom mongerers who just wanted everyone to be as miserable as them. Those of us who listened are going to have an easyer time but its still going to be harsh.

pickles110564

Broken_hearted wrote: »

True people on the boards saw it coming ages ago but everyone told them to shut up. They were seen as doom mongerers who just wanted everyone to be as miserable as them. Those of us who listened are going to have an easyer time but its still going to be harsh.

Let me be the first, Property prices will soon start rising.

Cat695

pickles110564 wrote: »

Let me be the first, Property prices will soon start rising.

Oh pickles you say the funniest things......to make it more interesting when do YOU think they will start to rise???