Whither house prices? The BBC's take on 2009

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novazombie wrote: »

Many are talking about in just 1 years time we will be at the bottom so will buy. They dont consider that HP may just carry on falling for years.

That would be fantastic news, I missed out on moving up the market a few years ago.

Ideally I will be looking for a very desirable 4 or 5 bedroom detached property, large grounds of at least 0.25 acre or more, secluded and in a very picturesque upmarket village somewhere in the SE. Continuous falling prices will mean it will come into my range.

Unfortunately I and a million others would like a property like that, if I do buy such a property I will buying at my limitation of what I can afford.

You can apply that to the next category of property above and below, people will be buying at their limitation.

But at the end of the day whatever type of property you buy you will be in competition with many others all pretty much buying to and beyond their limitation. That unfortunately puts an upwards pressure on house prices not a downward one.

That has been the housing model for a very long time in the UK.

What we have had is an excess in the housing market and now it's simply correcting rapidly because of lack of mortgage funds. It's not going to continue with ever rapidly increasing drops. 2009 will almost certainly see the bottom reached.

besonders1

2009 will almost certainly see the bottom reached.

I hope so, just in time to buy.