Is it time to Buy property, bargains?

Trust_2

We are in an interesting position, and if you have money where do you put it?

Houses valued at £150k are going for £80-100k or less,

Interest rates very low for savings,

So it it time to buy if you have the money or wait six months.

Anyone had any good bargains?

(if only I had a crystal ball which would show me the lottery numbers for tonights drawer or the state of the economy in a years time!)

Kenny4315

Wait, at least another 6 months

Swipe

Trust wrote: »

Houses valued at £150k are going for £80-100k or less,

Do you mean houses valued at peak or current values and do you have any examples of these? Is this just from anecdotes mentioned in conversations and forums?

Trust_2

The isn't anecdotes,

Peak prices 12/18 months, are now reducing,
Example, property on the market from august last year £105k is now up for £60k 3 bedroom terraced house. Yes you usually find these need updating works but that is it. so a 40% reduction.
Perhaps the original price was an over-valuation but going through house selling searches I could see that house sales early in 2008 were hitting this approx price.

So Kenny4315, the reason for this thread was around the fact that money is being fed through to banks to try and get them to give mortgages again, as soon as it get's passed down surely it will flat-line the market, so your six months is that wait or think what the price may be? (10% fall) and offer 10% less again.

besonders1

Is it time to Buy property, bargains?

Yes, if you don't mind being ripped off, but then again thing may be different in 6 months time as nothing is selling in my area. It is true that many houses are over-valued, hence the reason why were not going anywhere. I bet they would sell no problem if they all came down to £20K, and the market problems will be solved.

BlameTheGame

Its rather amusing when i see properties still priced the same as they were 6 months ago even 12 months in some cases. Maybe people who are selling have thrown away their TV's and stop reading newspapers.

I would personally wait a few months, but if you see a bargain and are willing to pay what its worth to you then do whats best for you.

macaque_2

Trust wrote: »

We are in an interesting position, and if you have money where do you put it?
Houses valued at £150k are going for £80-100k or less,
Interest rates very low for savings,
So it it time to buy if you have the money or wait six months.
Anyone had any good bargains?
(if only I had a crystal ball which would show me the lottery numbers for tonights drawer or the state of the economy in a years time!)

It is always a good time to buy property bargains but are there are any bargains out there?

A property which has been reduced from £500k to £400k might look like a bargain to you but is it? Seven or eight years ago the same house would have sold for under £150k. The concensus now seems to suggest that the clock on the house price time machine is set to wind itself a long way back. Why not wait until the £400k house reverts to £120k again?

brit1234

We are a long way from the bottom and monthly price falls are getting bigger.

Anyone buying now would be in negative equity for years and risk buying the same property far cheaper.

Why buy now when rents are falling as well?

It makes as much sense as self harmers.

baby_boomer

Times - When is the right time to get back on the property ladder?

Melanie Bien of Savills private finance says:

"with prices continuing to fall, buyers will be at no disadvantage if they wait another six months.”

This is the article where I found 2032 predicted by Capital Economics as the year property will regain its 2007 levels.

phil_b_2

If you can get a house for 2003/4 prices (comparable by spec/area etc) then I think now is a good time to buy. Especially if you get a long fixed low rate.
In the vast majority of cases I dont see prices going below 2003, they would actualy just be too cheap then. There is a massive gulf between 2001-2003.

People say wait another 6 months or more, but if you can get a good amount off now then why? In say 6-12 months the house you want might be 20k cheaper on paper but you'll be far less likely to get anything off it, and end up paying the same as now with a reasonable discount.
Interest rates might have tripled by then too.

mewbie_2

phil_b wrote: »

People say wait another 6 months or more, but if you can get a good amount off now then why? In say 6 months the house you want might be 20k cheaper on paper but you'll be far less likely to get anything off it, and end up paying the same as now with a reasonable discount.

Forecast for this year is another 15% off? No one seems to be talking seriously about recovery in 2010. So there would not appear to be much of a rush on.