Is it time to Buy property, bargains?

chucky

macaque wrote: »

I can only speculate.

so can everyone esle - enjoy your day :beer:

LesleyBarrett

Hi there, i have just joined this interesting forum, currently i live in Cyprus but because i am unfortunately sick, i have decided to come back, also being just 2 years off for my pension which will be crippled by the euro/stirling parity. But this means that i can now buy more for my money because i have the euro. So am interesting in paying cash for a cheap property asap ish and was starting to panic as i thought i was going to miss the boat as far as cheap property were concerned but now.. My worry is that the Euro will be devalued also. When in your apparent wisdom could that occur and as my dosh is in a high interest account that matures in March have i still got time to wait and change it to stirling before the euro starts to take a dive.

Hope that makes sense, not sure it does to me..

Les

geoffky

In the famous stock market crash most people who lost all had dived back in the market when it had dropped 90% and thought it could not go lower but it did and this is how people got wiped out.
This will happen here also as people think they are getting a bargain with 20% off prices now but forgetting that the market has risen 200%+ and there is plenty more room for them to fall....todays bargain is tomorrows millstone

geoffky

LesleyBarrett wrote: »

Hi there, i have just joined this interesting forum, currently i live in Cyprus but because i am unfortunately sick, i have decided to come back, also being just 2 years off for my pension which will be crippled by the euro/stirling parity. But this means that i can now buy more for my money because i have the euro. So am interesting in paying cash for a cheap property asap ish and was starting to panic as i thought i was going to miss the boat as far as cheap property were concerned but now.. My worry is that the Euro will be devalued also. When in your apparent wisdom could that occur and as my dosh is in a high interest account that matures in March have i still got time to wait and change it to stirling before the euro starts to take a dive.

Hope that makes sense, not sure it does to me..

Les

Les no one knows when the euro is going to take a dive but you are in a good position at the moment and there is not a lot you can do till march so just sit back and watch this housing crash unwind as it has a long way to go i think and if you can i reckon as each house is losing on ave £2000 per month in value that you think about renting for twelve months when you get back and then you can see next year if you might want to wait more or go and buy...you are in a good position and one thing you will not miss the boat because the boat is sinking...:rotfl:

LesleyBarrett

Thanks Geoff for that, i cant really afford to rent as i am partially disabled and need a firm home for my chattels, and my rescue animals, doing this moving lark on my own has been fraught with difficulties and trust me in the last 7 years i have moved 3 times, this has to be the last, or it will kill me.. but i will not rush from here and i reckon it will take me a few months to get organised , i dont have loads to spend but it will be where i rest my head for my last breath cos i am knackered from all this toing and froing...but at least i feel reading your posts that i will get a decent home to live in. It will be more towards the midlands as this is in my range, even though i am from the south., i am sure i can learn the language, why ai man, thanks for your imput..

Les

besonders1

geoffky wrote: »

This will happen here also as people think they are getting a bargain with 20% off prices now but forgetting that the market has risen 200%+ and there is plenty more room for them to fall....todays bargain is tomorrows millstone

I think your spot on there, it is surprising how much interest a (repo) house seem to get with a couple of thousands off 2007 prices when the have doubled over the past 10 years, luckily though for my friends, they have been turned down for mortgages recently due to the crunch so effectively the banks are a blessing in disguise saving them from NE.

Apparently in the last crash which I don't remember, 1995/6 was the lowest in the market, yet my friend was looking round for her first house then and there was no mad rush to buy, in actual fact a lot of buyers were quite fussy over the price, even if it was 5-10K over the average asking price it would have been on the market for months without any interest so I think thats what will happen when we hit the bottom. If people choose to buy now then there will be less competition from buyers in the future as the money (cash, remaining profit from developers) will run out as we go deeper into the recession and things get worse as they will have already overpaid through the nose for their dream home.
The main problem FTB's will face is which house to choose from when the prices are at their lowest :rolleyes:.

geoffky

LesleyBarrett wrote: »

Thanks Geoff for that, i cant really afford to rent as i am partially disabled and need a firm home for my chattels, and my rescue animals, doing this moving lark on my own has been fraught with difficulties and trust me in the last 7 years i have moved 3 times, this has to be the last, or it will kill me.. but i will not rush from here and i reckon it will take me a few months to get organised , i dont have loads to spend but it will be where i rest my head for my last breath cos i am knackered from all this toing and froing...but at least i feel reading your posts that i will get a decent home to live in. It will be more towards the midlands as this is in my range, even though i am from the south., i am sure i can learn the language, why ai man, thanks for your imput..

Les

les i dont know if you know of this website but here is where all the price reductions are listed so if you put in a area it tells you what houses are up for sale with discounts upto 50% off the lunatic prices of last year ect... use it well http://www.propertysnake.co.uk/

MickKnipfler

You'll know when you,ve just missed the bottom when all the, 'buy a house, paint it and double your money' programs start again.

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MickKnipfler wrote: »

You'll know when you,ve just missed the bottom when all the, 'buy a house, paint it and double your money' programs start again.

If I've said it once, I have said it a million times, if you are credit worthy, have good savings, the bottom of the market is impossible to miss, when prices hit their nadir, you will have many years to buy.

sircharles

None of us know the precise DATE when properties will reach their minimum price (and they ALL have a minimum!) but already drops have eased up and they have been pretty much stagnant for a good few months. Only the previously very overpriced properties, the new builds apartments, and the frankly horrible ones (i.e. ex-council houses on sink estates) have dropped by a huge amount. In fact, it's those that will be the last to shift when the market picks up again.

Desirable properties are still selling - albeit much more slowly - but they're the only ones selling. And the reductions are far less on those than they are on the horribly awful dumps.

Whatever, no-one actually knows when they will level off (although some experts suggest they have already) but what WE ALL KNOW IS - PROPERTIES WILL RISE AND BE WORTH MUCH MORE IN 10 YEARS FROM NOW!