Have house prices dropped?!!

besonders1

I agree its depressing, the year 2000 prices seem to be more realistic and a mid-point range although I would fear for my life if I offered 2001/2 prices to a seller now! I bet it takes at least 2 years before we start to see the bottom although not everyone bought in 2007 so not everyone will be in negative equity.

tommy75

you offered 120k for a house on sale at 130k. Are you mad? Tell them to go shove it. Hold fire and they will be begging you to buy it for that in 3 months. All the best.

beingjdc

The flat in the block where they were going for £300k plus near me, that's been on for a while at £200k, has been dropped to £175k. I'm guessing they still think it's worth more but don't expect anyone to pay stamp duty.

I'm half tempted to offer £135-140k, but would rather work out where my next job will be before committing to housing.

mark5

Most sellers can hold out for decent offers, if they dont get an offer they like they just wont sell, only the desperate up to the eye balls in debt ones will rip your hands off when you make really low offers.

The average wage now is higher than it was in say 2002 its called inflation, therefore house prices may never fall back that far again, part of the house price gains were inflation and not all down to the boom.

Houses are probably more affordable to most owners than for a very long time with interest rates being so low, lots will sit tight and wait for things to pick up again after all you dont sell in a buyers market if you can help it!

digipeep

2 bed flat on the market for 3 months for £130k Offer £95k, then just sit.


When they realise no one is going to buy it after a few more months you'll get a call asking if you still want to offer £95k, say no and offer £85k, a week later you will have a sale.

besonders1

I wouldn't say that wages have increased that much over the past 9 years, certainly not by the amount that houses have gone up by.

Squish_21

Seems some pople are finding it really hard to admit that their homes are in negative equity.

With some unless they get a certain amount for it they may not be able to afford to move. This is due to not having enough money to cover moving costs, negative equity AND house deposit for next place.

For people who bought recently...GONE are the days where the money/equity you gained on the last place covers the deposit for the next.

besonders1

The people who bought in 2007 peak will be outliving their whole life in a 1 bed shoe box struggling to pay the mortgage with their children sleeping on the sofa.

mrstinchcombe

MrsPitcher2b wrote: »

Have house prices dropped?!!

Yes, do I get a prize?

b0rker

besonders1 wrote: »

The people who bought in 2007 peak will be outliving their whole life in a 1 bed shoe box struggling to pay the mortgage with their children sleeping on the sofa.

We bought at the peak in 2007. We can easily save £12K a year between us. We have about £11K in savings between us already. I am not sure that many people will fit in with your wishful thinking. The SVRs are so low that most peoples mortgages will go down if they come off a fixed. Sorry don't see people selling for much less than 10% off 2007 prices unless they really really have to get rid of the house. The conditions and teh governemt schemes/investments mean that people bieng in that situation will be fairly rare. Eveything is geared towards helping home owners ride out the recession. Whether they bought at 2007 peak or 2001.