Static House Prices

carefullycautious

The funny thing is because the same houses are shown again and again I have discounted most of them as the number of times I have looked into them the more I discount because of potential problems. For example I have been keeping my eye on a few bungalows. Now if the prices had been adjusted at the start I may have considered buying. But because I have gone over them time and time again with a fine toothcomb I seem to see more problems, ie energy performance low, work that needs doing etc. So now they are discounted, whereas if the prices had started to go down in line with true pricing as opposed to inflated I may have considered taking one on.

The more I look the more I have realised what stupid prices everyone has been paying. Its like looking at an old banger car and then telling the showroom manager you will pay the price of a Ferrari quite happily. I cant believe how everyone has been hoodwinked into believing the Hype

besonders1

Yeah buts its more exciting being a FTB now than in the boom, at least we all have confidence that a house will not be going up in value any more for which might be at least a few years.

Swipe

carefullycautious wrote: »

But because I have gone over them time and time again with a fine toothcomb I seem to see more problems, ie energy performance low, work that needs doing etc. So now they are discounted, whereas if the prices had started to go down in line with true pricing as opposed to inflated I may have considered taking one on.

Do people really pay much attention to the energy efficiency graphs? It's not something I ever based a decision on. I always figured it wasn't that big a deal that a couple of hundred quid of loft insulation and cavity wall foam wouldn't take care of.

besonders1

carefullycautious wrote: »

The more I look the more I have realised what stupid prices everyone has been paying. Its like looking at an old banger car and then telling the showroom manager you will pay the price of a Ferrari quite happily. I cant believe how everyone has been hoodwinked into believing the Hype

Looks like most people are just beginning to see sense, the world is nothing without mortgages after all most people 2 years ago thought that the price of their home would only ever go up even though they may have paid 3x the price of it in the late 1990s and they did not think that it was strange that it could jump up in value so soon?

carefullycautious

Im afraid my get up and go has got up and gone. Boredom has set in and Im sick of now trying to conjure up any enthuiasm for the properties. In fact the sellers are not doing themselves any favours as the more I look the more I see potential problems because I am now looking with a critical eye and not letting my heart get a look (You know that feeling of falling in love with a property, you know there is work to be done but are prepared to do it as you are all enthusiastic). Im left wondering if bricks and mortor is worth the personal cost we have all been putting into it.

In answer to Swipe it must be an age thing with me re energy efficiency. My main prerequisite is a warm home, that will be economical to run as I am now entering a time of life where our earning capacity has reduced. So that is a main concern considering the cost of utilities. I think when you are younger you dont think about these things but for us it is a concern.

ukcarper

Is it people seeing sense or just the fact that they can't get the money

besonders1

Thats the way it should be and the reason why the prices will fall. People will see them for what they are really worth rather than just buying anything as an investment knowing it will accumulate in value for no reason.

besonders1

ukcarper wrote: »

Is it people seeing sense or just the fact that they can't get the money

The latter I think as most people don't usually see sense

carefullycautious

You have hit the nail on the head Besonders1. I am looking at all these tired old properties and thinking has someone really paid x amount for this. I must admit now that I have time to go over and over each property and there is no need to rush into a decision because you know that it will be snapped up by someone else you really do start to see exactly what you are taking on. Interesting pschology isnt it. It would be interesting to know the amount of people who in the past few years have had to make snap decisions on securing a property had lived to regret it because they were unable to actually take the time to really look at what they were buying.

ukcarper

Having bought my first house in the seventies when banks started to increase the multiples I thought that all it would do was increase the price of the cheapest house by that amount obvious really. But the buyers were very willing to take out these big mortgages and I’m sure they still would if they could and will if they return.