Is there any reason to be optimistic about house prices at the moment?

QTPie

Midnight_Cowboy wrote: »

I guess the value of my house has fallen by about 17% from the peak. You shouldn't worry about the 'lost' £40k, if you are trading up you have gained as a more expensive house will have lost more.

Theoretically yes, practically, it is hard to say.... As I have said, the properties that I am currently "watching" (haven't got around to viewing yet - just went under contract to sell ours last Thursday) are still asking for 10% over the equivalent of what we sold for (i.e. "late 2006 prices"). Certain "sectors" of the property market take longer to drop than others (and may drop less anyway). There are no gaurantees in life and many sellers will not realise a 17% (or even greater) drop in prices: so it doesn't matter what statistics say, if a seller wont sell at that level then you cannot buy at that level.

I am not worrying about the lost £40k, I am just taking the gamble and running with it (oooooh, too many mixed metaphors there! ). I think that we will be ok. I don't think that we will get the bargain of the century, but we should get a very good house for an amount that we can comfortable afford (which probably would have stretched us too much a year or 18 months ago). And it is finding a great home, that we can afford, that matters

QT

adecor

Wish you all the luck in the world - personally, I couldn't go through all the hassle of having to move into rented and then 'hope' to find the dream house that I want, especially given the percentage available to you is small in a normal market. Guess a lot depends on the type of people that own them - if they're older then they probably won't have negative equity & just downsizing.

Midnight_Cowboy_2

adecor wrote: »

Wish you all the luck in the world - personally, I couldn't go through all the hassle of having to move into rented and then 'hope' to find the dream house that I want, especially given the percentage available to you is small in a normal market. Guess a lot depends on the type of people that own them - if they're older then they probably won't have negative equity & just downsizing.

It is noticeably becoming a hassle, I grant you that! What started off as a great idea on paper is becoming less appealing in practice...

confused31_2

It depends how much the rent is? you are not going to get anywhere near your rent paid, with the intersest, if you rent for year 800 pound a month, that is nearly 10,000 pound on rent.

By me the houses have just not dropped that much, im not saying they wont but they havent yet, its a risk but you are the only one who can take it, and has you said you are only lowereing the price by 5% this is not that bad.

I dont know whats going to happen they reckon mortgage acceptanes have gone up for the third month running, but what this means we will just have to wait and see.

Midnight_Cowboy_2

Well, there are just 2 of us, so we'll be renting a 2 bed flat, the interest just about covers my share, although I'd be the first to admit that the plan was much sweeter when interest rates were around 6%.

It does suprise me that where I live most houses that are on the market are close to 2007 prices. I think people are chancing it to see what happens, but I don't think they have a hope to be honest.

Midnight_Cowboy_2

Just thought I would *bump* my own thread up in light of todays Nationwide HP survey. Anyone think this is a turning point... or a flash in the pan?

Radsteral

Your buyer will prpbably sell your house in six months and make a £50k profit.
Or they might not.
Who knows?
Glad to be of help

now thats what i call a happy tread

Snakeeyes21

YES!! i can finally get on the property ladder instead of filling the pockets of landlords.
im surprised the bubble didnt burst years ago,
yes people have lost money but if they didnt see what was happening and realise they were paying over the odds, they cant blame anybody but themselved.
im glad there was a crash and so are thousands of other people

carolt

Midnight_Cowboy wrote: »

Just thought I would *bump* my own thread up in light of todays Nationwide HP survey. Anyone think this is a turning point... or a flash in the pan?

Try the House Prices, Economy and Recession Board (if you can take the heat).

Lots of discussion on there.

Personally, I don't think 1 month's figures are enough of an indicator - but I could be wrong.

Incidentally, am I the only one to find the title of your thread curiously ambiguous? Rising house prices are good news for some, falling house prices for others.

besonders1

It depends on what point of view it is from, if you owned your own home and planned to move then cheaper house prices would be a benefit as the house you need to buy will be falling in value. If you owned a second home as an investment or BTL then it would be a disadvantage if rents and its value was sinking as it means less dosh!