What’ll happen to house prices? poll discussion

luvpump

mewbie wrote: »

Just saying what I think will happen carries very little weight, I am just a poster after all. So I'd rather say what my gleaned 'knowledge' from various sources is before stating the obvious.

Biggest bubble in the world. 18 months behind the States where they are still dropping.
Worst placed country in world to see out recession.
Tax bombshell AND public spending cuts coming up your street soon.
Unemployment forecast to hit 3.5 million in a year.

Yep, it's crash all the way as far as I can see.

I have to agree, People just cannot ...or will not see the greater picture !!.. This Massive bubble has been over a decade in the making, they think a couple of years (at most) of ever smaller price reductions will be enough ... IT WONT ... The party is at long last OVER, the credit levels that supported the Crazy house price run, the U.K & indeed Global Economy has popped...
The new reality will set in one day.... & replace the fantasy ..

Really2

lostinrates wrote: »

Which as well as making me happy, makes me kind of worry.

I'm not normally so sour, but I can't help wondering if these are the people who think they will be ok without doing their seatbelts up, or the ones who don't protect themselves against STIs. I bet they all have safe jobs too.

The truth is the majority will tighten their belts (Mortgage repayment and saving figures kind of prove that) and all though not the right attitude in a recession 90% of people could carry on and not change a thing from the boom and still get through unscathed.

I agree prices will not go up (I think down 10% ish over the next year )but I would not write off the people who think they would go up as irresponsible either.
Some people just have a different view of the world and there own personal outlook.(also they may just be having a laugh:))

MiserlyMartin

Going by the results so far- Nobody really has a clue.

Generali

MiserlyMartin wrote: »

Going by the results so far- Nobody really has a clue.

It's because nobody does. We're in completely uncharted waters here - there has never been an economic situation like this. Japan in the 1990s comes closest AFAIK but even then the structural differences are immense.

woody252506

rickbonar wrote: »

the average wage being around £24,000 that makes you if you can get a mortgage only capable of getting a maximum of around £95,000...
This might just buy you a garage or a decent caravan.


Most sellers won't drop their prices as they’re gambling the house price saga is just a blip but I fear prices have got a long way to drop yet. Buyers don’t want to buy something that is dropping in value and due to drop as much as half again.

Here in Leeds there are a few sellers who are starting to be realistic.

A 2 bed semi bungalow with a drive and nice gardens in a nice cul de sac, reduced to 105k from £130k.

A 2 bed semi, large back garden with driveway in a decent area, gone down to 99k from £130k over the last year.

A 3 bed mid town house, drive to the front, lovely sized back garden with nice interior, new kitchen and bathroom in another nice cul de sac, just on the market at 109k.

If sellers start accepting that they wont get what 2007 would have brought in then house prices will level out quicker. Im a FTB and me and my gf are saving for a 15% deposit. If the above 3 are around when we get to our deposit amount then we will be going for one of them for sure. We are under the average wage of 24k but not by much. A repayable mortgage over 30 years if we bought for 100k would be £475 a month which I think is great and very affordable. :cool:

whathavewedone

I voted for H (10-20%) but the reality is J - I haven't got a clue.

bendix

I think we need two polls. One for mitchaa's and islandannie's streets in Aberdeen, and one for the rest of the UK.

I suspect the results will be very different.

mitchaa

I thought i was a bull voting for 5-10% down this year, but looking at the poll results there are over 500 that have voted for less so there appears to be far more bulls than bears. Perhaps im a bear then?

Interesting results, 9 people so far have voted for 20% up, i like the optimism

penguine

woody252506 wrote: »

A repayable mortgage over 30 years if we bought for 100k would be £475 a month which I think is great and very affordable. :cool:

Are you planning to go for a fixed rate? Because don't forget that interest rates are going to go back up at some point.

penguine

Interesting results so far: 25% of respondents think prices will go up in the next year. Lots of denial out there still.