House prices may never recover...

Zelie

FungusFighter wrote: »

Actually mate I was looking for !!!!!! and stubled on it;)

Bliddy liar! There's no way you've got one that long!

julieq

Bought a flat in 1988 for £40K, sold in 1994 or so for £32K, bought a house for £90K, now at the most pessimistic view it's worth £250K (2007 valuation was £330K), and I'm mortgage free. You can take a loss during a period of falling prices and still come out well ahead, because it's easier to buy something of better quality - less competition basically - and better quality houses will tend to maintain and increase value better than the bog standard ones.

The trick is not to get obsessed with spot valuations and not to try and "win" the "game" by calling the absolute bottom of the market. Markets are like sea swell, everything bobs up and down together. If you swap a lower value asset for a higher value asset, you recover from any loss faster on the upswing, because a 5% upswing on a 100K house is worth a 10% upswing on a 50K house.

StevieJ

FungusFighter wrote: »

Actually mate I was looking for !!!!!! and stubled on it;)

Suggest a shave then

nightwatchman

Broken_hearted wrote: »

Of course it will recover as there will always those stupid enough to lend/borrow too much.

I believe that the price of the tulips has never recover since their peak of February 1637.

JoolzS

iKennett wrote: »

We bought our house right at the peak for £109K which we were pleased with at the time. We can afford the mortgage and have a fair bit of money left over at the end of each month... we are living not surviving.

However, we would love to move to something a little bigger. This house has served its purpose and we would love to either part-ex or sell up.

There is a similar house in the street on the market for £109K and out mortgage current sits at £99,300. If we could sell at £100K then we would lose our deposit and anything less then we are losing even more money.

My view is...

1. Sell now, lose roughly £15K, buy new house.
2. Wait, Sell in future, break even, new house will cost more

Either way we would lose out!

We bought at the wrong time and we understand that, we don't regret buying... had we bought it 3-4 year ago we would be moving on with a fair profit!

Just enjoy your home. I live in a two-bed flat bought more than 15 years ago - at various times during that 15 years DH and I "should" have moved. We didn't move, we still live here, and it's still home and that's the most important thing - home.

StevieJ

JoolzS wrote: »

Just enjoy your home. I live in a two-bed flat bought more than 15 years ago - at various times during that 15 years DH and I "should" have moved. We didn't move, we still live here, and it's still home and that's the most important thing - home.

What a heartwarming sentiment :T Thanks.

dorsetjohn_3

iKennett wrote: »

We bought our house right at the peak for £109K which we were pleased with at the time. We can afford the mortgage and have a fair bit of money left over at the end of each month... we are living not surviving.

However, we would love to move to something a little bigger. This house has served its purpose and we would love to either part-ex or sell up.

There is a similar house in the street on the market for £109K and out mortgage current sits at £99,300. If we could sell at £100K then we would lose our deposit and anything less then we are losing even more money.

My view is...

1. Sell now, lose roughly £15K, buy new house.
2. Wait, Sell in future, break even, new house will cost more

Either way we would lose out!

We bought at the wrong time and we understand that, we don't regret buying... had we bought it 3-4 year ago we would be moving on with a fair profit!

you bought for £109K dont expect offers over £76K thats approx 30% off peak

QTPie

ad9898 wrote: »

I think the issue is, will you ever see a '2007 price' on a particular house again ?

Put "Bath" into Rightmove and you will see a lot of 2007 (asking) prices now... :rolleyes:

(would like to be looking at somethign lower than 2007 prices (or actually "2007 and a bit" prices.... no most aren't selling, but that isn't affecting most sellers much yet).

QT

Masomnia

FungusFighter wrote: »

...sez some dude who writes for some money thingy
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/why-home-prices-may-never-recover.aspx

Like anybody cares

USA ≠ Britain.

WhiteThierry

ad9898 wrote: »

I think the issue is, will you ever see a '2007 price' on a particular house again ?, the answer is of course, yes, probably around 2016-2017, however will we ever see prices this high again compared to wages/salaries ? (i.e real inflationary terms), that is a different issue all together, my suspicion is not.

My reason for saying this, is the carnage that now surrounds us.

much as i hope you're correct, the pessimist in me thinks all the incessant ramping by the press will somehow create another bubble, i just think the press and the public by and large have already forgotten the current mess and how it started, seems like everyone loves the boom, but no-one wants the bust.