Have we reached the bottom of house price drop??

HappySad

http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=482591&in_page_id=57&ito=1723
http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=482278&in_page_id=8

Working Lunch on bbc2 says that house sales are up this month & could be the sign that we have now reached the bottom & prices will increase from now on.

I personally think that the increase recently is seasonal & it will always go up in the spring & summer & the overall trend is still down.

What do you think?

Graham_Devon

Yes. We have reached the bottom.

This recession in the UK defies every other recession in history and every other country battling this recession.

Our house price graph will just be a complete L shape.

Tis what makes Britain good, y'see, we defy everything we have ever known.

In all seriousness, however much people would like ot think it's bottomed out now, honestly, the odd's of the market bottoming out now, are so tiny, it really would be an absolute miricle in terms of what's happening.

There are too many factors which will effect the money in our pockets coming through soon. Right now, were the richest we have possibly been in this recession. We have a whole load of measures coming in soon that will put their hands into our wallets and start taking notes out, meaning we all have less money.

Dan:_4

I will stick by my prediction that prices will bottom out end of 2009.

BonBon_3

Whichever way you look at it Britain is an island and they “don’t make land anymore”. Sooner of later we will run out of space, nobody wants new houses in their neighbourhood, and demand for roofs over heads will always increase according to poplulation increase. This all points to shortages and therfore ‘high’ prices.

Have we reached the bottom? IMHO not yet. The difficulty is most sellers cannot accept that there house is worth 25% less than 18 months ago – so they won’t sell unless it is imperative. There is another 15/20% more to shave off house prices (which is likely to happen this year).

Check out the auction prices – that is the real value of a house i.e. what somebody is prepared to pay – and that is still a downward trend.

Best to buy a house because you want somewhere to live - not to make money.

Crystal ball gazing – what fun!

Austin_Allegro

BonBon wrote: »

Whichever way you look at it Britain is an island and they “don’t make land anymore”. Sooner of later we will run out of space, nobody wants new houses in their neighbourhood, and demand for roofs over heads will always increase according to poplulation increase. This all points to shortages and therfore ‘high’ prices.

If what you say is true, why have prices dropped at all? Why haven't they just continued to increase?

Answer: because 'demand' is led primarily by credit availability, not population growth, lack of land, 'shortages' etc or the other spurious reasons used by vested interests to prop up high prices.

And with about 89% of the UK's land area not built on and a falling native population, we're unlikely to run out of land anytime soon.

Unless Labour decides to import the entire population of Africa here...(which I wouldn't put past them, mind...)

Really2

Austin_Allegro wrote: »

And with about 89% of the UK's land area not built on and a falling native population, we're unlikely to run out of land anytime soon.

Can't we keep some space for growing and rearing food:)

tomterm8

BonBon wrote: »

Whichever way you look at it Britain is an island and they “don’t make land anymore”. !

They do in dubai.

Look, you can get 7 million people into a city 7 miles wide. British housing is deeply inefficient. Land isn't really the problem.

Entertainer

Austin_Allegro wrote: »

If what you say is true, why have prices dropped at all? Why haven't they just continued to increase?

Answer: because 'demand' is led primarily by credit availability, not population growth, lack of land, 'shortages' etc or the other spurious reasons used by vested interests to prop up high prices.

And with about 89% of the UK's land area not built on and a falling native population, we're unlikely to run out of land anytime soon.

Unless Labour decides to import the entire population of Africa here...(which I wouldn't put past them, mind...)

The demand argument has never held any water because rents haven't gone up during the boom (only in line with earnings). It was always a fake market built on lax lending.

I believe prices will fall well into 2010.

Also, well done with this:T:

Was 17 stone-size 24 in Jan 2008 & now 12 stone 10lbs-size 18! Aim to become 10 1/2 stone-size 12.

purch

Have we reached the bottom of house price drop??

Hold on.

There are still people on here who won't believe there's even been a drop yet !!!! :eek:

bo_drinker

Have we reached the bottom yet ?? :rotfl::rotfl::rotfl:

deano72_2

im not sure if theyve bottomed out,dnt think anyone can really answer that,but do think a lot of people are starting to think that,but i do know one thing,iv looked at 3 houses in last 10 days & they all been sold with in a week for pretty much the asking price