Are House Prices still Falling or Rising?

tek-monkey

Cannon_Fodder wrote: »

Is the Manchester "up-tick" going to continue, or dip down again like the North West...?

Even the most positive types over on the House Price forum expect a downturn in prices over the winter.

Cannon Fodder, where did you get these graphs? Could do with finding one for Staffordshire (or Stafford in particular). Although TBH the prices of the different areas in this town alone vary so much that unless you knew the houses by postcode to the last but one digit they'd still not mean much.

JimmyTheWig

franklee wrote: »

Hi AliceBanned, neat name

Agreed!

Rent is 150 pcm cheaper than mortgage, 150*12*3=5400

Surely for a true value comparisson you should only look at the mortgage interest rather than the full repayment.

franklee

JimmyTheWig wrote: »

Surely for a true value comparisson you should only look at the mortgage interest rather than the full repayment.

Don't have the figures to do that so I wrote "Obviously you will get a little bit of interest on your savings and if a repayment mortgage you will have paid off a bit of the loan. Interest rates are likely to go up over the next three years." instead. I could post how much would be paid off for a fixed rate over three years of a repayment loan if I had the rate and the amount borrowed. Obviously that needs to be set against interest income from the deposit put in and for the savings over the three years which is income the renter would get and the buyer wouldn't. Plus the fees:

Solicitor what 500 to buy and another 500 to sell?
HIP when selling 200-300?
EA when selling say 1.5% so about 1k?

Like I said is that all worth it for just three years.

Cannon_Fodder

tek-monkey wrote: »

Cannon Fodder, where did you get these graphs? Could do with finding one for Staffordshire (or Stafford in particular). Although TBH the prices of the different areas in this town alone vary so much that unless you knew the houses by postcode to the last but one digit they'd still not mean much.

http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Staffordshire&ac=Stoke-On-Trent&s=01 January 2008&e=01 August 2009&t=4[/IMG]
Down at too lower level of postcode, there will be insufficient transaction numbers to make any meaningful stats, so you do have to know your streets, and use www.houseprices.co.uk etc to find individual property comparisons.

I think one use of these county/council level figures, is to try and identify which regions/areas are above or below the average. If an EA tries to tell you "prices are up 5%" this year, he is using a Nationwide headline which seems to have a southerly bias, i.e. may be affected by London bankers bonuses coming back into play, and you can say "but Staffordshire is flatlining"...

tek-monkey

Thanks for that, much appreciated. Stoke is definately a cheap place to buy round here, just depends on the area! On Staffordshire as a whole we have a lot of large, rural property. I expect that is whats keeping the figures high. However I'm at least in a good mood with my (potential!) purchase, as I'm getting a 3 bed semi in a moderate area for 30k under Stoke average figures. Can't complain!