When will we see 2007 prices again?

N1AK

fannyanna wrote: »

But to try and put things into perspective in a simplistic way what is the general consensus on when prices will reach the highs of mid 2007?

I don't think their is a consensus. My own feeling is we'll see prices at that level sometime between 2015-2020 (nominal - the value in £s will be the same but £s will be worth less).

This is based on the fact I don't expect to see house prices increase in the next 2 years. Depending on many different economic factors the speed of growth after this could vary consirably.

abaxas

Some areas are at 2007 prices
Others at greater than 2007 prices
Others are at 2001 prices
etc etc

Depends on the area, but if you want an 'average'. I'd say 2015+

N1AK

quantic wrote: »

Its not that people don't want to buy, its that they cant borrow, especially first time buyers.

My friend bought a house on his own with a 90% LTV last year. We've just bought an equivalent property with a 70% LTV as a couple. He's paying a higher rate, but he didn't have trouble securing a mortgage.

A 10% deposit isn't exactly an excessive requirement.

Jowo_2

At the end of last year I sold my house in a less popular part of South London and got 93% of the price compared with the most expensive property in the street that sold in 2007.

In the intervening period when the market was very flat, a couple of properties were put up for sale at prices 10 or 20% under the top bubble price and they didn't sell. A few years later, I had no trouble selling for close to the asking price (I had pitched it 5k lower than the EA suggested).

doire_2

fannyanna wrote: »

I know the housing market isn't great and prices have dropped and from what I understand are expected to drop further this year.

But to try and put things into perspective in a simplistic way what is the general consensus on when prices will reach the highs of mid 2007?

Housing market isnt great? Why? Because prices are falling? Yes thats really bad isnt it!

Sibley

I actually typed where I live in Google to check out some houses for sale. They really are expensive and far more than 2007 prices.

Try it. Loose Valley Kent. 2 bed houses are over 200k

wherediditallgothen

Sibley wrote: »

I actually typed where I live in Google to check out some houses for sale. They really are expensive and far more than 2007 prices.

Try it. Loose Valley Kent. 2 bed houses are over 200k

Not Thailand then?

FTBFun

Cleaver wrote: »

I bet the olympics in the year of 2113 will be amazing. Robots doing long jump and the cycle races will be around the rings of saturn.

Especially when the competitors start getting banned for taking banned hydraulic fluid.

Jowo_2

Cleaver wrote: »

Just because a house is £340k in Exeter and another 'identical' house is £175k in Dunfermline it doesn't necessarily mean that one is overpriced. In fact, it could be that the one in Dunfermline is more overpriced than the one in Exeter.

Yeah, you can buy a studio flat in the West End of London for 400k or a similar studio flat in Rotherham for 50k.

I know where I would prefer to live (you can't put a price on living in a buzzy affluent part of a vibrant capital city stuffed full of amenities compared to a depressed former mining village).

I bet I know which property would sell more quickly.

DervProf

Sibley wrote: »

I actually typed where I live in Google to check out some houses for sale. They really are expensive and far more than 2007 prices.

Only expensive if you haven't got the money, or can't borrow the money.

Also, asking prices might be more than 2007, but are they selling for the asking price ?

I predict the answer will be "yes, they are selling like hot cakes, and gazumping is taking place".