House prices over the next 2 years

FATBALLZ

peakoil wrote: »

i suppose it hinges on what you mean by loads. I would hang on for a while if prices were lining up for a fall like in 2007 but if they are just dribbling down then I was thinking I would be better off buying now and getting a good mortgage deal.

If they fell by more than 10% over the 2 years I'd be very surprised, but that's just my view. I'd expect about 5% down over the period. I think most people are accepting that prices won't do much until inflation catches up.

Farmerbob

I'd agree on the 5% or slightly less over the next couple of years. But if your in it for a good few years then you'll weather out any drops over the short term.

Generali

peakoil wrote: »

I'm now in the position to buy a house but dont want to jump in if we are going to see drastic falls. I also dont want to hang around and miss out on a cheap fix.

I have saved up and inherited some money that will amount to a 20% deposit on the sort of house I am interested in.

What is the view of the people in here on the direction of house prices?

My best guess is that the most likely is flattish to falling slightly, ie a continuation of what's been happening for the past year or so.

Obviously the hardest thing to predict is the future so it's impossible to say really.

The biggest question IMO surrounds interest rates as they will rise at some point, if nothing else because they only really have one way to go. As you hint at in your OP, if the price of a house falls but the cost of financing it rises, you aren't necessarily better off.

Just my £0.02.

MrandMrsB

Please excuse them, they are ignoring whatsits - the same thing happened to me when I first signed up. I am new to forums so I was very confused.

You wonder whether to buy now or wait, right? Same as us! We had a short debate about whether to buy an investment property now or wait until the market falls. My opinion is that residential property prices will decrease "a lot" over the next couple of years - 20% deposit might be 40% deposit later! Of course it depends on your circumstances, for instance if you are paying a massive rent that would obviously influence your decision.

There are already incredible cash bargains to be had in our area, and houses are sticking, which makes me sure that house prices will go down a lot....can't say how much. Rents will decrease too which makes them less attractive to investors, very few young people can get on the property ladder, so how are chains going to start?? This is just my humble opinion.

Good luck, Mrs B

Graham_Devon

peakoil wrote: »

Oh I just thought he was some weirdo.

7/10. Keep it up.

peakoil_2

thanks everyone. I was a bit freaked out at first and thought I had done some thing wrong. :-)

I know what you are saying about not worrying about drops after moving in but we spent ages building up our deposit and we got some money from my gran when she died and so I dont want to see any of that disappear if I can help it.

Cleaver

peakoil wrote: »

I'm now in the position to buy a house but dont want to jump in if we are going to see drastic falls. I also dont want to hang around and miss out on a cheap fix.

I have saved up and inherited some money that will amount to a 20% deposit on the sort of house I am interested in.

What is the view of the people in here on the direction of house prices?

I think they'll fall somewhat. However, I don't think this is the main factor you need to consider when pondering if buying a house is the correct thing for you to do.

peakoil_2

thanks cleaver. I know what you mean and we have identified some of the areas we would like to live in and we know what sort of price range was can afford and the type of property

we have just saved up for so long that we are now a bit scared about jumping in and getting burned.

Cleaver

peakoil wrote: »

we have just saved up for so long that we are now a bit scared about jumping in and getting burned.

Suggest you don't buy a house then.

diable

You have 20% deposit, on what a £100k house or a £400k house?