There's no crash from where I'm looking.....

damanpunk

I'm in a similar region to Hamish before anyone asks.

I sold my flat within 4 days of it going onto the market for the same price as I paid in 2007.

Now I'm in the middle of the hell that is viewing properties to buy.

First house I went to see had four other viewings after me, it had been on the market for one day.

Second house I went to see had another viewing after me and had two before. It was an absolute !!!! tip yet already had two notes of interest. This was its second day on the market.

Third house I've went to see isn't perfect but has potential and it's a good area, to actually get it it looks like I'll have to pay over the valuation price by around £5-10k. We were the second people to view and there was two more viewing today, it's already looking like it'll go to a closing date.

This crash just isn't going to come, ever. There's always going to be a portion of society that want decent family homes in good areas. The only things I've seen with decent discount I wouldn't live in, ever.

My advice is if you can get on the ladder then do it now.

Thrugelmir

damanpunk wrote: »

I'm in a similar region to Hamish before anyone asks.

Then you need to out and about a bit more. See and expereience the bigger picture.

HAMISH_MCTAVISH

damanpunk wrote: »

I sold my flat within 4 days of it going onto the market for the same price as I paid in 2007.

If it sold within 4 days in this market, you sold it too cheap.;)

Plenty of houses up here going for much more than 2007 prices....

HAMISH_MCTAVISH

Thrugelmir wrote: »

Then you need to out and about a bit more. See and expereience the bigger picture.

The bigger picture is that other than a few hellhole towns in the grim north of england that skew down the average, prices are stable at 5% to 10% below peak in most of the country, and back to 2007 prices or thereabouts for a surprisingly high number of good houses in good areas.

Indeed in much of Scotland, and not just my neck of the woods, you can't tell any real difference in prices or the market between now and 2007, except things take longer to sell. They still sell eventually though, and mostly for a good price.

damanpunk

HAMISH_MCTAVISH wrote: »

If it sold within 4 days in this market, you sold it too cheap.;)

Plenty of houses up here going for much more than 2007 prices....

I sold it for the highest figure that I was given by 3 estate agents By all accounts I did not bad.

Thrugelmir, you may be right but anything I've looked at within a 40 mile radius with large discounts is horrid. Are you genuinely seeing nice stuff with good discounts? (that wasn't priced OTT in the first place?)

I'm by no means a bull or bear I'm just calling it how I see it!

Thrugelmir

damanpunk wrote: »

Thrugelmir, you may be right but anything I've looked at within a 40 mile radius with large discounts is horrid. Are you genuinely seeing nice stuff with good discounts? (that wasn't priced OTT in the first place?)

Round my way. Property is seriously overpriced still. Very little has moved in past 12 months.

Carl31

Coming down round here, South East, just north of Brighton

House 2 doors down, sold a few weeks ago

Purchased 2007 - £289k
Sold 2012 £250k

Ouch

Thrugelmir

Carl31 wrote: »

Coming down round here, South East, just north of Brighton

House 2 doors down, sold a few weeks ago

Purchased 2007 - £289k
Sold 2012 £250k

Ouch

What's been the saving with lower interest rates though?

If the property was bought with a mortgage.

Carl31

Thrugelmir wrote: »

What's been the saving with lower interest rates though?

If the property was bought with a mortgage.

Saving? not sure what you mean

even with reduced rates on a mortgage, theres still going to be an interest cost to add to that loss in value, no matter how small

HAMISH_MCTAVISH

Carl31 wrote: »

Saving? not sure what you mean

even with reduced rates on a mortgage, theres still going to be an interest cost to add to that loss in value, no matter how small

Versus rent.

For example, a 40K capital loss, versus 70K on rent, leaves you 30K to pay interest. Which with a 2007 mortgage deal, is entirely possible.

With the current average mortgage cost being 3.5%, and current average rent being 5.5%, homeowners can take a 2% hit a year and still break even versus renters.

We're 5 years on, prices are down around 10% on average, so on average homeowners have now broken even with renters on a national average basis even with the capital loss and interest costs.

In other words, on average, there has now been zero benefit to renters in delaying purchase since 2007.

nollag2006

Round my way, prices are still rocketing...

[IMG]http://www1.landregistry.gov.uk/Apps2/house-prices/house-price-index-custom-reports/hpi_report.asp?g=1&gt=1&a=Greater+London&s=01 April 2009&e=01 April 2012&t=1[/IMG]