House prices ....again.......

Parisien

I just see on the Beeb, they reckon, prices increased on average by 51% last year, although theres a lull now...they expect things top kick off again in the autumn.

Average house price now £250k...!!!!!

Anyone any current experience of how the market is behaving?

soreeyes

Me thinks there should be a decimal point in there.:p

Bigcammy

There's a definite slowdown here. I know of new developments in the Banbridge and Richhill area where the latest release of houses are allegedly £30-£40K cheaper than the previous release. Still way too much for me to buy at the minute, getting a divorce and starting again is tough financially, never mind trying to buy a house at a horrendously over-inflated price.

Parisien

Nope...as per the news.....!!...:)

Parisien

Bigcammy wrote: »

There's a definite slowdown here. I know of new developments in the Banbridge and Richhill area where the latest release of houses are allegedly £30-£40K cheaper than the previous release. Still way too much for me to buy at the minute, getting a divorce and starting again is tough financially, never mind trying to buy a house at a horrendously over-inflated price.

Have you checked this out yourself? Or witnessed the change in prices changing in estate agents windows? Thats a big fall ...but depends if its off 250k houses or 450k houses!!!

leftieM

Parisien wrote: »

I just see on the Beeb, they reckon, prices increased on average by 51% last year, although theres a lull now...they expect things top kick off again in the autumn.

Who are 'they'??
It appears that investors have left the market (and lets be honest, the smart money wasn't going to go into property for ever with the poor yields and reliance on capital gains which isn't guaranteed.) So now it's up to the first time buyers to drive the market but how many can afford to buy now, or want to given what you get for your money? You're expected to pay 180k for a house in a dodgy area (houses in eg Taughmonagh are on the market at that price - and if you can afford a house for 180k you are pulling in 40k a year so may not feel comfortable among the tar-and-featherers!)
Houses are still selling but I would guess that there are now 5 houses for every buyer who is prepared to pay the asking price. Houses are sitting for months and some are dropping the asking price.
So who is going to fuel this pick-up in the market? Do we want it to happen anyway - after all, for the vast majority of homeowners the rungs on the ladder have widened and they have to borrow 6 figure sums in order to buy a bigger house. As I see it the winners are the EAs who raked in in, the investors who sold up before April this year and the taxman. The rest of us have been shafted.

Parisien

leftieM wrote: »

Who are they.........The rest of us have been shafted.

The commentators, who reckon if interests dont go up, might tempt some people back into the market. But until the speculators and or investors are sure of getting the return they want then maybe longer.


If you've bought your house pre say 2001, then at least you have real equity in same, not a "paper" potential equity as currently with a percentage of people, who bought more recently and purely to make money.

But this has always been the way of speculation.......doesnt just apply to houses....it goes on in food stuffs, oil, coal, metals etc.....just the way of the world.......not new...at all!!!

Speculators make money/living from doing this....we make money 9-5.....different lives!

Colin_Kee

I know someone who pulled out of a house sale just recently (£200,000 range) and within hours of them pulling out the developer had asked the Estate Agent dealing with the sale to tell them he'd knock £6000 of the price if they stayed in the sale.. they didn't!! They're definatly finding them harder to sell now.

A first phase on a development beside where I live in Craigavon has been released recently and as far as i can see only one has sold.. This wouldn't have been the case 6 months ago. Also considering there's over a dozen established houses for sale in other small developments next to this new one, I recon they'll find them hard to sell now for the money they're looking for them...

leftieM

The BBC have an article about it today. It says prices continued to rise after April which I have to say means that I'm having hat for lunch today because I thought the top of the market was April.
Would the damn prices ever fall so I can move without having to sell my children to do so? I've grown quite fond of them .

Edit - are the prices quoted for properties that get 'sale agreed' or complete between April and June? If the latter then my call on the top of the market could still be right. Phew! Maybe I'll save the hat for another day.
That said two top end houses near me that went on at 650k bid up to 800k since April. The lower end houses (sub 500k) are the ones sticking.

marcais

There are two people I work with trying to sell houses at the minute and they aren't getting a lot of interest. They are both in different areas that would have seen the properties snapped up sharpish 6 months ago.

The new-build development I live in are putting a hold on building new properties in the development as they are having problems selling the ones that are already built, and I know someone else in a new-build where the builders have the same problem.

It definitely looks like there is a slowdown in the local market. The two guys from work who are selling are saying that it'll pick up after the holidays, but I suspect that opinion is based on wishful thinking on their part rather than any evidence.

rjh090384

i am trying to slel mine at the mo and have had very little interest. something that is stumping the estate agent. they say the market is due to pick up but i am impatient have seen ahouse i like and want to move now. we dropped the price of our house a little, not becuase we didnt think it was worth the original price but we are prepared to get less to get a quick sale.