Yorkshire & Humber property market

kilby_007

Is it just me, or does anyone else think that property sales and prices are falling in this region (I'm in Hull)? We're waiting to buy but a little hesitant at the moment as house prices in our search bracket (250K - 300K) here seem to be stagnant, maybe even falling. The property we have our eye on is only 5% above it's 2012 asking price and it still hasn't shifted after 10 weeks... another property that we offered on in March has now dropped 20K, almost to the price we offered (I bet they're kicking themselves) and others seem to be constantly being reduced....

Generali

Lloyds has them up 4% for the year and 1.2% for the quarter. That's a backwards looking indicator of course.

kilby_007

The ONS stats released recently said there was a 2.6% fall in house prices in March for Yorkshire & Humber, despite the BTL Rush, so I'm interested to know how the second quarter will perform, but we're kind of in the thick of it now. Do we wait it out or just go ahead and buy? I'm wondering if we're having a localised mini-crash for some reason, I know there's a lot of landlords here, half of my colleagues do it on the side, so I wonder if we're seeing the result of the new taxation.

Generali

kilby_007 wrote: »

The ONS stats released recently said there was a 2.6% fall in house prices in March for Yorkshire & Humber, despite the BTL Rush, so I'm interested to know how the second quarter will perform, but we're kind of in the thick of it now. Do we wait it out or just go ahead and buy? I'm wondering if we're having a localised mini-crash for some reason, I know there's a lot of landlords here, half of my colleagues do it on the side, so I wonder if we're seeing the result of the new taxation.

I think people concentrate too much on the purchase price of a house whereas there are really two prices to consider: the purchase price and the current value of the exit price.

TBH if you plan to live in this house for 20 years or something then the purchase price, within reason, is basically immaterial.

westv

Yorkshire and Humber region is big so individual areas may not follow the average for the region.

kilby_007

Generali wrote: »

I think people concentrate too much on the purchase price of a house whereas there are really two prices to consider: the purchase price and the current value of the exit price.

TBH if you plan to live in this house for 20 years or something then the purchase price, within reason, is basically immaterial.

It's not, otherwise I wouldn't be gambling on it. We have a decent bit of cash saved up, and we're not waiting to sell. If the price drops 5% before we buy, it'll save us £15K on the purchase price. Over a 20 year mortgage term, that'll be £24K saved, - 2 years of my wife's salary, or 6 months of mine. That's just based on a 5% fall in prices, so it's not immaterial.

Marktheshark

Yorkshire and Humber region ?

West Yorkshire, North Yorkshire, East Yorkshire, South Yorkshire, Lincolnshire.
The Europhiles have not managed to regionalise us yet.

Generali

kilby_007 wrote: »

It's not, otherwise I wouldn't be gambling on it. We have a decent bit of cash saved up, and we're not waiting to sell. If the price drops 5% before we buy, it'll save us £15K on the purchase price. Over a 20 year mortgage term, that'll be £24K saved, - 2 years of my wife's salary, or 6 months of mine. That's just based on a 5% fall in prices, so it's not immaterial.

The net present value of that £24,000 isn't very much and don't forget that prices could just as easily rise by 5% thus costing you £24.000.

westv

Marktheshark wrote: »

Yorkshire and Humber region ?

West Yorkshire, North Yorkshire, East Yorkshire, South Yorkshire, Lincolnshire.
The Europhiles have not managed to regionalise us yet.

It's actualy the East Ridiing of Yorkshire. :D

carefullycautious

westv wrote: »

It's actualy the East Ridiing of Yorkshire. :D

Just be careful you don't end up in the sea :eek: