Debate House Prices
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Is anybody out there actually buying?!

loopylala
Posts: 2 Newbie
oh i'm in a quandary* :eek: *thanks for the spelling correction 
we sold our place last september. after 6 months of waiting for probate to come through on a place we were buying we had to pull out of the purchase and move to rented as we got a good price for ours. we now have 90k in high interest accounts and have been keeping our eyes open for 'bargains' ever since.
just yesterday we had an offer accepted on a place and are now panicking about whether this is the right time to be buying! the place is costing us 170k and needs about 20k spending on it, houses of the same size on the street are on the market now for 235k-230k (tho they havent sold!) and they have sold for upto 240k in the last 6 months. if there was a drop of 30% they would go down to 160k, the area is very popular and i would hope that they wouldnt drop by that much, but you never know!
we are thinking of renting, (usually about £700 a month for a 3 bed house) and putting the interest from savings against the cost which would make it about £400 but just dont know what to do in light of all this uncertainty......buy now or wait to see if some real bargains come?!
anyone got any opinions/advice or in the same boat?!
HELP!!!

we sold our place last september. after 6 months of waiting for probate to come through on a place we were buying we had to pull out of the purchase and move to rented as we got a good price for ours. we now have 90k in high interest accounts and have been keeping our eyes open for 'bargains' ever since.
just yesterday we had an offer accepted on a place and are now panicking about whether this is the right time to be buying! the place is costing us 170k and needs about 20k spending on it, houses of the same size on the street are on the market now for 235k-230k (tho they havent sold!) and they have sold for upto 240k in the last 6 months. if there was a drop of 30% they would go down to 160k, the area is very popular and i would hope that they wouldnt drop by that much, but you never know!
we are thinking of renting, (usually about £700 a month for a 3 bed house) and putting the interest from savings against the cost which would make it about £400 but just dont know what to do in light of all this uncertainty......buy now or wait to see if some real bargains come?!
anyone got any opinions/advice or in the same boat?!
HELP!!!
0
Comments
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i think it depends on whether you plan on staying put, if you love the house and it is going to be your home, then it is worth it.
6/7 doors down from us has been on the market for 4 eeeks,it sold yesterday for full asking price. everyone in the cul de sac is totally shocked !!!!0 -
i know of two chains that completed this week
but that is purely anecdotal0 -
obviously people are still buying
just buyers are much scarcer than 12 months agoIt's a health benefit ...0 -
We have a removal company , it has been very slow this year , but has started to pick up , and have been busy for the last couple of weeks0
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Tons of stuff coming on to the market here in the SE, but not a lot of it shifting. I think the correction is finally happening.
Also, enquired with an EA recently about a rental property and they quoted 'the state of the housing market', so things are obviously bad. With the banks pulling the mortgages, I think this is just the beginning. There's going to be carnage and hopefuilly some good bargins to be had in a couple of years time.0 -
I'm in the s.e as well and 3 houses in my road have sold boards this week (2 left to sell) and have been on for about 6 weeks. Don't know how much they went for tho. Seems to depend a lot on where you are.LBM-2003ish
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage0 -
It will vary hugely from area to area.
In my village (only bit I care about), asking prices of new stuff are only a fraction off their highs of last summer....but almost nothing's selling, as (a) few people can afford them, (b) those who can afford them are prepared to wait rather than risk losing large chunks of equity.
But it will vary from area to area.
Well-priced stuff is still selling. Anecdotally, there are still some mugs getting into BTL at this stage in the cycle - a lovely but tiny house on the main road sold recently for a vastly over-inflated asking price...and immediately was put up for rent at a ridiculous rent, which (as a prospective tenant) I'd be very, very surprised if they were able to achieve.
It sounds as though your place is well-priced by the area. If you feel it's right for you and you'd be happy staying there, then buy. If not, then don't. Overall national trends can only help so much.
As m00m00 correctly points out, some people are still buying - just a lot less of them. What may not be right for the majority could still be right for you.0 -
I'm in the s.e as well and 3 houses in my road have sold boards this week (2 left to sell) and have been on for about 6 weeks. Don't know how much they went for tho. Seems to depend a lot on where you are.
Recently I've seen a number of properties 'sold' with the sold sign only to be put back on the market a small number of weeks later. Unless the whole chain survives the mortgage famine, the sale can't go ahead.
Keep an eye out and see if these house go back on the market.0 -
I'm buying another 20% of my shared ownership flat.Top wins in 2018: Trip to Iceland, helicopter ride over london, couples massage, £300 flight from Pringles, trip to Paris, cocktail making class and afternoon tea up the shard. .
Top wins in 2017:holiday to the Bahamas, trip to Paris, meal with champagne, a week in a manor house in France with £500 spending money.0 -
Recently I've seen a number of properties 'sold' with the sold sign only to be put back on the market a small number of weeks later. Unless the whole chain survives the mortgage famine, the sale can't go ahead.
Keep an eye out and see if these house go back on the market.
I've noticed 2 sold boards changed back to 'for sale' boards within the past couple of days. One board had SOLD up for months.0
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