Debate House Prices


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Is anybody out there actually buying?!

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!!!
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Comments

  • 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 !!!!
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    i know of two chains that completed this week

    but that is purely anecdotal
  • m00m00
    m00m00 Posts: 1,755 Forumite
    obviously people are still buying
    just buyers are much scarcer than 12 months ago
    It's a health benefit ...
  • lesley1960
    lesley1960 Posts: 976 Forumite
    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 weeks
  • 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.
  • churchrat
    churchrat Posts: 1,015 Forumite
    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 mortgage
  • carolt
    carolt Posts: 8,531 Forumite
    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.
  • churchrat wrote: »
    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.
  • Helga14
    Helga14 Posts: 1,003 Forumite
    Part of the Furniture Photogenic Combo Breaker I won, I won, I won!
    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.
  • izzybusy23
    izzybusy23 Posts: 994 Forumite
    DaveyDave wrote: »
    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.
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