Own up. Do you regret it

wibble68_2

John_M_Business wrote:

If you read my message, I said that there is some logic in there - but these opinions should not be assumed as they may not occur. Woby said the rest for me - but please read the post closely before firing from the hip!!

Sorry for the mis-read John.

However, this does mean that we're almost in agreement on something.

Well I never!!!!!

stumpjumper

We bought our house last summer because it was time for us to move out and get our own home. We could have rented some dingy bin for what we're paying for our mortgage! We paid 63K August last year and now similar houses are being sold (quickly) for 75K plus! So no we don't regret it.

The housing market is highly regionalised and certain areas are still peaking - especially the more affordable areas. House prices will not crash heavily so long as there is still not enough houses to fulfil demand. With the increase in smaller family units and single people the demand for the lower end of the market will soon vastly outstrip demand.

meanmachine_2

So how come they crashed in the early 90s?

Or did you live in one of these special areas that didn't crash then either?

And you must be living in N Ireland, because the only area to have recorded 20% house price inflation since last year is that region.

But good luck with your purchase. As you say, house prices never go down. Ever. uh uh.

Oh, and sorry to burst your "bubble", but how many empty homes are there in the UK? I think it's something like 750,000. But I'm sure someone has the correct figure.

And how many flats are currently empty in docklands? Two thirds is it? How can that be when there is such a shortage of property...?

eurows

Remember this - Gorden Brown mentioned today for the first time that there was a 'housing bubble' and what happens to bubbles..... They pop

UK economic growth will be lower than he expected, Gordon Brown has said.
Speaking to the BBC ahead of an IMF meeting, he blamed events such as a sluggish global economy, oil price rises and a "house price bubble".

eurows

I don't, in fact I'm quite prepared for a drop and, actually, given my position it would actually benefit me if they did (give it two weeks!).

HOWEVER what I do find a little rich is people who:
- Claim that house prices have already fallen sharply
- Are absolutely certain that house prices will fall significantly
- Use hearsay to justify their statements (i.e. I have a friend... blah, blah, blah)
- Claim that the stats back their view (they don't - it's very mixed messages at the moment)

House prices have already fallen sharply. Go to any estate agents and they will tell you that people are putting in offers far less 5%, 10% and up to 20% less than the asking price. Put on top of this that EA are valueing properties slightly less to sell them. It amounts to significant drops. I am amongst a few who believe prices will fall by 40% over the next 2 years.

FaTB

eurows wrote:

House prices have already fallen sharply. Go to any estate agents and they will tell you that people are putting in offers far less 5%, 10% and up to 20% less than the asking price. Put on top of this that EA are valueing properties slightly less to sell them. It amounts to significant drops. I am amongst a few who believe prices will fall by 40% over the next 2 years.

I think 40% in 2 years is a little bit optomistic. (or pessimistic depending on your point of view )

I think the reductions are a bit of an illusion at the moment, as people are offering maybe 20% less than the "asking" price, but the asking prices in many cases bear no ressemblence to the actual previous "sold" prices, as on the approach to the peak EA's were just plucking silly numbers out of the air.

I think we may get proper drops of 30% - 40% but over maybe 3 -5 years.

Its only just started !!

Woby_Tide

surely a better measure of house prices (especially if they have 'fallen' sharply) would be in the landregistry figures/RICs/Hometrack reports. Surely you can understand the concept that because offers are lower than asking prices does not equal a 'sharp fall', a change in house prices rises from 20%pa to 2%pa is a slowing market. Until the rate is -x% it isn't falling, and falling sharply would be -10% or so surely?

meanmachine_2

That's correct.

And in England and Wales, we are now just into negative territory (-2.5% in London), but not in Scotland, and certanly not N Ireland, which is still benefiting from a peace dividend, by the looks of it.

But a 10% fall, if it happens, won't become apparent for a while, and there'll be rallies and dips along the way.

I do still think, though, that the Bank will be leaned on heavily to prop things up in the next 6 months, so I can well imagine IRs being shaved again, and to hell with its impact on inflation in the medium term.

eurows

34, Low Bank Road
Ashton In Makerfield, Wigan
Greater Manchester
WN4 9RZ
£61,560
Terraced
Leasehold
Build status not stated
17 Jul 2005
Map(WN4 9RZ)



60, Low Bank Road
Ashton In Makerfield, Wigan
Greater Manchester
WN4 9RZ
£67,500
Semi-Detached
Leasehold
Build status not stated
02 Jun 2005
Map(WN4 9RZ)



34, Low Bank Road
Ashton In Makerfield, Wigan
Greater Manchester
WN4 9RZ
£92,500
Terraced
Leasehold
Build status not stated
23 Aug 2004
Map(WN4 9RZ)



90, Low Bank Road
Ashton In Makerfield, Wigan
Greater Manchester
WN4 9RZ
£93,250
Terraced
Leasehold
Build status not stated
03 Aug 2004
Map(WN4 9RZ)



10, Low Bank Road
Ashton In Makerfield, Wigan
Greater Manchester
WN4 9RZ
£91,950
Semi-Detached
Freehold
Build status not stated
08 Jul 2004
Map(WN4 9RZ)

Whats that a 30 per cent reduction in a year??

gingerdad

Some how i think your not comparing like with like, just beacasue they're on the same street they don't have to be the same style type size or anything else.

we have seen it slow down in our area but prices are still up on last year...