when will people start buying again?

dsypml

"When" is impossible to say but "Why" can at least be guessed at. You might be lucky and find a buyer with more money than sense but failing that, if you're selling to an FTB you'll be selling to someone who has waited until their salary is at most 3.5x less than the values of the house and the average house price is considerably below the long term trend.

housepricecrash.co.uk has a number of useful charts
http://www.housepricecrash.co.uk/graphs-ftb-average-house-price-to-earnings-ratio.php
http://www.housepricecrash.co.uk/graphs-average-house-price.php

RHemmings

Toto wrote: »

That's a question I don't think anyone could answer, only guess.

However, I will buy again when I walk into a house and think, wow this place is worth the money.

My guess is that it will be years before it's a sellers' market again. Look at what happened in Japan.

RHemmings

jenner wrote: »

i wish i knew, i have had mine on since tuesday and already feel frustrated, god knows what i;ll feel like if it goes to months and months. i have seen a place i really want, i cant even begin to think about what offer i might make until i know what sort of offers i will get on my place.

It's only been a few days!!!!!

dopester

TTMCMschine wrote: »

Its almost a quarter of a million pounds - do you get that? I'll say it again, its A QUARTER OF A MILLION POUNDS!!

ROFL.:rotfl:

I needed cheering up and that was a good start to the morning. It's insanity what some people still believe their houses to be worth, although in fairness the OP says he wouldn't mind dropping his 50% if the house he wants also drops 50%.

space_rider

I`ve lived on this 2-4 year old estate for 18 months. This house was sold by the builders for 185000 in 2005. I bought it for 145,000 dec 2006. When I moved here there were lots for sale and reposessions. There was a 4 bedroom detached house for 225,000 which is now 144,000 and the town house like mine was 179950 and went down to 125,000 and now has a sold sign up. The realistically priced town houses like mine that go down to between 120 and 125,000 sell straight away. There are still many at a high price and they are still for sale. The key seems to be on this estate is price it right and you will sell. I guess the ones that are still priced high are the ones that are either greedy or the ones that have debts that are too high for the price to be reduced to sell. I know that if I were serious about selling mine I would have to put it up for no more than 130,000 to get people in the door. Mine is one of the few 3 bedroom 3 storey semi`s.

VickyA_2

I'm a would-be FTB with a decent deposit & fees for solicitors and mortgage arrangement, but DH and I are trying to build that up even more. We're also waiting to see how unstable his job is (he works in IT, I'm a teacher) if a recession were to kick in. He claims that due to the nature of the business, he's "fine" - I'm a little more cautious! In addition, we're waiting for house prices to drop a little more in the area that we wish to buy...

confused31_2

RHemmings wrote: »

My guess is that it will be years before it's a sellers' market again. Look at what happened in Japan.

I think it will be years before its a sellers market like last year and the couple of years before, but im not looking to make money im more interested in as when it will it rock bottom, and people will begin to buy again.

confused

EagerLearner

We're FTB as well and for now, we keep saving and watching. We still have another 5 months before our contract on the rent is due again. Each month we put another £500 away and hope that the prices are coming down by £500 a month. Until now, every £500 we saved, prices were going up by £500 a month! So a better balance is refreshing, it feels like we may be getting somewhere at this rate, where things could start to be priced realistically, for the amount of space you actually get.

We just want a place of our own, regardless of the chance the price may keep falling. Hopefully next year we'll have enough to put a deposit down on a 2 bedroom place and also the mortgage companies might offer realistic mortgages to FTB, without punishing us for their own mistakes in previous lending.

bo_drinker

We have had ours on the mkt for nearly 9 months now slowly dropping the price, averaging 1 viewing every 10 days. Hard to tell if there are any genuine buyers out there. I think it will be years before the ftb'ers are back in numbers as they have no money for a deposit. Keep dropping the price if you can afford to, it's the only way. ??? A house is a place to live again and not a money making machine for 99%.

epz_2

house prices weren't really that affordable to FTBs and if if it hadnt been for the industry shift to the BTL market the decline would have started about 2005.

think about it interest rates are typically 30% higher in real terms than 2 years ago, wages have gone up a little but the cost of living has gone up a LOT and there is an expectation of price falls. its not looking good for a large number of FTB's returning any time soon.