Tiggs

if they are gonna drop by 30% then someone might like to tell all the developers, builders, buyers, buyers on waiting lists, buyers who cant get on waiting lists cause the list is to long, etc round here!

there are plenty of ppl with plenty of money to sustain things a while yet, sod young first timers (they can go live in Wales) the market around me is full of divorces and 30 something first timers with ample money to get on the ladder.

"Buying a property at the moment is madness IMHO - renting somewhere for six months / year could end up saving you tens of thousands."

this quote was from this thread :

http://www.scoobynet.co.uk/bbs/thread.asp?ThreadID=17982&Page=1

in summer 2001, anyone being doom and gloom in this current thread may find it dragged back up in 2004

T

ps- if im wrong dont bother dragging up my old comments- i wont be able to afford a PC to view them on living in my tent that i buy after the reppo!

CELL

I am at this very moment in the process of buying a house

its a 3 bed semi in a semi decent area in sheffield. I had a look round it on Saturday. No central heating and needs some serious work doing to it. The asking price was 45500, offers before i looked at it were at 57500.
This moring i put in an offer of 58000 in, about half an hour later i got a call back, they now have an offer for 58500, so i put in 59000. Waiting now for another phonecall soon telling me they have another offer of x amount of pounds i have to think carefully about how much this property is actually worth and what it will be worth when i spent the extra 6 - 7k on it.

Its getting out of hand, but i really cannot pay 450 per month for a 2 bed flat anymore, its such a waste of money.

rich1231

How the hell are prices going to drop countrywide by 30%? Small areas of the London market have fluctuated against the upwards trend. And that happens in every part of the country. Money is cheaper than it has ever been. 500 a month at the moment will get you 120k in 1991 it would get you 40k, then take into account inflation over that time and property is not overpriced. The one thing that will lead to a fall is interest rate hikes.

Many people have moved funds from equities to property, this sort of scare mongering could very well be used to push money back into the markets.

turboman786

So when is this drop in prices likely to occur?

Tiggs

tea time

what would scooby do

As soon as you out up lots of xmas decorations on the outside of your house LOL

beatle

The reports of house prices dropping in london tend to refer mainly to property at the high end of the spectrum , in the millions £££££ and above , these houses tend to slow down first as the market for these is very small with a limited amount of people able to afford them.
On thursday the Royal institute of chartered surveyors release their latest house price survey ...that should give a more clear indication of the state of the housing market

NotoriousREV

Another little point that popped into my head that I couldn't resist sharing...

Negative equity only affects people who started to buy houses for the investment to cash in on the moving house market and moved too slow and got caught, or people who are desperate to move house for one reason or another. Long term, your house price will recover, there's usually one price boom and one collapse per decade. Hold your nerve and all will be well.

Any advice given is purely as is, without guarantee either explicit or implied and is made by someone who thinks he knows it all despite having no qualifications and only glancing at the house prices in his local free paper.

MarkO

Hey, Notorious:

I think you'll find that's almost entirely 'cos of decimilisation, not 'cos of fluctuations in the housing market.

NotoriousREV

Actually, it was due to insane inflation brought on by decimalisation, not directly by decimalisation per se

davyboy

Corner plots should be a safe bet.

what would scooby do

dsmith

Excellent. To get a break from deeply pedantic arguments with suppliers over who did or didnt say what at a meeting 18 months ago I find scoobynet descending yet again into exactly the same situation




Carry On - Its great practice

Deano

shunty

well I'm also buying & selling at the moment so this affects me.
House prices are still going up in West Yorkshire where I am, & as Jan/Feb are the busiest times of the year for people moving, then I assume that they will keep on selling.
As regards the price, well where we are there are hardly any properties to buy, so houses are selling very quickly for top money.
I don't profess to know the property/financial markets but I think we are safe in Yorkshire for a while yet, before the prices come down ...IF they do!!
My house has made 65k in under 2 years, but I'm paying the same % on the one I'm buying so surely it doesn't really matter, I just re-invest what I've made on a bigger house??? isn't it that simple ??
I have a 3 year fixed @ 5% so I'm safe until then anyway.....

shunty

MarkO

I hope this is true. Having sold ours at a decent price, and renting now whilst we house hunt amongst the haggises, it would be very helpful if prices dropped by a good 30-40% right now.

Funny how having no property and a large lump of cash in the bank changes your outlook completely.

shunty

a large lump of cash would buy scotland completely wouldn't it

shunty

Tiggs

its xmas- buyers market, they'll chuck in Wales as well.

MarkO

Damn. I was tempted before you mentioned that.

dsmith

Is that RB170 I hear thundering towards this thread ?

MarkO

I'm sure it is, boyo.

SL2

I'll have five .

That would probably buy a small shed around here.

My parents bought a one bedroon house for about £40k, 5 years ago. It is worth over £110k now (they sold it last year for £75k).

father_jack

Marko

Scotland has never had the negative equity situation, or falling house prices you get elsewhere. Don't see it starting now, it doesn't matter anyway, it's all relative to your next purchase.
There's nothing else to invest in at the moment so bricks and mortar are still the favourite. I think a few greedy developers might get burned though

Oh and btw it's Haggii not haggises

MarkO

Yeah, I know - Scotland's market just doesn't have the volitility of the SE, which can't be a bad thing.

Oh, and I did wonder about haggii but wasn't too sure. I'm still picking up the lingo.

Alas

Houses up here in Scotland (apart from Edinburgh) seem to grow steadily.
Think it helps having the legal system we have when it comes to buying. Avoids having to keep bidding as once the offer is accepted then no going back.
Alas

MarkO

Really? Does that mean we'll have to keep getting our furniture and curtains enlarged on a regular basis?

ADP

The housing market is a market like any other, it relies on ups and downs. As to whether it will fall 30 % ? well who can tell.

Personally I think it is more likely to even off, especially in the south where its got to the point that first time buyers have quit even looking! - this ofcourse buggers the chain.

I then reckon, it will probably fall, but I cant imagine a crash as such - the government will be too concerned about keeping the economy intact for that to happen.

One of the biggest problems is that wages just havent risen at the rate of the cost of a house, if you look at what people paid in the 70s compared to what they earned the ratio was more favourable? how do I know, well because my dad is very **** and has all of his pay slips from 1970 onwards, and also all of the house costs of the houses he bought at the time. In the time our house went from 100k to 400k his wages did not keep up, nor did anyones!

I personally beleive a house is a necesity - somewhere to live - they seem to have turned into luxury items for the rich only.