Loads of houses up for sale round here now
#31
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Originally Posted by Dream Weaver
even though we have an annual post on here warning us about a crash - we dont all live in the South East
exactly where housing is concerned the south east is a completely different kettle of fish. where I live has only just caught up with the market... we are on the main line to london kings cross with only an hour 15 travel distance. on the A1 abotu 1 hour from the M25. we have more and more commuters moving here which has helped prices up but its not gonna come down anything like what the south east might do
#32
The only thing that would get me buying in if I was a FTB is the belief that it will never crash, and that the market will continue to rise. I'd be worried that if I don't buy now, I'd be able to afford a broom cupboard for the same money in a year's time...
I really hope we don't see a crash, as that will leave the country in a state of utter disarray, but I can't help but feel something will kick off a mini-recession in this country soon - possibly new labour borrowing, and/or consumer borrowing - which may well impact the housing market.
Would I move at the moment? Not unless I absolutely had to. In a year's time will I be reminded of this thread and accused of being a doomsayer? Part of me hopes so, but part of me hopes for the good of the country in general that a realistic devaluation of housing is around the corner.
If only I had crystal *****
(I'd ***** when I walk)
I really hope we don't see a crash, as that will leave the country in a state of utter disarray, but I can't help but feel something will kick off a mini-recession in this country soon - possibly new labour borrowing, and/or consumer borrowing - which may well impact the housing market.
Would I move at the moment? Not unless I absolutely had to. In a year's time will I be reminded of this thread and accused of being a doomsayer? Part of me hopes so, but part of me hopes for the good of the country in general that a realistic devaluation of housing is around the corner.
If only I had crystal *****
(I'd ***** when I walk)
#33
Originally Posted by Dream Weaver
I know you are trolling (Pete ), and I shouldnt rise to it, but its not always a case of knowledge or ability. I could do what your doing, but I cant be arsed.
I want a nice house to live in with huge gardens and a garage, plenty of space and in a nice area, and that I can afford the mortgage on which is exactly what I have now
I dont care about making a profit later in life (lifes short, you may be dead this time next year), and as for the mortgage company "owning" my house, so what? Mortgage will be cleared within 15 years or so then we'll be free to live an even better lifestyle.
Not everything is about money, or making a quick buck - I do feel sorry for FTB's, but thats life.
I want a nice house to live in with huge gardens and a garage, plenty of space and in a nice area, and that I can afford the mortgage on which is exactly what I have now
I dont care about making a profit later in life (lifes short, you may be dead this time next year), and as for the mortgage company "owning" my house, so what? Mortgage will be cleared within 15 years or so then we'll be free to live an even better lifestyle.
Not everything is about money, or making a quick buck - I do feel sorry for FTB's, but thats life.
Lots of people believe they have the knowledge and ability but they don't. The fact is that if they did they'd do it, as they don't it's not possible.
As for 'profit later in life' I've taken mine in a little over 5 yrs and have plans to make much, much more.
The comments about people not owning their houses is perfectly true, what they buy into is the idea they own a place. However when it comes down to it what they actually 'own' is a huge debt that they spend their sad lives working like dogs to pay off so their children can waste the profit once they are dead. Either that or pay for their care.
I'm not saying the property isn't a good way to invest, particularly with a long term view. What I am saying is that I find people's perception of their status relating to owning a property very amusing.
Looked on as a cheap form of rent with the potential for realising a profit buying a property made sense when prices were lower. Currently however the smart money would have cashed in at the top of the boom and would now be renting.
The even smarter money would have bought property elsewhere in a market that increased by 20% in the last year.
Last edited by NewLabour; 13 May 2005 at 11:40 AM.
#34
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Originally Posted by davegtt
you mean daily post?
exactly where housing is concerned the south east is a completely different kettle of fish. where I live has only just caught up with the market... we are on the main line to london kings cross with only an hour 15 travel distance. on the A1 abotu 1 hour from the M25. we have more and more commuters moving here which has helped prices up but its not gonna come down anything like what the south east might do
exactly where housing is concerned the south east is a completely different kettle of fish. where I live has only just caught up with the market... we are on the main line to london kings cross with only an hour 15 travel distance. on the A1 abotu 1 hour from the M25. we have more and more commuters moving here which has helped prices up but its not gonna come down anything like what the south east might do
#35
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By renting you are only paying someone elses mortgage off! I'd prefer to pay my own off.
But first I need to take the plunge. (It's a buyer market at the moment) I'm not being rushed into anything and am more than happy to put in an offer £10-£15K under an asking price of £140k (1 bed flat).
Mortgage repayments (fixed) will be the same (ish) as renting so I don't really see a problem.
I am buying to live in it, make some money maybe! but on the whole buying is a long term investment for older age. Stocks and shares don't do it for me as they are volitile and my full time job doesn't allow me to spend the time it would require making sound investments (my private pension does that for me).
But first I need to take the plunge. (It's a buyer market at the moment) I'm not being rushed into anything and am more than happy to put in an offer £10-£15K under an asking price of £140k (1 bed flat).
Mortgage repayments (fixed) will be the same (ish) as renting so I don't really see a problem.
I am buying to live in it, make some money maybe! but on the whole buying is a long term investment for older age. Stocks and shares don't do it for me as they are volitile and my full time job doesn't allow me to spend the time it would require making sound investments (my private pension does that for me).
#36
Originally Posted by VTEC to Turbo
By renting you are only paying someone elses mortgage off! I'd prefer to pay my own off.
But first I need to take the plunge. (It's a buyer market at the moment) I'm not being rushed into anything and am more than happy to put in an offer £10-£15K under an asking price of £140k (1 bed flat).
Mortgage repayments (fixed) will be the same (ish) as renting so I don't really see a problem.
I am buying to live in it, make some money maybe! but on the whole buying is a long term investment for older age. Stocks and shares don't do it for me as they are volitile and my full time job doesn't allow me to spend the time it would require making sound investments (my private pension does that for me).
But first I need to take the plunge. (It's a buyer market at the moment) I'm not being rushed into anything and am more than happy to put in an offer £10-£15K under an asking price of £140k (1 bed flat).
Mortgage repayments (fixed) will be the same (ish) as renting so I don't really see a problem.
I am buying to live in it, make some money maybe! but on the whole buying is a long term investment for older age. Stocks and shares don't do it for me as they are volitile and my full time job doesn't allow me to spend the time it would require making sound investments (my private pension does that for me).
Try to pick a place that's been on the market for ages as they'll be most desperate.
However consider this if you were buying a year ago you'd have paid significantly more than you would now. Make sure you feel happy with the possibility of owing more on the property than you paid for it. Lifestyles change quickly and you may find yourself trapped in a place you don't want.
Also consider that things aren't going to be getting more expensive in the short term and the longer you can hang on the smaller your mortgage will be.
#37
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Originally Posted by Flatcapdriver
Believe that at your peril. The south east is the engine room of the UK (whether you like it or not) so there is a natural lag in boom and bust times between what happens down here and it spreading to the rest of the country.
We live in a small "seen as trendy" (not my choice, been here years) village, with loads of surrounding towns, and only 45 mins commute from Manchester.
Everyone wants to live here, but there just aren't enough houses available. If a property comes up for sale it goes immediately, you will miss it if you offer less than asking price.
We sold out previous house twice as the first sale fell through due to numpties (luckily for us in the end). Both times we sold the house within 4 days for full asking. Similar houses are still selling straight away even now.
#38
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Originally Posted by NewLabour
Sounds like you have the right idea to me particularly by 'taking the p1ss' (as most vendors will see it) with the offers.
Try to pick a place that's been on the market for ages as they'll be most desperate.
However consider this if you were buying a year ago you'd have paid significantly more than you would now. Make sure you feel happy with the possibility of owing more on the property than you paid for it. Lifestyles change quickly and you may find yourself trapped in a place you don't want.
Also consider that things aren't going to be getting more expensive in the short term and the longer you can hang on the smaller your mortgage will be.
Try to pick a place that's been on the market for ages as they'll be most desperate.
However consider this if you were buying a year ago you'd have paid significantly more than you would now. Make sure you feel happy with the possibility of owing more on the property than you paid for it. Lifestyles change quickly and you may find yourself trapped in a place you don't want.
Also consider that things aren't going to be getting more expensive in the short term and the longer you can hang on the smaller your mortgage will be.
I've been hanging on for 4 years and every year the same thing has been said. I've been keeping an eye on the market over this time and recently things are definately slowing in the SE. As I say, it's a buyers market at the moment, just because someone paid over the odds for a place doesn't mean that I am going to follow suite. 4 years at £600 a month rent is a sizeable amount of money off a mortage, I'm sick of throwing money down the drain.
#39
Sounds a lot like the situation that used to exist in the SE. I'm afraid you are kidding yourself if you think that being a few hundred miles away isolates you from the realities of a nationwide property market.
Hopefully in your case it won't make any difference. Can I ask whereabouts it is? I know the area very well indeed as I'm northern scum myself.
Hopefully in your case it won't make any difference. Can I ask whereabouts it is? I know the area very well indeed as I'm northern scum myself.
#40
Originally Posted by VTEC to Turbo
I see it as being realistic, the prices people want at the moment are taking the **** (and a lot of them know it (www.nethouseprices.co.uk is a fantastic thing)). An offer less than the market value (if accepted) will allow for a future fluctuation in the housing market.
I've been hanging on for 4 years and every year the same thing has been said. I've been keeping an eye on the market over this time and recently things are definately slowing in the SE. As I say, it's a buyers market at the moment, just because someone paid over the odds for a place doesn't mean that I am going to follow suite. 4 years at £600 a month rent is a sizeable amount of money off a mortage, I'm sick of throwing money down the drain.
I've been hanging on for 4 years and every year the same thing has been said. I've been keeping an eye on the market over this time and recently things are definately slowing in the SE. As I say, it's a buyers market at the moment, just because someone paid over the odds for a place doesn't mean that I am going to follow suite. 4 years at £600 a month rent is a sizeable amount of money off a mortage, I'm sick of throwing money down the drain.
An interesting point is that in the SE you can rent a property for £600 pcm that would cost you over £900 in mortgage repayments if bought at current prices on an average mortgage deal. Starting to see the sense in renting now?
That leaves you £300 PCM to invest in something more profitable.
#41
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Originally Posted by NewLabour
Remember though that in 6 yrs the amount you've actually paid off any mortgage will actually be fairly small as most of the money will be going in interest payments.
An interesting point is that in the SE you can rent a property for £600 pcm that would cost you over £900 in mortgage repayments if bought at current prices on an average mortgage deal. Starting to see the sense in renting now?
That leaves you £300 PCM to invest in something more profitable.
An interesting point is that in the SE you can rent a property for £600 pcm that would cost you over £900 in mortgage repayments if bought at current prices on an average mortgage deal. Starting to see the sense in renting now?
That leaves you £300 PCM to invest in something more profitable.
#42
Fair enough just don't be kidding yourself that the rung won't be lower next year.
I talked to some of my former neighbours who tell me the sap who bought one of my rental places in Hove, E Sussex is literally kicking himself now it's worth 20K less in a matter of months.
I talked to some of my former neighbours who tell me the sap who bought one of my rental places in Hove, E Sussex is literally kicking himself now it's worth 20K less in a matter of months.
#43
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For those (especially NL) who think prices are falling in the South East - they are not! Similar houses to mine are currently going for 18k more than what I paid for mine 9 months ago in the same area. 18k rise in 9 months, I hardly call that falling house prices Slowing down maybe, certainly not falling.
#44
Have to admit I only know about parts of London and Sussex- there prices are down and there is empirical data as well as my anecdotal knowledge to back this up.I can only tell you that the last place I sold in Jan last year went for 165ish and more or less the same property is now up for £140 and the vendor will accept bids in the low 130's.
If that isn't a drop what is?
If that isn't a drop what is?
#45
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Originally Posted by **************
For those (especially NL) who think prices are falling in the South East - they are not! Similar houses to mine are currently going for 18k more than what I paid for mine 9 months ago in the same area. 18k rise in 9 months, I hardly call that falling house prices Slowing down maybe, certainly not falling.
Where I am things are not moving (on the market for the last 5-6months), some have been reduced by £5k and are still not getting a sale.
The asking prices are £10-£12k above 9months ago, simple fact is that the majority are not moving.
This will obviously differ from region to region, but I am only refering to my area and the 1 to 2 bed, flat market.
#46
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Originally Posted by **************
For those (especially NL) who think prices are falling in the South East - they are not! Similar houses to mine are currently going for 18k more than what I paid for mine 9 months ago in the same area. 18k rise in 9 months, I hardly call that falling house prices Slowing down maybe, certainly not falling.
Anyone who thinks house prices will keep on booming is kidding themselves - asset bubbles always end in bust, and theres no reason for this one to be any different. I would argue the bust has already started with average prices having fallen for 8 months now - the pace will simply accelerate.
Those who say "oh house prices wont fall because interest rates are low, and theres a lack of homes" (no doubt fed this by mortgage lender/estate agent survey) only need to look at Japan where interest rates have been around 0, they have virtually no space for new homes, yet the market crash in the early 90's SCREWED the economy so much theyve still not fully recovered. Really wouldnt be surprised to see something similar happen here
http://moneycentral.msn.com/content/P116564.asp
#47
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Originally Posted by NewLabour
Sounds a lot like the situation that used to exist in the SE. I'm afraid you are kidding yourself if you think that being a few hundred miles away isolates you from the realities of a nationwide property market.
Hopefully in your case it won't make any difference. Can I ask whereabouts it is? I know the area very well indeed as I'm northern scum myself.
Hopefully in your case it won't make any difference. Can I ask whereabouts it is? I know the area very well indeed as I'm northern scum myself.
Kidding myself in what way though? The house is great, affordable and in a great area. If the value goes down £10k this year I dont care, we are planning on staying here a long time (not moving again if I can help it )
#49
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Originally Posted by **************
For those (especially NL) who think prices are falling in the South East - they are not! Similar houses to mine are currently going for 18k more than what I paid for mine 9 months ago in the same area. 18k rise in 9 months, I hardly call that falling house prices Slowing down maybe, certainly not falling.
Not trying to be funny or clever - but it's what you actually sell for that determines wether or not prices are going up . I've got a surveyor pal who reports lots of developers with empty houses for sale - 12 months ago you had to camp out for three weeks to get your name on a wait list for a house off plan !
#50
Originally Posted by Dream Weaver
Barrowford, Lancs
Kidding myself in what way though? The house is great, affordable and in a great area. If the value goes down £10k this year I dont care, we are planning on staying here a long time (not moving again if I can help it )
Kidding myself in what way though? The house is great, affordable and in a great area. If the value goes down £10k this year I dont care, we are planning on staying here a long time (not moving again if I can help it )
You mean Barrowford nr Burnley? I'm from nr Preston myself and know how late the market started to rise there because I bought a student let property there for 30K which is currently valued in the region of £130,000. Utter madness and when the squeeze hits its going to be painful for the traditionally low income NW folk.
#51
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NL would that part of Sussex be Hastings? VTEC I had the same problem with my flat last year,I think flats are notiously hard to sell over the last couple of years anyway.
I think where the drops in prices are are where they also had a recent large rise which was over and above what it should have been, hence the now vastly reduced prices again. The places that have seen constant rises over the last few years are still rising, just the rate of rise is lower than what it has been in the past.
I think where the drops in prices are are where they also had a recent large rise which was over and above what it should have been, hence the now vastly reduced prices again. The places that have seen constant rises over the last few years are still rising, just the rate of rise is lower than what it has been in the past.
#52
The property I had in Sussex was Brighton and in the end just Hove, both places I really rate for the possibilities they offer.
Hastings was effectively destroyed as a place to live when the A27 link road was cancelled.
Hastings was effectively destroyed as a place to live when the A27 link road was cancelled.
#53
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Originally Posted by NewLabour
As long as you are happy with it then great.
You mean Barrowford nr Burnley? I'm from nr Preston myself and know how late the market started to rise there because I bought a student let property there for 30K which is currently valued in the region of £130,000. Utter madness and when the squeeze hits its going to be painful for the traditionally low income NW folk.
You mean Barrowford nr Burnley? I'm from nr Preston myself and know how late the market started to rise there because I bought a student let property there for 30K which is currently valued in the region of £130,000. Utter madness and when the squeeze hits its going to be painful for the traditionally low income NW folk.
I'm not denying that the house market/prices will start to fall, but I dont think people need to worry about it unless they are buying to make a profit. As long as my mortgage stays affordable (and the IR doesnt go sky high to 20% or something daft), then we will be fine. By the time we plan to move, in say 10 years, it will still be worth more.
#54
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I think it also depends a lot on the type of property. For example a lot of new builds (in fact most) have been developers buying up land and building the biggest most expensive houses they could get planning permission for. These I agree are now the sorts of houses in the SE that are not as high in price as what they used to be. However the area I live in used to be one of the roughest locally but has been developed nicley with nice houses. These are obviously still a lot lower in price than the equivalent size house in Tunbridge Wells for example due to the area. This makes them more attractive on price (did with me as 100k difference is rather a lot!) due to getting a nice house for much less money than 20 miles down the road, but with both being the same distance from London.
#55
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OK again though Brighton has experienced massive inflationary prices over a very short time way above the national average. This to me is why places like this now have a drop in prices, they have had to reallign as the massive increases originally were too much.
#56
TW has great link (well as good as it gets in the UK) to London though taking an hour
Hastings on the other hand takes 2 hrs.
That's 2 hrs a day which is well worth double the cost for London commuter types and their inflated wage packets.
Take your point if it's not an issue then the prices are attractive away from the commuting zone.
You have to weigh that up qith quality of life and for me I can't imagine anything worse than living somewhere I had to drive to get to shops/pubs/life/reality etc.
Can't stand estate living and lifestyle thus I pay through the nose in comparison. The upside to this is that it's far more desireable. Think of it like Porsche vs Vauxhall.
Hastings on the other hand takes 2 hrs.
That's 2 hrs a day which is well worth double the cost for London commuter types and their inflated wage packets.
Take your point if it's not an issue then the prices are attractive away from the commuting zone.
You have to weigh that up qith quality of life and for me I can't imagine anything worse than living somewhere I had to drive to get to shops/pubs/life/reality etc.
Can't stand estate living and lifestyle thus I pay through the nose in comparison. The upside to this is that it's far more desireable. Think of it like Porsche vs Vauxhall.
#57
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Wasn't talking about Hastings in my last post though, i've moved to Maidstone. That is an hour from London the same as T Wells. T Wells is infinately posher and the house prices reflect this. In Maidstone you can get a 3 bed detatched house with garage for 200k or less. In T Wells flats go for more than that with the equivalent house going for 300k+
Maidstone is only a 30 minute drive form T Wells so to save all that money on for the same size house makes sense to me.
The reason I thought you might have had a property in Hastings was due to the fact Hastings was suppposed to have had a massive property price boom. Again another place where prices increased well above the national average, only to fall back again as they had increased too much too quickly.
Maidstone is only a 30 minute drive form T Wells so to save all that money on for the same size house makes sense to me.
The reason I thought you might have had a property in Hastings was due to the fact Hastings was suppposed to have had a massive property price boom. Again another place where prices increased well above the national average, only to fall back again as they had increased too much too quickly.
#58
Can't comment on Maidstone but as TW is for oldies I can't imagine it's much worse as long as you have easy access to the countryside.
Sounds like a better choice and obviously works for you.
Sounds like a better choice and obviously works for you.