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So do you think the property market has bottomed out? Please vote, it only takes a minute!

(34 Posts)
sylar Wed 29-Jul-09 08:52:25

We've been "off the ladder" for the past 18 months and are now thinking about buying again. Very hesitant given the dramatically different reports in the media - BBC and Times constantly saying we''ve hit the bottom, others saying this can't possibly be true given we're still in a recession.

What do you think?

ladyofshallots Wed 29-Jul-09 08:54:31

No, not while unemployment is still rising. We're still buying now though as it is an emotional decision rather than an entirely fiscal one.

Blackduck Wed 29-Jul-09 08:55:28

EA's reckon it has stabalised (but coould argue what do they know!)

Chevre Wed 29-Jul-09 08:56:16

no it hasn't bottomed out. there will be a crash when everyone who has been refusing to sell at reduced prices is forced to sell. i give it a year

randomtask Wed 29-Jul-09 12:58:28

In our area, the prices of houses have gone up £25k on average in the last month or so. The mortgage interest rates have gone up too.

So, it's either improving or, this is a blip and things will go down again. Incidentally, two months ago we had 7 houses in our road up for sale. Now we have 1.

tinierclanger Wed 29-Jul-09 12:59:13

No. Depends where you live though - apparently my locale is 'recession-proof!'.

ninah Wed 29-Jul-09 12:59:42

no way has it

EldonAve Wed 29-Jul-09 13:00:31

no, this is a blip and prices will drop again

Jojay Wed 29-Jul-09 13:00:44

Nope - I think they'll fall more.

The underlying problems that caused the recession are still there, and unemployment is going to soar

alardi Wed 29-Jul-09 13:01:02

NO. Or if it has, it's quite an unusual case; previous house price fall periods lasted much longer and sunk a bit lower relative to other indicators. This time we're coming down from such a high peak, it would suprise me if stabilised (and started to generally go up again), at/from a point so high relative to average earnings.

glastocat Wed 29-Jul-09 13:02:41

No way, we're holding on until next summer at least. I think its got a long way to go yet ( although I'm in Ireland, I don't think its much better in the UK).

jeanjeannie Wed 29-Jul-09 13:09:51

No. Seems to me unemployment is so bad that it has to continue to have an effect. It's in the interest of EAs and the banks to 'talk it up'. Can't imagine what will happen if the interest rate was to go up.

artichokes Wed 29-Jul-09 13:12:34

Depends where you live & what price brackets you are looking at. We are after large family houses in nice areas of London & I don't think they'll go lower than they were six months ago. Most potential buyers for such houses seem to be escaping the worst of the recession.

trixymalixy Wed 29-Jul-09 13:14:16

No, people are still surviving on their redundancy payouts/savings and i think we will see a lot more forced sales later on this year.

Penthesileia Wed 29-Jul-09 13:14:26

What artichokes said.

It may be worth thinking about the stock-market. It is, apparently, showing some signs of recovery, and is generally believed to be about 9 months ahead of the general economy. This might imply that the housing market will continue to drop until the new year, when it will stabilise or pick up.

AlderTree Wed 29-Jul-09 16:09:59

Depends where you are in the country. I think parts of the south east are starting to recover especially in the family house market. Some property still seems overpriced and not shifting. It is more a case of being realistic about what someone will pay for your house and probably not a good time for the property developers/second home owners but then they are part of the reason the whole thing crashed. If everyone didn't think buying property was a ticket to money making and be content with one house rather than having two the suppply/demand wouldn't be so out of kilter. Hopefully the traditional family owner, loking for an extra bedroom or move because of schools/work can get a look in especially if they have a bit of equity because they have been in their house for a while.

noddyholder Wed 29-Jul-09 16:10:38

Another 18 months at least

AlderTree Wed 29-Jul-09 16:14:29

My vote therefore is its erratic, don't overstretch yourself and only buy if you are after long term stability that way if it hasn't completely bottomed out you won't be so effected by negative equity. a very useful and slightly addictive website to make sure you don't pay too much adn find out how different streets are doing in your area.

HighOnDieselAndGasoline Wed 29-Jul-09 16:24:26

No, there are obviously a lot of people not putting their houses on the market at the moment. What is selling is going for more than it is worth, as there is so little available. I reckon a lot of people will be forced onto the market in the autumn, and prices may fall again then.

goldenpeach Wed 29-Jul-09 16:54:24

No way, some areas are still so pricey, like they are in a parallel universe with no recession!

Frizbe Wed 29-Jul-09 16:55:50

House prices have gone up here this month! only a teeny bit, but personally I don't think you'll see much more of a drop. (Derbyshire BTW)

swineofthetimes Wed 29-Jul-09 20:06:40

Nope - unemployment is on the up.

Jampot Wed 29-Jul-09 21:02:57

no I dont think it has bottomed out. Increasing unemployment cannot fail to have an effect on the housing market. We're still renting (since march 08) and there is nothing on the market to buy that still isnt overpriced (imo).

Meglet Wed 29-Jul-09 21:12:49

no, I think this winter will see them dropping a little more. No one's job is safe is it?

LyraSilvertongue Wed 29-Jul-09 21:23:26

I think they have in my area. Estate agents doing brisk business. Houses selling for asking price for the first time in ages.

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