House price crash?

[piglet1234]

Are house prices dropping due to MMR etc?

Mmr? As in the jab?

I don't think they're dropping. They are stabilising though. Where are you?

I am in London. Where prices have absolutely rocketed.

I think the alleged boom is being overstated. It's happening in the SE and London, driven, it seems, by foreign buyers paying cash. Here in the sticks prices are stable if not stagnant.

I live in the East Midlands....we bought this house 2 years ago for £170k
The latest update from zoopla has valued it at £200k - which I think is accurate bearing in mind houses that have sold on this street recently.
I think we bought during the dip in the market.
In one way it's nice as we have £60k equity but thats irrelevant unless you want/need to move.
No idea what's going to happen wrt the housing market.
It certainly can't go on like this...but I have been saying that since 2006!!

isit: yes, it would be great to have some figures. What annoys me slightly is that the media treat the "boom" as though it's happening all over the country, when it clearly isn't.

What's really quite scary though is the implications of those foreign investors pulling out their money suddenly, leaving a trailing wake of artificially high prices, negative equity and barely-afforded mortgages. Not to mention what will happen when interest rates start to rise, as they inevitably will.

Thing is, we know what's going to happen, and we never learn.

I should have said "House price crash in London?" as the prices here are worse than astronomical. A 2 bed house that I viewed last year at £240,000 is now £340,000 this year : www.rightmove.co.uk/property-for-sale/property-31129587.html?premiumA=true

How can they justify a massive increase in price when they have used the same pictures and with no improvements to the property! But it hasn't sold.

OP., if you're in London they're not dropping. People are no longer paying over the odds, but prices aren't falling.

Buyers madness seems to be going down by not offering well over asking price. I hope that this leads to buyers offering well under asking and the Bank Valuers start to agree!

You might find this article in thisismoney.co.uk interesting OP

Bricks and Bubbles is a series on Radio4 (link to iPlayer Radio) which is all about how house prices are going up in some areas and not others. Are we in a house price bubble? If so then will it burst?

The Daily Mail thinks that there maybe a crash soon.

Terrible time to buy unless you have cash and a desperate seller. Market where I am has been flooded the last 3 weeks or so as people see news reports re a boom which in effect ended in about April. My agent has said it has slowed dramatically and several transactions falling through every week. I have just sold somewhere and itbfell through first time as the buyer although he had good salary etc and an agreement in principle once he did affordability test he was turned down.

Article in the the Times, as well as the Daily Fail as stated above. I was looking at buying in clapham before: about 40% of places coming onto market have had price cuts in the last few days. Not a good sign for rising prices, quite the opposite.

This thread has surprised me as I thought there will be a few posters loving the house price increases!

Not here, we are looking to buy eventually! Those who sold in April and earlier are the ones who've made the most. Those selling now won't be. Markets have a natural top, then bounce back down. Nothing new under the sun!

I renovate houses for a living and still hope prices reverse so that everyone can have a fair crack at the whip of owning a HOME not just an investment. I know lots of amateur developers with no design skills who make ££ on a rising market and it would weed them out as if the finished article was valued on qualtiy and style they would make nothing and stop buying.

I am glad that you lot seem to want house prices to drop. Debt slavery is ugly. I have been to a money saving expert forum debate and they really want more increases. Seems severely at odds with the name of the website.