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Original poster

Your views on house prices

44 replies

bringmeashrubbery · 20/03/2007 14:04

I'm sure this has been done before but I wondered what peoples' general opinions are on the future of the housing market ? Are we destined for another crash ? Will prices rise crazily until all I can afford is a shoebox in't middle of road etc etc. I suppose I am looking for some considered opinions rather than the often hysterical type views that are perpetuated by the media.

Cheers

OP posts:
Sobernow · 20/03/2007 14:07

This reply has been deleted

Message withdrawn at poster's request.

OrlandoTheMarmaladeCat · 20/03/2007 17:30

I will ask DH (a surveyor) who will then witter on for hours, and because I've asked him, I'll have to listen instead of just fixing a grin to my face and thinking of something else....

...so just to let you know that you'll owe me a drink, but I'll report back accordingly

Whereabouts in the country are you? ie, I'll only have his views on the south east. Mind you, it seems to be the favourite subject of conversation round here (I would say 'dinner party chat' but we don't get out much!)

NotanOtter · 20/03/2007 17:32

i have just opted for a TEN year fixed rate on my mahoosive mortgage...I want prices to skyrocket now!

OrlandoTheMarmaladeCat · 20/03/2007 17:32

Prices or interest rates?

noddyholder · 20/03/2007 17:33

Definitely heading for a crash The ex chief of the bank of england has admitted that they along with the govt deliberately kept interest rates low to fuel house prices as we were heading for a recession in 2001.I think it is a matter of time Interest rates are rising and I think everyone who is mortgaged to their max will begin to feel the pinch.

hunkermunker · 20/03/2007 17:35

Ten, NAO? Who's that with? We've just got a 5-year fixed rate with Nationwide. What rate did you get? [I used to be interesting, honest]

I think prices will keep rising - there is no shortage of buyers IME.

noddyholder · 20/03/2007 17:38

Prices will rise but can't go on forever or there will be no housing market as no FTBuyers.I give it til xmas An estate agent friend of dp said things are already showing signs of change and it is the first time in yrs he has heard so much talk of recession and price drops

NotanOtter · 20/03/2007 17:38

HSBC hunker and the rate is not fab tbh as rates just rose before we found a house ..5.49 % but with an APR 6% which i am told is good

Yet to know if they have accepted us actually as we are borrowing so mnay times income...

NotanOtter · 20/03/2007 17:39

what rate did you get hunker?

KathyMCMLXXII · 20/03/2007 17:42

I'm not convinced they will actually crash, as the social factors that lead to there being a shortage of housing will still apply.
However I do think they will plateau in some places and rise more slowly in others with maybe dips in the most overpriced.

hunkermunker · 20/03/2007 18:25

5.48, I think, so not far off yours! Am sure there was someone out there who would've done it cheaper, but not on the multiple we wanted (think it's about 4.2x joint).

Good luck with yours - stressful, isn't it?!

nogoes · 20/03/2007 18:35

My next door neighbours house sold in July for £200k, 2 doors along (slightly smaller) has just sold for £270k just 8 months later! It is crazy I had my eye on a house this time last year which was on the market for £325k, identical one now on market for £455k. I think we are stuck in our tiny house for ever, I don't want to move miles away.

RanToTheHills · 20/03/2007 18:37

there's a lack of supply though, hugely so in some areas of SE.This will continue to fuel demand in the long-term unless far more new housing is built.

noddyholder · 20/03/2007 18:57

I think the lack of supply line is a myth there were lots of houses on when we were looking last month and most of them are still available and a few are now for rent.The only way to change this surely is to curb this madness.We took our house off and have decided to sell at the end of the summer as we had so much on but am beginning to think we have reached a peak and should have kept it on.One bed flat in our road tiny patio needs renovation £215k!!!No one wants that as a first home do they?

misc · 20/03/2007 19:05

Wow, have you ever thought about living in the peak district, 3 bed semi, huge garden, on market at £130,000!

Tinker · 20/03/2007 19:08

Even if there were a crash, all the first time buyers who currently can't afford them will soon snap them up and prices will rise again. Ban 2nd home owning, that's what I think. Buy your house as home, plenty for everyone then.

ucm · 20/03/2007 19:12

I remortgaged with Nationwide as well hunker, 10 years at 5.08%. Just before the rate rises. However, I spend the last 5 years fixed at 6% so over paid by 1800 pounds at the end of the period.

What I can't understand, as I don't really understand economics that well, is that everything has gone up. Food, c/tax, electric, gas, petrol etc and people are not spending on the high street as they did. More companies are closing and lots of redundancies are going on.

People are still earning the same money, so where is the money coming from to pay for it all. Everyone I know is feeling the pinch already.

How can the housing market sustain itself. Any brainy economic types please explain to me.

margo1974 · 20/03/2007 19:27

I took my house off the market in Feb last year - it was valued at 199k

Have just gone back on the market for 238K

Although I have done a lot to the garden (40 tonnes of earth was removed), made a 3rd bedroom

How is your house move going Hunker?

margo1974 · 20/03/2007 19:28

And I am not going to buy another property straightaway

MerlinsBeard · 20/03/2007 19:32

i need the prices to come down, we can;t afford to move from our small needs-a-lot-of-work rented flat.

Oh tell a lie, we can afford to move, to the 92nd floor of a cockroach infested,heroin addict haven with shit schools. but i would probably get a free stab vest with my purchase

noddyholder · 20/03/2007 22:04

The money to pay for all the holidays flash cars and big tellies comes from the govt keeping interest rates unusually low so that people are releasing equity from their homes left right and centre as we are seeing the house as a big piggy bank.

Hulababy · 20/03/2007 22:07

I don't think it will crash, just slow down. The housing market in many areas has already slowed, although prices are still high.

SenoraPostrophe · 20/03/2007 22:11

the bank "along with the govt deliberately kept interest rates low to fuel house prices as we were heading for a recession in 2001"

eh? not that I agree with it, but isn't accepted economic policy about keeping interest rates low when heading for or in recession? also how would the govt keep interest rates low when they are set by the bank?

anyway. I agree with tinker. tax the pants off second homes and change tenancy law to force landlords to give tennants more security (which will dampen demand for buy to let properties)

SenoraPostrophe · 20/03/2007 22:13

according to the bbc property price thingy houses in chesterfield and sheffield (one of which we'll move to) are going up by over 10% a year. bugger.

Sobernow · 20/03/2007 22:32

This reply has been deleted

Message withdrawn at poster's request.