Housing market post spending review?

[artyjools]

So, what do you think is going to happen to the market now we know what's going to be happening? I was hoping for a bit more clarity - but I don't think I have it! Price drops don't harm me as I am looking to upsize, but the downsizers at the top around here (South East) are still being bullish. (Have just spoken to estate agent who told me that some sellers who haven't been able to sell for months are talking about putting the price UP!!!!!!)

If you are in rented and looking to buy in the south east, are you still waiting, are you wanting to move before Christmas or are you giving up altogether?

The million dollar question!!

I'm expecting a downward shift - a bit gutted as we just bought but hey house prices couldn't defy gravity forever!

House prices holding here in my area of the South West but not shifting very fast at all. We did get a good discount(9% off asking price) buying in this uncertain time but depends on how much prices fall as to whether we'll end up in NE

I don't really see that we know a lot more than we did a few days ago. I mean, we knew the public sector was going to be hit massively, it has been....

Location, location, location.... some areas will see a steep fall, some won't 'feel' anything.

The [http://www.telegraph.co.uk/finance/personalfinance/8078430/House-prices-to-fall-says-Bank-of-England.html Bank of England]] said today it exected house prices to fall next year.

The lack of mortgage availability and falling public spending will be the major factors. Places with high percentage of public sector workers to fall most.

e/8078430/House-prices-to-fall-says-Bank-of-Englan d.html Bank of England

Minty - if you are staying put for a while, you will be fine. I went through a period of negative equity in the early 1990s, but they soon bounced up again. Supply and demand will see to that.

I agree it doesn't seem to be any clearer and some places will be hit harder than others.

Thanks for the link, BeenBeta. It doesn;t work any more but the article can still be found by looking at the index, if anyone is looking for it.

down. but how far down depends on yes location location location. i think certain areas of the south east will remain resilient alongside good areas in cities like manchester, edinburgh and bristol.

i think we'll only see real price falls when interest rates goes up.

It depends on your circumstances and what you need. We had notice that we had to be out of our rental (which we would have loved to stay in) at the end of the year, so decided to buy. We're in SE London and prices seem to have gone up if anything, but rental prices are crazy at the moment and if we moved to another rental we'd be looking at paying £300-400 more a month than we are now.

Also the thought of moving even once is a bit depressing, let along having to do it twice in the next couple of years. And then there's the costs involved in moving and getting checks for a new rental. It may be seasonal, but there's been a drop in what's coming on and there's not a lot new at the moment. We managed to find a house we really liked, got 20 grand off the asking price and I'm hoping we're going to be in before Christmas. It's just as much about what's right for you as what's going to happen to the market.