Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

House price bores this way, please...

258 replies

southutsire · 13/09/2007 16:51

If you would like to discuss and pointlessly speculate about the housing market, please post here, so that I don't ruin dinner parties and every conversation I have in RL by boring everyone to death on the subject.

What do you think will happen in the next months and why?

OP posts:
TheBlonde · 03/06/2008 20:40

prices seem to be starting to drop round here finally

eekamoose · 03/06/2008 20:46

Oooooooooo I bet the vendors love you atm Noddy.

1dilemma · 03/06/2008 21:54

Noddy
Have they come back to you with a cheaper price yet?
D'you think Blonde I've seen little drops in flats but not much in houses yet?

We had a mag through the door today and it had the coombe estate in (now where is that?) my jaw nearly hit the floor when I saw just how much house you were getting for your money. (mind you it was 1 million +)

TheBlonde · 04/06/2008 11:10

1dilemma - the £1M+ stuff is dropping for sure, lots of Heaver Estate stuff coming down in price
I think the 700K-1M bracket vendors are still in denial so that stuff isn't reducing yet

I think Coombe is somewhere near Wimbledon?

noddyholder · 04/06/2008 11:36

Coombe is between wimbledon adn kingston.used to live there !I know the vendors will be cursing us but the agent didn't sound at all surprised we pulled out and people are pulling out a lot atm as prices will be so much less soon.House I liked was 350 at xmas now 269!

noddyholder · 04/06/2008 11:38

I noticed last year the sudden arrival of several £1million houses here in brighton which was a new thing for the roads in question.These haven't sold and similar are now coming on at 650 - 750 which is a big drop but they are still sticking.This is a different sort of crash as the bubble is bigger than ever before and there is no easy credit.

mamablue · 04/06/2008 11:50

The market has definately slowed down where we live. Luckily we moved house 18 months ago and things were slowing but not too bad. Now the houses seem to be on sale for at least 6 months plus. Especially the more expensive homes. I have several friends who have taken up to a year to sell their properties, these are average houses with no renovations etc. needed. Alot of the houses are still overpriced though and I guess buyers can afford to wait until vendors drop the prices. I am really glad we decided to go for it when we did.

1dilemma · 04/06/2008 23:07

Are they Blonde?

Of course I'm not looking

1dilemma · 04/06/2008 23:08

I'm off to google the Coombe estate now (not.)
Noddy was it nice or a bit Stepford wivesish? What about the schools?

noddyholder · 05/06/2008 09:26

I don't think its stepford wives Schools are really good in wimbledon raynes park and kingston.Dps aunt had an amazing house there but she has sold it as she got a bit old to maintain it.Lovely place to live if you can afford it.

goldenpeach · 06/06/2008 12:08

Thanks dilemma1, I see your points and we have changed location (there are counties that were very pricey that are now affordable). We found better places and we have decided to put the money in the bank and rent there as you don't always find your dream house when you want it. Crash or not crash, in my experience it's cheaper to buy in late summer and winter as there are not many buyers around (this is the second house in London I bought and sold and they always reduce prices in late summer, even in high market times). I don't expect to get a massive bargain, I just want to pay a fair price. We sold for a fair price and there are heaps of overpriced houses that have been on the market for six months or more. We even redecorated our house from top to bottom so it's spotless. Still we have to see and I hope our buyer doesn't pull out. We had the surveyor round this week. One interesting thing is that the price of full building surveys has crashed, it used to be so pricey but it's now not much more than the home buyer one. Surveyors have not much work at the moment.

Original poster
southutsire · 09/06/2008 11:53

UK homes expected to recover current value only in 2017

and Don't buy a house - at any price

OP posts:
ELR · 09/06/2008 13:36

very interesting

noddyholder · 09/06/2008 15:23

It is v interesting that the guardian are printing that story as they have been hellbent on insisting prices only ever go up until faced with the eviddnce

beansontoast · 10/06/2008 15:05

prophet larry elliot in the guardian has been warning of this for ages?..based on the fantasy of wealth facilitaed by cheap money...me and dp have been waiting to buy since 2005 - as a correction was predicted for the end of 2007

noddyholder · 10/06/2008 15:39

Well it would have happened in 2005 if the money men hadn't slashed intert rates and flooded the market with cheap cash!Now you will get somewhere in teh next yr for a bargain!

WideWebWitch · 10/06/2008 15:48

interesting articles, thanks, have forwarded to dh. We are feeling very glad we didn't buy last year.

mummyjaguar · 11/06/2008 20:30

Makes me feel slightly (although only slightly) better about the fact that our house purchase has fallen through today

Raffaella · 11/06/2008 20:33

Oh no MummyJ, what happened? I thought you were really keen on that house.

mummyjaguar · 11/06/2008 20:42

I LOVE the house. We've been looking for months and its the nicest house by far. Unfortunately we'd budgeted £100k to do the necessary works (on guidance from the estate agent who is also a surveyor) and the estimate from the builder came in at £250 . Puts it out of our league (and in fact probably out of most people's league making it a million pound property with the moving fees!). The agent tried to persuade the seller to drop her price but she won't so we're reluctantly pulling out.

Really don't want to go into rented but we only have 7 weeks left here before we complete.

On the bright side I've just worked out that if we put our equity plus the amount w're saving on the mortgage into a high interest account for 18 months we'll make enough to cover DS1's school fees for years!

Raffaella · 11/06/2008 20:45

Now that really is a bright side!

Sorry about the house though but at least you found all this out before you exchanged thank goodness.

mummyjaguar · 11/06/2008 20:50

Absolutely. Had we not had the quotes at such an early stage it would have been financial ruin. Scary to think about it.

The agent isn't optimistic that it will sell now with the market falling. The vendor is elderly and needs the money released from the house. So you never know, in a few months time she might even drop the house to a price we can afford.

If its meant to be it will be I guess.

ButterflyMcQueen · 11/06/2008 20:50

a friend of ours put her inner terrace on at £350,000 last wednesday and ywo asking price offers on saturday

mummyjaguar · 11/06/2008 20:58

Blimey she did well. Was it priced realistically to sell?

Problem at the moment seems to be chains collapsing everywhere. Ours fell through today (although not our sale thank goodness) and my sister's fell through two weeks ago.

I've been on holiday for a week and have come back to five calls from desperate estate agents some practically begging me to view properties. The estate agent today sounded like she was at the end of her tether when I said we had to pull out. We've had the agents on regarding a house we offered on months ago at 15 per cent below asking price. The vendors will now accept that price (although I no longer want the house!)

noddyholder · 11/06/2008 22:14

We had a 155 below rejected yesterday but have had 4 calls from the agents trying to convince us to increase etc etc but have said no and hope they come back to us.Lovely place we viewed at xmas has just gone from 350 to 265 but like you mummuy2 i no longer want it!