Housing market

[FizzyPop31]

Just wondering if anyone has any ideas on what is going to happen in the coming years with the housing market?

Currently renting and it looks very overpriced and unrealistic at the moment (obvious statement I know) ...

Much depends on the area

The papers seem to talk up a housing crash - some of us have seen this happen twice before
Housing will then recover and go up again

Not sure that helps - all depends on the area and the type of house

Thank you.. doesn't seem the right time in my area at the moment. Highest prices in a long time.

Mortgage rates are dropping making price’s affordable again for many.
Maybe reconsider your search area? They certainly aren’t dropping in price here either.

Where I am prices don’t seems to be coming down, but also there doesn’t seem to be much selling as the average buyer can’t afford, or finds it hard to justify, the higher interest rates. It’s a bit of a stalemate. Don’t think the minuscule drop in some fixed rates this week will make much difference to those needing a mortgage. The monthly interest payments are eye watering unless you have a very large deposit or a cash buyer.

Prices aren't coming down here. I've just bought a place but an identical property on my street has just been put on at £20k more than I paid for mine.

I'm no econonist (major understatement) but this might possibly have an effect on prices in London - keep them up.
wage surge predicted - for some.
https://www.bbc.com/news/business-66436792

SE England. House prices are dropping dramatically. We have sold at £80,000 less than the valuation a year ago. Also we have bought at £105,000 under the original listed price. It's a good time to buy if you are a FTB.

I think if you can get a mortgage and can afford the rates anytime is a good time to buy. To me there would be no point waiting as one just doesn’t know what is going to happen. Some areas have gone down slightly, some are staying even, some are rising. If you’re buying a house for a home rather than an investment I personally wouldn’t wait.

Thing is affordability is impacted whatever happens, so as above there is never a right or wrong time to buy in my view. Low interest rates and prices go up which makes things unaffordable. High interest rates and you can borrow less which makes things equally unaffordable. Sure that is a rather simplistic way to look at things but nobody has a crystal ball so just get on with life and owning a home remains a key way to a secure future.

There's no rush. In the crash of the early 90's it took 6 years for real house prices to bottom out. We've only been falling for a year so far. You'll have ample notice of a rebound (say, 3mo of increasing prices) and that'll be the time to get the best deals.

But if you NEED your own home, and can afford the normalised interest rates of 5/6/7% and can sit out any negative equity w/o concern then go ahead. Having a home trumps all.

Prices ARE falling nationally. But this is still early days on the falling process.

Yes mortgage rates are down slightly today, however this is really not very significant when you look at where they’ve come from. The rates rises of the last year will still have a negative impact on house prices, the land registry data is around 8months delayed.

Estate agents asking for more and more and more, when they know the market is falling are quite simply the poison of the times.

If I was advising my children now then I would suggest working out the maximum comfortable mortgage payment PLUS the amount you should save per month for property maintenance on your new home. If it's greater than your rent then put that into a cash ISA each month along with your deposit. That will be growing at around 5% per annum while house prices are falling at X% per annum. You'll be up 5+x% in a year's time and in an even better position to buy.

I agree with this comment about estate agents. I live in a south-west England city and it is the estate agents who keep pushing the prices up. Particularly one firm who deal with London buyers, then the others follow. It makes me sick.

Yep, most estate agents are so awful in every way. Having to deal with these kind of people to make one of the most important decisions of your life, it couldn’t be more laughable how infuriating they are. Constant lies and toxic sales nonsense. From the initial advert to the words that come out of their mouth. These people don’t deserve our business.
House prices are ruining this country and the world, pushing up prices are so short sighted, it is all greed greed greed. I look forward to seeing a lot of estate agents close up and hope the whole housing market collapses as low as possible for the benefit of a better future.

SW London. Nice neighbourhood of three/four bed terraces around £1-1.2m, good schools, parks 15 min from train/tube/shops zone 3.
Prices have held, still up from peak, sell fairly quickly. Rentals are through the roof
I'd say that prices may stagnate, but don't see anything that has come down much, other than those being a bit greedy.
I bought mine two years ago when it might have been considered the peak and yet they are all selling for significantly more.

Prices are still high here. But perhaps more importantly, there's almost nothing on the market

Spoke to a broker last week. He said if buying right now pay 10% less than asking as prices will drop. I’m looking to buy but might wait

Exactly, there is certainly no need to rush into buying. Sellers back down you’ve had your time, this is a buyers market.

Nobody knows what’s going to happen!

Time in the market beats timing the market - it’s better to just get on the property ladder when you can rather than hang back waiting for a crash that may never come.