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Property/DIY

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Original poster

Hey Doomsayers, over here! House prices likely to fall by a quarter in two years...and the rest imo

118 replies

WideWebWitch · 30/03/2008 21:15

prices could go down by 25% and the rest imo.

And for anyone who hasn't seen it before, propertysnake showing some 40%+ reductions

OP posts:

noddyholder · 30/03/2008 21:29

you're naughty www!

Original poster

WideWebWitch · 30/03/2008 21:32

NH, a house we looked at last year and was a no because it's too close to the road is still on and appeared in my email today reduced by a further £50k or something. It's been on a looooooong time.

OP posts:

noddyholder · 30/03/2008 21:37

I've got everything crossed for some big reductions tbh as I know a few people just waiting.I am lucky that I have lived in lovely places over the years while I was doing them up but couldn't afford to keep any of them really if I still wanted a life so will be nice to be able to buy somehwere to call home.My dream property only needs to come down another 10% and I'll buy it .Its already come down 11!

nkf · 30/03/2008 21:38

Propertysnake is rather fascinating. I've never seen it before. What struck me is how long people take to make reductions. Over 100 days in some cases.

expatinscotland · 30/03/2008 21:39

i know two folks in Cambridgeshire who've had their houses on the market for 7 months.

they refuse to lower their prices, however, because they need what they want to get in order to move.

only it ain't happening.

one has an asking price of £300,000, but they got an 'insulting' offer of £250,000 and turned it down. no offers since.

other one, no offers.

eekamoose · 30/03/2008 21:41

Ooooooooooooooh don't get me started on this WWW. Could tell you some horror stories from my little neck of the woods (in unfeasibly popular corner of London). And I am home-owner so don't know why I am not burying head in sand .

beautifuldays · 30/03/2008 21:42

well i hope house prices do come down (cos we are stuck in rented, can't afford to buy)

but on the other hand i work in an estate agents...

PaulaYatesBiggestFan · 30/03/2008 21:43

i was listenng to some market analyst ...

prices in uk are still UP 1 % on last year

highest drop expected over 2 years is 4 %

expatinscotland · 30/03/2008 21:44

i do think some media are trying to keep people happy, FWIW. to avoid panic.

Original poster

WideWebWitch · 30/03/2008 21:45

Epis, I think people are refusing to believe it's happening and think they can still get the prices they could have done 2 years ago. Denial, I think it's called

I reckon it is happening (renting, might be able to buy next year, should have a decent deposit by then although might need 20% instead of 5 due to credit bloody crunch)

OP posts:

expatinscotland · 30/03/2008 21:46

it'll never happen for us at all, even with a big crash, so we're just interested onlookers, WWW.

nkf · 30/03/2008 21:47

Do you want it to happen Expat? And why are you so sure it won't? Just interested in why you seem so certain.

noddyholder · 30/03/2008 21:47

The market is up 1% but considering this time last year it was up nearly 12% that shows it has been falling pretty steadily for a while.The real figures from the land registry take ages to feed through and asking pries are meaningless.Credit has dried up and tehre are no mortgages plus all the BTL are bailing out as the figures don't add up.We are about to see the sharpest decline in years.I took advice from someone regarding this last year and sold in the summer and the person who advised me has been scarily accurate

PaulaYatesBiggestFan · 30/03/2008 21:48

i just need mortgage rates to drop

then i will chill

expatinscotland · 30/03/2008 21:49

because we make too little to afford anything over about £80,000, nfk, and prices won't come down that low in this lifetime.

we have no savings, either, and are unable to save because have low income.

so yes, i can say with reasonable certain we will not be able to afford a home that would fit a family of 5.

critterjitter · 30/03/2008 21:53

If people have bought during and since last summer at top prices, what will be their options now? At what stage will they have to bail out?

nkf · 30/03/2008 21:53

Ok. Sorry if I sounded nosy.

NorthernLurker · 30/03/2008 21:53

This whole mortgage thing is making me very nervous! We are in the process of trying to move. I'm not too worried about the price of the property as we intend to live ther for at least ten years - but we need a mortgage. Our broker has found us a good 5 year rate and we are just waiting on the offer - but I'm also dreading that the bank will pull the offer. What does everyone think? We've got a good credit history and a deposit which will be just under 20% of the purchase price. If they pull it - we will be able to find another won't we?

expatinscotland · 30/03/2008 21:54

when they can't afford to pay their mortgage anymore, critter, i'd expect.

nkf · 30/03/2008 21:56

They will only have to bail out if they can't afford the mortgage. If interest rates rise or if they lose an income or the credit crunch is very fierce.

noddyholder · 30/03/2008 21:56

If you bought at the top but are reasonably well off in terms of how much you are paying monthly then I would say enjoy your lovely home but don't expect it to increase at all in teh next 5 yrs and be prepared for about a 20% fall.This is meaningless unless you have to sell and have a high loan to value.

noddyholder · 30/03/2008 21:58

a 20% deposit is good but I would be more worried about surveyors down valuing atm

eekamoose · 30/03/2008 21:58

WWW - just been having a look on Findaproperty.com.

I worked in an estate agents all last year, stopped in January. Saw two houses on findaproperty which went on the market at £630,000 in Nov 2007. Now both asking £579,950. That's quite a drop in less than 6 months.

NorthernLurker · 30/03/2008 22:01

nh - I know the valuer has been to our purchase but haven't heard back yet. I've had some initial feedback from our buyers survey and he seems happy so far.

PaulaYatesBiggestFan · 30/03/2008 22:03

i bought july

i paid a lot over valuation and mortgaged 6+ times income!

i am bricking it

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