2003 levels....

[critterjitter]

www.knightfrank.co.uk/press/residential-forecasts-2009.aspx

It's hilarious because if you ever have to call the KF press office, the response is: "Price crash? What price crash?" Also the bottom of the market comment implies things will pick up from then when it is much more likely we will bump along bottom for at least a couple of years.

Thats what i paid.In fact 6 k less than 2003.the gloves are off now i think the delusion is over ALL HOUSES ARE WORTH LESS!!!there are no crash proof areas or properties

lalalonglegs
Exactly the same response I had from KFH!

I do hope the delusions are over bodycolder - in the next few days we are going to put in an offer on a house at approx 2002 level. I will be too embarrassed to do it so DH is going to .

No way are prices at 2003 levels in my area...yet. Average house price on my road in 2003 - £490k. 4 houses have sold in 2008 (£550k, £575k and two for £600k plus). Still waiting for the market to completely bottom out here....

Actually, you're right MrsMattie. I've just looked at 2004 prices down my street (wasn't living here then)and prices are still theoretically way off but, then again, nothing is selling.

Do you think estate agents in certain areas have agreements amongst themselves to keep prices up (i.e. when they initially go round to value them?)

I know this sounds a bit like a conspiracy theory, however in the area that I am looking at, everything is priced up at 2007 levels (with only a few rare exceptions), but nothing is selling. Occasionally, something will go under offer and then bounce back on the market a few months later.

I also looked on property snake, and as a rule, in this area they are only dropping their asking prices by about 3% across the board. Whereas, I've checked other areas on property snake and found 10%, 20%, 30% + drops.

i think so critterjitter - I had an EA call me the other day to tell me of a property about to come to the market which is a bargain at 285k (3 bed semi, no central heating, no double glazing, long garden though . She tells me a house a few doors away went for 420k about 18 months ago - yes but that was extended and kitted out and it was 18 months ago!

We are just about to move into another rented house. I put a "wanted" ad on a local board and the landlord contacted me - we're not going through an agent and neither of us are worse off for it. When the time comes for me to buy I may well do the same advertising how much I am willing to spend and see if anyone contacts me.