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Property/DIY

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Original poster

Those in the know about all things to do with housing market.....

79 replies

dinny · 07/11/2008 14:07

Noddyholder (haven't seem you around for a bit actually), Expat ....etc etc

do you think the market will continue to fall despite the interest rate cut?

will it have a bit of a boom now because of it?

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Original poster

dinny · 08/11/2008 21:52

BM - tomorrow is the one we reeeealllllly like, that I did the OP about......will report back!

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bongosmum · 08/11/2008 22:04

oh i hope it feels like home!! you know instantly don't you? good luck!

Original poster

dinny · 08/11/2008 22:06

mmm, prob is dh really doesn't want to buy till next spring/summer as he thinks has a long way to fall....still, que ce ra!

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bongosmum · 08/11/2008 22:08

what is he afraid of? spending too much? take that into account...renting is dead money. mortgage rates never better - if it feels right, go for it.

Original poster

dinny · 08/11/2008 22:10

no, he thinks will get more for our money next year...........

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bongosmum · 08/11/2008 22:13

but, if the house you dream of turns out to be the one tomorrow, why wait until next year? as one of the other mums said, it all depends on circumstance....go for it!

Original poster

dinny · 08/11/2008 22:15

BM, you sound like a woman after my own heart!! will keep you posted!!!!

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bongosmum · 08/11/2008 22:15

oh please do! good luck.x

Original poster

dinny · 08/11/2008 22:21

thanks!

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myredcardigan · 09/11/2008 14:54

If you get it for the right price that's fine. We bought in this market because our dream house came up. We wouldn't have been able to afford it under normal market conditions and it would have sold quickly even the way things are. We got a good price, it's a 10yr house and we have a good amount of equity. If you're in the same situation,go for it.
Also, hardly anything is coming to market at the moment. Only those who have to sell are doing so. It's not as if there are lots of houses at super low prices. Those who do not need to sell are unlikely to come on in the spring unless the market is showing clear signs of recovery by then, which I doubt.

Hope you love the house!

wendylanguage · 09/11/2008 19:31

bongosmum mortgage rates are not good at the minute - it is difficult to get a mortgage other than a fixed rate one - the banks don't want to lend to anyone and thus are not passing on the interest rate cut to borrowers. We have looked at nearly every bank/BS and all the new mortgages are rubbish, it's what Gordon Brown is banging on about, trying to get the banks to pass the rate on. We are renting and we are not actually that much worse off because we have a large amount of money in the bank from our previous house sale which is earning interest. Plus we have no overheads, no DIY and no buildings insurance or life insurance on a mortgage. It is cheaper to rent over time than to buy!
That all said, I hate renting and can't wait to buy - if I can get a decent mortgage!

Original poster

dinny · 09/11/2008 20:31

well, in the end I couldn't see house as dd had a ballet pre-exam lesson that I'd forgotten about. dh and ds went though and it needs a LOT of work - so it looks v overpriced. will keep eye on it though, and I will pop down and see it in the week.

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bongosmum · 09/11/2008 22:19

best you get that money out the bank and put it under the bed...i thought a lot of the banks were going to offer the cut now? i did hear tonight that golden brown was going to cut vat from 17.5 to 12% tomorrow. i just want to move, but, i can't afford to take a loss of 40k - 20 maybe...

Original poster

dinny · 10/11/2008 08:06

he is a nutter - he will bankrupt the country!

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wendylanguage · 10/11/2008 10:20

bongo I'm like you, I want to move, our rented place gets me down! Weighing up life happiness with saving money is difficult!! We have made a cheeky offer butit's been rejected, seller not budging. Think we have to sit it out til after Xmas unless this buyer comes to her senses! Plus we are applying for DS's Reception place so moving out of catchment is a no-no for us at the minute! Limited to very small geographical area to move in to stay in catchment!

bongosmum · 10/11/2008 18:25

god...you aren't my buyer are you?!!

wendylanguage · 10/11/2008 19:37

I hope not, I'm not buying anywhere lol! Still renting and still fed up

1dilemma · 10/11/2008 22:47

I agree with your dh dinny think prices have a long way to go still.
I think round here they'll get back to 2000 levels (but I'm in one of those London areas that became desirable because it's next door to where people really want to live but can't afford to)
to the person who asked about holiday homes I was surprised to receive an e-mail at the weekend offering discounts on Christmas/New Year rentals in somewhere I know previously has been very popular so keep your fingers crossed.

Property prices recently have had a lot in common with pyramid scams people will accept pretty soon that their house is 'worth' only what the person they are selling it too is prepared to pay.

I just don't get what those holding out/saying rent it out and rent yourself think is going to happen any time soon. I see no evidence for a sudden increase in property prices coming any time soon and nor judging by the rate cut does the BOE

JimmyMcNulty · 11/11/2008 09:42

Me neither 1dilemma. Wait it out? What, until prices reach bottom and THEN sell? Funnily enough if you look at past trends that is exactly what a lot of sellers do - chase the market down and then sell at the bottom. It isn't logical, but it is usual.

Not many people are prepared to wait the nearly 10 years till prices are likely to reach back to 2007 levels.

Original poster

dinny · 11/11/2008 09:45

thing is, if you offer 20% less now than what a property is on for, it's probbaly worth buying - but not many vendors are ready for that yet (unless in real dire straits)

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JimmyMcNulty · 11/11/2008 09:54

Depends what it's on for. Sometimes it bears no relation to reality even at the peak of the boom. And some people will price far too high to start off with and then cut so you think you're getting a bargain when you're not. I think you have to forget the asking price and look at historic trends for houses of the same type in the road you're looking at. Then offer 2001 prices .

JimmyMcNulty · 11/11/2008 09:56

I see that Vince Cable has this morning said that he fears prices will drop 50% from peak.

I've always liked Vince.

Original poster

dinny · 11/11/2008 09:57

when do you think will be a good time to buy - spring onwards next year?

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JimmyMcNulty · 11/11/2008 10:06

I'm no expert! But personally I suspect not before next autumn. With a few exceptions depending on the seller's circumstances - so worth keeping an eye out.

Not in our price range, but a house that at the peak would have sold for at least 700k, probably more like 750k, in the area we're looking has just gone with an asking price of 510k (don't know what was actually paid yet). It was priced to GO and indeed went in 8 days. But I've not seen many like that.

Original poster

dinny · 11/11/2008 10:08

I'd 'like' to pay about 350 for a house on atm for 500

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