Need answers so I can decide if we should sell ,, please help

[HarmOkne]

I have some questions I need answering

1. Are prices likely to return to 2006 prices by 2013?

1. Are rental prices likely to rise dramatically in the next 5 years or so

1. How much would the total cost of moving be roughly on a £170,000 house

1. Are the banks likely to start offering fixed rate deals to those with low equity in the near future

Would appreciate any advice on these questions

Noddy always seems to be spot on IMO, for what its worth.

And i agree that although Sorrento is not necessarily wrong, she does always seem to be the voice of doom and gloom on these threads. AlthoughI would add everybodys input is needed to have a balanced debate.

Our house is on the market and I agree with Noddy, sell before summer (June at the very latest) or stay put and wait.

but the uncertainty seems to be about whether prices will ever return to 2007 levels or not. The last guy in that Telegraph link said that he expected them to return by 2017. I can live with that if it is the case. But if not and if never then obviously many many people in for a disaster.

It is in the interest of those who were priced out some time ago and have large deposits in the bank, now not earning much interest. Those deposits already stretch much further than they did and I've read gleeful posts about what size of property they can afford now compared to previously. Completely understandable I guess, human nature.

They aren't bloggers, they post on forums where there are a fair number of people in finanical difficulty and some of their posts are clearly designed to instill a level of panic in those people in already difficult circumstances if you stand back and read them from an objective view point. I think psychologists will spend a bit of time in the future studying the influence of online forums in this whole thing.

I personally welcome lower prices as I agree with those who say that generally as a nation we don't benefit from high prices. My views on how things will progress from here are generally similar to Noddy's.

Although, generally, when people talk about returns to 2007 levels then mean in real terms ie adjusted for inflation. So even if they didn't return to those levels in real terms for some time that doesn't necessarily mean that people who bought at the peak will never get out of negative equity, just that it won't be worth as much when compared with salary levels and the general cost of living.

I agree with you Ruty, I'm looking in Oxford and the asking prices are crazy. It's a bit of an irony as the same situation happened in the Midlands where we rent but now prices are falling as there are very few buyers about if you want to sell you need to be realistic, not add 50K to last year's price. Unfortunately we are not interested in the area anymore, the dishonest games some estate agents/sellers played alienated us.

Sorrento being the voice of doom and gloom - depends what position you are in. We have never bought and would love to. I'm hoping house prices do come down a lot more so people like us who earn very average salaries might be in with a chance of living in our own home instead of someone elses.

I think that one of the issues is the way that people define the value of their house. The value of a house is primarily as a home - therefore it is all very well to talk about being better off renting and speculating to end up a few thousand quid better off when really the main advantage to owning a house is that you can make it want you want and live there hopefully for several years.

Even if the prices never return to what they were in 2007 (which they will, in time) if you stay there for 25 years and pay off the mortgage then your house is an asset, whatever its monetary value is. The ironic thing I think is that no-one knows what they will end up paying for their house when they buy. This is because the actual amount we pay is dictated by interest rates/mortgage repayments. It is slightly strange really that at a time where many mortgage repayments are actually very low (and therefore people are paying less for the house than expected when it was bought) there is a panic. (although obviously if you have to move/sell there is a difficulty)

The prospect of putting money in the bank is interesting because if the property market seriously crashed and the government were unable to continue bailing out the banks that passbook might only be worth its value as firewood. (I don't think this is going to happen btw )

The passbook as firewood scenario is what rushed us into buying at the end of last year tbh.Luckily we have not lost and will sell up asap if poss

yes but if the passbook-as-firewood situation occurs it won't be use having a home because there will be gangs rampaging the streets and no food/electricity/water and your magnolia walls will be cold comfort then

no magnolia is a safe guard against rioting skint savers?

CAN YOU EAT IT? CAN YOU SHOOT THE ZOMBIES WITH IT?

I will buy a taser gun to protect my growing potato plants and hole drilled to the water table

if the passbook becomes firewood will my mortgage get written off?

[might at least be something to look forward to amongst the rioting zombies]

Quite possibly because there will be no-one working in the banks to repossess houses. I'm not sure where the Zombies will come from though.

So in fact, those in negative equity could be the ultimate winners.

quite looking forward to the collapse of civilized society now.

civilized society? do we have one now? sorry hadnt noticed. at least people might stop buying massive tellies (sorry my bigest dislike...)