So do you think the property market has bottomed out? Please vote, it only takes a minute!

[sylar]

We've been "off the ladder" for the past 18 months and are now thinking about buying again. Very hesitant given the dramatically different reports in the media - BBC and Times constantly saying we''ve hit the bottom, others saying this can't possibly be true given we're still in a recession.

What do you think?

[bigstripeytiger]

Where I live the market has been picking up for the last few months.

Flats seem to be slow to shift, but family houses are selling reasonably quickly now.

[toja555]

In my area, South London, there is very limited choice of houses (reasonably priced houses). The ones on the market are selling close to asking price. I think it will still be some variations in the housing market, but we should exclude London as the least-recession affected place.

[AlderTree]

Bad Luck fruitstick. DH keeps moaning about how little our place has risen in value compared to other areas nearby, therefore we should have bought somewhere else or moved sooner. My theory is the house didn't go up in value too drastically so it hasn't fallen as drastically as others as it isn't too bad.

Question to the OP are you genuinely discussing the market or is the real question should I buy now or not?

[fruitstick]

Dh and I have nightly arguments about this. We sold at the beginning of this year which looks like the very bottom of the market. We are now paying a fortune in rent. DH thinks we should buy now, even though there is NOTHING on the market that is suitable .

I keep telling him to hang on for prices to drop.

However, he wanted to put the house on the market in 2007 and I said no, we had to wait until I was pregnant so I am very much on the back foot

[stuffitlllama]

no, more falls in the US, i think this is a dead cat bounce

[Speckledeggy]

As we want to buy, I'd like to think the current resurrection of the property market is nothing more than a mere blip.

It's pretty certain we're going to have a new Government within 18 months and public sector spending cuts are a definite which again mean more job losses. The outlook isn't great.

Mind you, every time a house sells around here another similar one comes on for £10k more. It does my head in!

[1dilemma]

no way

we have big tax rises coming and really big public sector cuts too together with rising unemployment

interest rates have to go up

this is a spring bounce happened every year in last crash

our economy is built on sand

zoopla is interesting it's quoting a value of 360,000 for houses with asking price of 500,000 near here (can't comment on whether they've been down then up I havn't looked at it enough)

[NotanOtter]

well my house dropped 120k on zoopla and it has re - gained 70k of that

[wasabipeanut]

There does seem to be a little "boomette" going on in some areas where supply is short - particularly for family houses. That doesn't mean it's bottomed out though - and the bank lending situation doesn't look like easing anytime soon.

We are also at the beginning of the curve in terms of a massive tax hike - whoever wins the election. I don't think everyone truly understands how much they are going to have to rise and this is going to drastically affect affordability.

I have just bought incidentally at a sensible price IMO, but somewhere we plan to stay for 10 years plus.

[LyraSilvertongue]

I think they have in my area. Estate agents doing brisk business. Houses selling for asking price for the first time in ages.

[Meglet]

no, I think this winter will see them dropping a little more. No one's job is safe is it?

[Jampot]

no I dont think it has bottomed out. Increasing unemployment cannot fail to have an effect on the housing market. We're still renting (since march 08) and there is nothing on the market to buy that still isnt overpriced (imo).

[swineofthetimes]

Nope - unemployment is on the up.

[Frizbe]

House prices have gone up here this month! only a teeny bit, but personally I don't think you'll see much more of a drop. (Derbyshire BTW)

[goldenpeach]

No way, some areas are still so pricey, like they are in a parallel universe with no recession!

[HighOnDieselAndGasoline]

No, there are obviously a lot of people not putting their houses on the market at the moment. What is selling is going for more than it is worth, as there is so little available. I reckon a lot of people will be forced onto the market in the autumn, and prices may fall again then.

[AlderTree]

My vote therefore is its erratic, don't overstretch yourself and only buy if you are after long term stability that way if it hasn't completely bottomed out you won't be so effected by negative equity.

www.mouseprice.com/ a very useful and slightly addictive website to make sure you don't pay too much adn find out how different streets are doing in your area.

[noddyholder]

Another 18 months at least

[AlderTree]

Depends where you are in the country. I think parts of the south east are starting to recover especially in the family house market. Some property still seems overpriced and not shifting. It is more a case of being realistic about what someone will pay for your house and probably not a good time for the property developers/second home owners but then they are part of the reason the whole thing crashed. If everyone didn't think buying property was a ticket to money making and be content with one house rather than having two the suppply/demand wouldn't be so out of kilter. Hopefully the traditional family owner, loking for an extra bedroom or move because of schools/work can get a look in especially if they have a bit of equity because they have been in their house for a while.

[Penthesileia]

What artichokes said.

It may be worth thinking about the stock-market. It is, apparently, showing some signs of recovery, and is generally believed to be about 9 months ahead of the general economy. This might imply that the housing market will continue to drop until the new year, when it will stabilise or pick up.

[trixymalixy]

No, people are still surviving on their redundancy payouts/savings and i think we will see a lot more forced sales later on this year.

[artichokes]

Depends where you live & what price brackets you are looking at. We are after large family houses in nice areas of London & I don't think they'll go lower than they were six months ago. Most potential buyers for such houses seem to be escaping the worst of the recession.

[jeanjeannie]

No. Seems to me unemployment is so bad that it has to continue to have an effect. It's in the interest of EAs and the banks to 'talk it up'. Can't imagine what will happen if the interest rate was to go up.

[glastocat]

No way, we're holding on until next summer at least. I think its got a long way to go yet ( although I'm in Ireland, I don't think its much better in the UK).

[alardi]

NO. Or if it has, it's quite an unusual case; previous house price fall periods lasted much longer and sunk a bit lower relative to other indicators. This time we're coming down from such a high peak, it would suprise me if stabilised (and started to generally go up again), at/from a point so high relative to average earnings.