StickyMicky

are they all emigrating

serious, there must be 4/5 just on our estate and about 3/4 on the estate behind

did a quick search online and put a max price of 120k in for the nearest town to me and got 23 replies all within 5 mins drive from here

including a 40k and a 45k flat

prices ARE coming down

StickyMicky

holy ****

24k flat just around 7mins from here has been sold

Edrich House, St Johns Green, Percy Main, North Shields, Tyne & Wear £24,000 SOLD
1 Bedroom 1 Reception

Click the image for more details
Ideal for investment purposes this 1 Bedroom Ground Floor Flat requires upgrading and refurbishment,

Petem95

Housing market is pretty flooded everywhere - the housing market - along with the economy in general is about to go pop BIG TIME.

People realise now that buying a house at 30-40% overvalued prices is going to leave them seriously out of pocket in the next few years, however sellers seem unprepared to lower prices significantly (yet..).

Everywhere you look articles say the same sort of thing - from Telegraph "Confidence in the housing market has slumped alarmingly" etc
http://portal.telegraph.co.uk/money/.../cmnhous11.xml

Guardian "The UK's economy may be at braking point"
http://www.guardian.co.uk/editor/sto...481689,00.html

I just feel sorry for all those poor first time buyers who stretched themselves to buy a massively overpriced house because everytime they turn on the TV its "get rich quick with property programmes on every channel"

r32

Houses just dont seem to be selling ..........

fatscoobyfella

Were thinking of selling up and getting a smaller house around the £120,000 mark so we dont have a morgage at all..Could work ok if we sell at the right time but could be a disaster if we dont!!
Suppose it all relevant tho..house prices seem to be slowing coming down because houses aint selling..i had my eye on the market for about 6 months and there is houses still for sale..
Think its tread carefully over the next 6 months if thinkin of buying...

Regacy

Found lots more here http://fish4.co.uk/homes/index.jsp but most of the good flats start at around £65k

ChrisB

"Tyne & Wear" by the looks of it. Although "requires upgrading and refurbishment" probably means it has no windows and is burnt out...

the moose

The property market has slowed down. After years of people saying that they can't afford ever-increasing house prices, and that 'something should be done', well, something has been done. Cue loads of people now saying 'hmmm, prices have stopped rising, I've been caught out with my buy-to-let property, what am I going to do? Something should be done.'

There are winners, there are losers, and this has always been the case.

pflowers

Prices do not appear to be dropping around here ( SW Wales ) If anything they are still rising, TBH there is not much available for less than £150k - £200k, and they are selling. Maybe we are still catching up !

NewLabour

The losers in this case are clearly those who are already falling into negative equity.

While prices are stable and may be rising slightly in some parts of the country (not that I believe this is the case) the property market as a whole tends to be led by the south east. In this area prices are dropping, in some cases by as much as 10-15% already. The ripples from this will spread out and effect the entire market countrywide. Add to this the state of the economy and I predict significant drops across the country.

The market is over valued it's as simple as that.

Dream Weaver

No change in prices here, they are still going up but much slower. The market is still moving quickly thogh and its still a sellers market where I am.

chiark

Prices still seem to be on the up in Leeds, which is depressing. Stil, I've been banging on about house prices being unrealistic for three years now, so what do I know?

Jap2Scrap

I can offer you a nice 3 bed semi with land (with outline planning permission for a single dwelling) in Pontefract, if you don't mind commuting chiark

unfeasablylargegonads

iTrader: (3)

yeah bit of a dilema if you looking to get on the ladder, Personaly to me houses are only worth what they are when you buy or sell them (just like shares), if you buy a house as a long term investment I still think they are a safe bet.

If anything I think there could possibly be another surge next year when the new pension laws come in that allow people to use a pension to invest directly into property, alot of the 40% tax payers could do this causing more demand for houses again.

Cheers

Dan

fitzscoob

this is such a tough situation, being in the south east prices for 2 bed flats have been around the 160k - 180k for the last couple of years and rising steadily. prices have stagnated for a while now, me being a prospective first time buyer im watching the prices like a hawk.

it seems pretty clear now that prices are not going up, and properties are not selling, for as long as I can remember now, the same properties are in the for sale sections of the local rags and rightmove.co.uk for my area.

the girlfriend and I seem to be about 6 months away from making our mark on the property ladder, and its a very tough situation to be in as we want our own place, but do not want to be over keen and find ourselves in a flat that we paid 160k for and is worth 100k 2 months after moving in.

NewLabour

There were people who posted on here who believed in Saddam's WMDs, thought the tories were going to win the election and now we have some who believe that the property market is going to keep rising.
I posted throughout that these assertions were a load of old tosh and guess what? I was right and I'm right again now.

Perhaps this website should be renamed "Deludednet"

Dream Weaver

A house is to be lived in though. Its better to buy something you will be happy in for the next 10-15 years, and that you can afford each month regardless of what the value is after you move in.

We've recently moved, our new house cost more than it should , but we love it, have no problems paying for it and honestly wouldnt care if it was worth £10k less now as we wont be selling in the near future.

Hanslow

We put our house on the market weekend before last and it sold within a week for full asking price (well we've accepted an offer, still got all the hoops to jump through) Problem we're now having is finding somewhere suitable to move to. We're happy to buy now because we bought our current property (first house) at the bottom of the last crash. So, relatively speaking, although we'll pay an inflated price now, as long as the price of the house doesn't drop below about three fifths of it's current market value, we won't be in negative equity. That could happen but we're hoping that we'll be staying in our next house for a good 20 years or so. The people I feel sorry for are the people who want to buy now and are first time buyers. If the market does take a steep drop, it'll be them that'll suffer.

Edit : Dream Weaver, spot on Enjoy it as much as you can, it's your home not just a house.

davegtt

DW, exactly mate, who cares what the value is to other people. u like a house, you value it yourself. whats it worth to you.... unless your in the market for buying and selling on for profits then who gives a sh!te what the house prices are.

Only people who should be concerned are FTBs, yet the majority of the people who see moaning and then gloating when it looks like there might be a decline are pissy lewis and others who are hoping to make a quick buck from it...

fitzscoob

sorry didnt mean my post to be entirely money orientated, but the idea is that we will move every couple of years, trading up the property ladder, and if we were to get stuck in a 2 bed flat for too long it could get difficult.

we are only looking at 2 bed flats because that is up to our maximum borrowing limit, if we could afford a house we would.

chiark

Thing is, for FTBs it's *all* about money. I feel incredibly sorry for anyone buying now for the first time. 8 years ago, for 50k we got a 3 bedroom semi in a nice area of leeds with a garage and gardens. If we'd not have bought when we did, we'd not have been able to move four years ago to a 4 bed detached, and "only" have a mortgage of under 90k on it.

Taking out a mortgage of over 150k for a 2 bedroom flat would break my heart. I don't know if I'd do it or not, but it just seems that the market expects first time buyers to crucify themselves to get on the ladder.

The housing market is driven by demand, and if I was being asked to stump up 150k for a flat, I'd be sorely tempted to say ***** to it and rent. There's no way that it is reasonable to expect FTBs to keep this vastly inflated bubble on the rise.

fitzscoob

lol this is how i meant to express myself, but couldnt lol, well done chiark thanks

It is damn frustrating, and would love to say ***** to it, but it feels like I have spent all my time as a working adult saving up, preparing to purchase my own property.

I never worry or think about stuff like this when I am on the golf course, roll on tomorrow morning

NewLabour

If all you want is a place to live then you will get much better value for money by renting until a crash/price erosion bring costs to a more reasonable level.

I can't understand the obsession people seem to have with "owning" a property, anyone who has a mortgage doesn't own the property anyway, their lender does.

IMHO the only reason for buying property is to make a profit and I don't see much profit in this market in the short term.

davegtt

Get out!!!! you own a property so your safe int he fact that when Im 45 my morgage will be gone (hopefully earlier) and I can love debt free..... when all the renters are still paying £500+ a month I'll put it towards a nice lifestyle

I definately didnt buy a house to make a profit... end of the day you'll only profit from it if you ever sell it (obviously selling it for more than you paid) if tis worth less than you paid then either sit tight or sell at a loss if you can justify it.

NewLabour

I didn't quite follow that (I'm not being rude but your post wasn't really comprehensible) but in the current state of the market you are quite wrong. Although long term you probably have a point if we look at what's happened before

The stock market has outperformed the housing market for the first time in ages recently. If someone wanted to invest their money they'd do better renting a cheap place and using the surplus cash to invest elsewhere, all IMHO.

Actually what I did was better even than that, take money out of the UK market at the height of the boom then re-invest some of it in property markets that are still seeing massive growth. Then again I suppose not everyone has the knowledge or ability.

Petem95

Exactly right - in many cases renting a flat now is cheaper than the interest-only payments on the same flat - and you get much more flexibility when renting, so its not always bad.

House prices have boomed for so long that it seems hard for many people to get it into their head that prices can fall as well as rise. This will change soon however, and when it gets to the point where people think prices arent ever going to stop falling then the rate of price falls should increase.

Things are certainly going in the right direction - the average price of new flat's has fallen almost 20% over the past 12 months, but clearly far more to come!!

http://www.thisismoney.co.uk/mortgag...&in_page_id=56

NewLabour

Some people are in denial though I'm afraid. Wait till they need to move because of job location/family etc and then they'll find that negative equity has serious implications.

I don't often feel pity for the type of small minded, limited,little englanders scoobynet seems to attract but I suppose deep down there's a small corner of my heart that will bleed for them when they realise the truth.

Dream Weaver

I know you are trolling (Pete ), and I shouldnt rise to it, but its not always a case of knowledge or ability. I could do what your doing, but I cant be arsed.

I want a nice house to live in with huge gardens and a garage, plenty of space and in a nice area, and that I can afford the mortgage on which is exactly what I have now

I dont care about making a profit later in life (lifes short, you may be dead this time next year), and as for the mortgage company "owning" my house, so what? Mortgage will be cleared within 15 years or so then we'll be free to live an even better lifestyle.

Not everything is about money, or making a quick buck - I do feel sorry for FTB's, but thats life.

Dream Weaver

As for renting, if anyone can ever say renting is a better option than buying in the long term, thats utter bollocks.

The area I live in, the market may slow down but due to the situation prices will never fall that much, and they certainly haven't in the past 10 years, even though we have an annual post on here warning us about a crash - we dont all live in the South East