I am quite interested in where House prices are going, as perhaps are many. I am interested in other peoples views and experiences so have set down my own.
I've been looking for a house now for maybe 3 years. Sold our house maybe 7% under asking price 12 months ago. Since then have been registered on all the sites and looked in many areas.
Whilst its only a feeling, it does seem that house prices are held up artificially at the moment with even land prices in certain areas falling. Many people who are working cannot afford the large amounts to buy, even with Mortgage interest rates at an all time low.
There is seemingly a vested interest in maintaining the house market at a higher than realistic level, as politically, negative equity would bring extreme political negativity.
Bigger (land or house or both ) properties also seem to be moving slightly downward as older people (myself included) trade down. Traditional retirement places (Devon) show a very poor number of houses moving into the market. Some owners of properties which are hung-up, refuse to sell at more realistic prices. The Mail (ok I know) predicts a 25% rise over the next twelve months and if that phrophecy comes true for GB overall, I will eat a VW (to save the planet). Hotspots seem to generate their own heat although some are cooling (SE).
I am almost convinced we are staring a bubble in the face and that prices will fall more sharply. I dont think many openly share this view - what, as they say, is your take on house prices ? I am very interested to see what everyone else thinks.