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Thread: A modern conundrum - house prices

  1. #1

    A modern conundrum - house prices

    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.

  2. #2
    Kes , I was at Chester racecourse, sitting in on the auction of mum in laws place,I was taken aback at how furious the bidding was, on all of the domestic properties on offer, mum's place went 10K over best estimate.
    (The Unspeakable In Pursuit Of The Uneatable.) " If I can help, I will help!." Former S.A.C.S. member!

  3. #3
    Do you think that prices are being driven in places such as Chester by 'Buy to let' potential - my own house was sold 8 miles from Chester.

  4. #4
    Without doubt, A lot of properties are sucked up straight away by the Uni, mum's place went to a buy to let developer.
    (The Unspeakable In Pursuit Of The Uneatable.) " If I can help, I will help!." Former S.A.C.S. member!

  5. #5
    We live on an island with a set amount of space. There was a report the other day saying population of the country will rise by 10 million over the next 25 years, there is already a shortage of houses in relation to the population so whilst there may be some short term rise and falls surely logic dictates that in a free market, supply and demand will mean prices will rise in the long term

  6. #6
    Prices have been rising steadily for the last 12 months in the Midlands and I've also noticed on a lot of sites a few house prices have been put up bit by bit Aswell , I don't see them coming down any time soon

  7. #7
    The only way is up IMO. Whilst the population continues to rise so quickly the supply and demand stats remain true. I would be looking to buy sooner rather than later if I was the OP. Demand does reduce at this time of year so keep an eye out for for forced sales. baguio

  8. #8
    It seems that in centres of population or Uni areas there is a strong demand but this is perhaps more from 'institutions' like Uni's or even buy to let. If there were some restriction on buy to let mortgages, I feel things would calm quickly.
    I agree that supply is a problem but not in riural areas quite so much - less pressure. I cant get over the fact though that we are running up against very high loan/salary ratios - precisiely the same problem which triggered the financial crisis and the large falls a few years ago in the property market.
    The 10 million population rise was the Daily Mail again ? Some doubts there but I agree, whats rare is valuable, and they arent making more land. However, most housing now seems to be a fortune when considered against average annual income.
    I appreciate that large falls aren't really desirable for anyone since the economy runs to a large extent on House price rises. I still cant escape the fact that it seems like the previous and slight present (selective) rises are unsustainable.

  9. #9
    For the OP, and others not on the property market, I don't see how you can "win" by not joining asap.
    So lets say the house prices drop in six months there then is still the looming chance that interest rates will rise. Your now cheaper house costs more per month although people probably don't look at the overall figure and so just see the instant discount on price...............
    Space is at a premium and the island isn't getting bigger so as I see it there is only one answer.

  10. #10
    Personally I can see us coming into line with other European countries in that renting is the more common option. Renting does make a lot of sense if you can get yourself away from the fact you've had "ownership" drummed into you. If I could do it again, I'd rent. Slightest problem, pick up the phone and the landlord fixes it. Bored with where you live? Put your notice in and move. I don't want to get into the discussion on the morals or lack of, with some landlords but if that was regulated better, renting would be fine. In answer to the original question I think we'll see steady growth over the next two to three years with a dip after that as the market regulates itself again. Upward trend due to the shift in rental in my opinion.

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