House prices..

[sunama]

God knows how im going to get on the property ladder

Ye of little faith. Patience and you will eventually realise that it is possible, though not easy.

Prices may tumble, but even if they dont, with hard work, you will be able to afford a place of your own...eventually.

 

[Xee]

House prices are tumbling down Is that the general consensus? About time too, house prices in the UK are just stupid. Most houses here are not even nice, and are too small etc.

 

[sunama]

Where is "here"?

And, according to this:
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/region10.stm

prices in London are not falling. 5.5%, YoY increase.

Obviously they are falling in less desirable areas, but thats expected.

 

[Andrew_McP]

http://www.estateagencynews.co.uk/news/news-0508a.asp

“The market is in shreds — we reckoned that in March this year, 315 estate agency offices closed,” said Mr Hill. “If that trend continues, then one third of the country’s 14,000 offices could close.”

I reckon if only a third close that still leaves us with about 50% too many, judging by most high streets.

Andrew McP

 

[nucastle]

..... Burton will probably go down the pan after that ..... if estate agents close then the sales of cheap suits and ties with massive knots will plummet!

 

[sunama]

I reckon if only a third close that... I agree with what you say in your quote.

 

[lordrobs]

http://www.nationwide.co.uk/hpi/?source=nationwide&campaign=homepage&execution=hpi_lhs_25032008

Interesting little calculator, not sure how accurate it is though. Shows that the value of our place has in theory risen 6.81% since May 2006 which I found suprising as I thought it was worth around the same as we paid.

 

[-Ad-]

Jesus, where are you located? between £200,000 - £300,000 for a first time house? wow.

here the tipical 2/3 bed FTBuyer house would be £140,000 MAX! a lot can be had around that price!

Look at my location

Our rent is £950 a month including water for a fairly nice 2 bed flat near to a tube station. This place is valued at around £300k, and if we went any smaller then we would not be able to fit in.

Looking at houses around £200k mark, and in about 2 year time we should have a joint income of about £60k+. This is an estimate which will hopefully come true, but it is still very very scary not knowing an awful lot about the houseing market and seeing this go on. Coupled to the fact we both have £12k student loans and are paying back more in interest a month than the actual amount we actually borrowed.

Spending years and years skimping and saving just to buy a crummy first house, then think about a family, then skrimp and save again for a better house, kids etc. Life looks soo much fun in the future !

 

[sunama]

Spending years and years skimping and saving just to buy a crummy first house, then think about a family, then skrimp and save again for a better house, kids etc. Life looks soo much fun in the future !

Thinking of life's bigger picture. Is this what we all have to look forward to? Is this what life is about?

In London especially, we work many hours to survive and we do jobs that we dont particularly enjoy. I often wonder what the point of it all is.

 

[Subliminal Aura]

Recession is only just starting to kick in... House prices are steady in London which implies negative equity to anyone whose bouoght in the past year.

Cheap areas are dropping prices in a panic (Always look at these areas as these are where all the greedy buggers are - dimwits who bought their homes for dirt cheap). These areas are great during boom times as they can inflate their prices to match surrounding desirable areas.

Some bargains to be had in London at the moment but I think another 20K off prices by the end of the year. If the recession 'really' kicks in hard I expect 50K off the price off my house but it's definately risky trying to predict the bottom because when the market turns it's going to turn so fast that the miserable lot who moan about house prices will not know what hit them.

It's a great time to be house hunting imho if you've got the cash.

I'm seeing if I can get a large lump sum together by the end of the year to try and capitalise.

 

[Hawk Tuah]

http://www.nationwide.co.uk/hpi/?source=nationwide&campaign=homepage&execution=hpi_lhs_25032008

Interesting little calculator, not sure how accurate it is though. Shows that the value of our place has in theory risen 6.81% since May 2006 which I found suprising as I thought it was worth around the same as we paid.

I dont beleive it. For a start, if values my parents house (bought in 1978) at half its market value, and secondly, it says mine has gone down 2%. Next door recently sold for a fair bit more than we bought ours for.

I guess its going on a national average. It would be more interesting if you could add a few more variables into it.

 

[Hawk Tuah]

Thinking of life's bigger picture. Is this what we all have to look forward to? Is this what life is about?

In London especially, we work many hours to survive and we do jobs that we dont particularly enjoy. I often wonder what the point of it all is.

I did this in London for a while. After a while I realised what an idiotic situation I was in. So I moved back 'home' and have built myself a decent career, life, family, home.

I really pity anyone who has nowhere to go other than London.

 

[Subliminal Aura]

I dont beleive it. For a start, if values my parents house (bought in 1978) at half its market value, and secondly, it says mine has gone down 2%. Next door recently sold for a fair bit more than we bought ours for.

I guess its going on a national average. It would be more interesting if you could add a few more variables into it.

Yeh that calculator is crap

I put mine in and it gave a figure that said my house is worth 50K more than what it is worth and imho 100K more than rock down prices if the recession bites hard.

 

[leaskovski]

Recession is only just starting to kick in... House prices are steady in London which implies negative equity to anyone whose bouoght in the past year.

Eh? So im gonna be in negative equity? How does that work when I only borrow 40% of the property???

 

[Subliminal Aura]

Eh? So im gonna be in negative equity? How does that work when I only borrow 40% of the property???

Don't be a silly bugger mate - the wise always slam down a weighty deposit like you did but for the majority out there it's just the plain old 10-20% deposit.

Then again are you not kicking yourself for not splitting the cash and buying several properties at once ?

I'm not sure if I have regrets - maybe - maybe not but at least we know we'll be comfortable irrespective of how much the prices drop... I could quite easily absorb a drop of 200K off my house and not have anything to worry about. If anything it would be welcomed so that I could think about upsizing.

 

[leaskovski]

Don't be a silly bugger mate - the wise always slam down a weighty deposit like you did but for the majority out there it's just the plain old 10-20% deposit.

Then again are you not kicking yourself for not splitting the cash and buying several properties at once ?

I'm not sure if I have regrets - maybe - maybe not but at least we know we'll be comfortable irrespective of how much the prices drop... I could quite easily absorb a drop of 200K off my house and not have anything to worry about. If anything it would be welcomed so that I could think about upsizing.

hehe

Nah, Im really happy with what I am buying. Im just gald to be owning my place again instead of renting. Its my home, not an investment.

 

[FirebarUK]

Its my home, not an investment.

Just keep telling yourself and it'll all be ok

 

[sunama]

The same goes for me. I intend to stay in my place for at least the next 10-15yrs. Given that, its value/price isnt important to me. It will only become important to me should I wish to sell it.

 

[-Ad-]

I did this in London for a while. After a while I realised what an idiotic situation I was in. So I moved back 'home' and have built myself a decent career, life, family, home.

I really pity anyone who has nowhere to go other than London.

Atm I work on those trains that run under the ground so i am pretty limted

But great grad scheme, and good prospects. The idea of living out of here in a commuter town is the only way to get a decent property, schooling e.t.c, but it is doable. Plus prospects look pretty good for me after the 2 year scheme.

Bit of a downer in my last post, sitting at work and have been on MoneySavingExpert forum all day reading stories, which really bummed me out. Il go home and stroke the electrical equipment. At least they keep me happy atm

 

[Stinky]

..... Burton will probably go down the pan after that ..... if estate agents close then the sales of cheap suits and ties with massive knots will plummet!

why does everything generalize estate agents like this?? annoys me there was a thread regarding IT tech's being up there own bottoms and it was said in there how to many people generalize

http://www.nationwide.co.uk/hpi/?source=nationwide&campaign=homepage&execution=hpi_lhs_25032008

Interesting little calculator, not sure how accurate it is though. Shows that the value of our place has in theory risen 6.81% since May 2006 which I found suprising as I thought it was worth around the same as we paid.

That is rubbish lol. They do work on a UK average, which varies so much its unbelivable.

Atm I work on those trains that run under the ground so i am pretty limted

But great grad scheme, and good prospects. The idea of living out of here in a commuter town is the only way to get a decent property, schooling e.t.c, but it is doable. Plus prospects look pretty good for me after the 2 year scheme.

Bit of a downer in my last post, sitting at work and have been on MoneySavingExpert forum all day reading stories, which really bummed me out. Il go home and stroke the electrical equipment. At least they keep me happy atm

That site (forum part) can be very depresing at times, although there is a lot of good stuff on there worth a read.

sorry for the late reply i been wait on my suspension (sorry all)