house prices in uk stabalising
#16
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Joined: Jul 2006
Posts: 14,188
Re: house prices in uk stabalising
If your into doom and gloom or not depending on your perspective, then this is worth a look for more statistics, articles and opinions than you could poke a stick at
http://www.housepricecrash.co.uk/
Dave
http://www.housepricecrash.co.uk/
Dave
#17
Re: house prices in uk stabalising
Dave
#18
Re: house prices in uk stabalising
There is now way that the UK house market can continue as it is...then again, it is a small island and a lot of people move there every day.
The house where we lived in N. Wales was bought in 1997 for about 70k, and it was valued in 2004 for 225k. It finally sold for about 180k cash. Not that I would want to be back there, but just having a place that was paid for was a nice thing. Right now just hoping the wife can make partner at her law firm and we can get a place near Deansgate in Madchester.
The house where we lived in N. Wales was bought in 1997 for about 70k, and it was valued in 2004 for 225k. It finally sold for about 180k cash. Not that I would want to be back there, but just having a place that was paid for was a nice thing. Right now just hoping the wife can make partner at her law firm and we can get a place near Deansgate in Madchester.
#19
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Joined: Jun 2006
Posts: 6,196
Re: house prices in uk stabalising
Anyone have insights or opinions on the relaxing of planning permission restraints on undeveloped land?
If its in the winds as I've heard it might well be, it might not be a bad idea to buy some land & let it sit until you can do something with it (build later).
If its in the winds as I've heard it might well be, it might not be a bad idea to buy some land & let it sit until you can do something with it (build later).
#20
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Joined: Dec 2005
Location: uk-perth northern suburbs-uk
Posts: 740
Re: house prices in uk stabalising
i know what you mean about luck though. in a maulderling mood today
2 years ago, i had all the hope/luck in the world. i tried to make a change to another country believing it would be better for our family. came home in less than a year with no money, no house, nearly no marriage (thank god thats ok now), no job and for what? i remember the overwhelming sense of relief getting off that plane at heathrow. My time in Oz cost me my health and sanity too for a while, and i remember getting off the plane with 2 kids, a dog and no OH and £200, thinking what the f do i do now? but i hold onto the fact that the sense of relief and peace of mind was worth all that and ive moved on miles now.
i really admire (and am a little envious ) of those that settle in Oz, or come back just because of personal preference only, because they have lived their dream and move on to the next chapter.
i hate the godzone people who slag us off for not coping there. they have no idea. I absolutely loved most of Australia (although lots of things pissed me off) it wasnt the country, it was the trauma experienced there. self preservation to prompt move back. i dont regret moving back, but wish i maybe had been a different character there. who knows? just sometimes dealing with the fallout is hard.
#21
Re: house prices in uk stabalising
TBH I can't see UK property prices crashing any time soon, for 2 main reasons.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
#22
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Joined: Dec 2005
Location: uk-perth northern suburbs-uk
Posts: 740
Re: house prices in uk stabalising
TBH I can't see UK property prices crashing any time soon, for 2 main reasons.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
cant see a huge drop in prices at the mo, but reckon that people will stop guzumping as see things as not worth it, and you might even be able to knock people down a few grand if they want to sell quickly etc.
otherwise, i reckon what we have now is what we will have for a while.
#23
Banned
Joined: Nov 2006
Posts: 133
Re: house prices in uk stabalising
i personally would like to see all the green areas be developed into large concrete blocks of soviet style apartment buildings. start building outwards and upwards until the whole of the UK looks like houston.
#24
Re: house prices in uk stabalising
Its young professionals who bear the brunt of the problems as per usual.
#25
Re: house prices in uk stabalising
TBH I can't see UK property prices crashing any time soon, for 2 main reasons.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
1) There are more and more people who all want houses, thus demand>supply.
2) Housing is a huge priority - people will sacrifice lots of other things in order to be able to buy their own home.
Those, combined with the willingness of banks to lend obscene amounts of money, and parents to support their middle-aged children, mean that people will keep paying high property prices for at least a few years yet.
On the plus side, prices do seem to have slowed down over the last couple of years (when I owned my house, typical!) and interest rates are creeping up to discourage excessive borrowing.
For people with only one house this is less of a worry - you may end up with negative equity but your ability to pay your mortgage is not linked to the relative strength of the market.
#26
Banned
Joined: Nov 2006
Posts: 133
Re: house prices in uk stabalising
i expect foreclosures to rise as the interest rate hike kicks in and screws up people with ARMS, this will lead to a drop in house prices.
#27
Re: house prices in uk stabalising
You're overlooking a large reason for the boom - people buying property for investment reasons who as a result have multiple properties - they are particularly vulnerable to interest rate rises and once the critical point is reached a lot of one-time investment properties could hit the market at once, causing a blip which will hopefully turn into a collapse.
For people with only one house this is less of a worry - you may end up with negative equity but your ability to pay your mortgage is not linked to the relative strength of the market.
For people with only one house this is less of a worry - you may end up with negative equity but your ability to pay your mortgage is not linked to the relative strength of the market.
As soon as investors start to off-load their properties there will be thousands of eager young people snapping them up - the market will plateau, but not crash. The only thing that might lead to a crash, IMO, would be a very steep rise in interest rates - even then lots of people are on fixed rate deals. I don't think the Bank of England is stupid enough to deliberately cause a crash. Well I hope not anyway! Although if there was a crash I'd be straight back over to buy something.
#28
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Joined: Jun 2006
Posts: 6,196
Re: house prices in uk stabalising
Well, at least that will negate one of the purposes of moving back there....
#29
Hanging by a thread
Joined: Jun 2005
Location: England to Spain, Spain to England and back home for good
Posts: 218
#30
Hanging by a thread
Joined: Jun 2005
Location: England to Spain, Spain to England and back home for good
Posts: 218
Re: house prices in uk stabalising
So are houses in Spain, lol! What you doing in here, you haven't gone yet!! Seriously, wish I'd been visiting this forum before I moved, might have thought twice.......but then again........argh!
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