sassykins

OK, I no the papers don't tell the truth and the TV exagerates but is the market as bad in spain as we are led to beleive...its really bad in UK, first time buyers have been knocked off the housing ladder having an effect on all of us, the forecast is that things are going to get worse in the UK!! What I'm hoping is I can get a bargin Spanish end to make up for losses here? What do you think????

TheLostPhotographer

There are many houses being advertised with as much as a 40% reduction in price since original listing a year, or more ago. They're still not selling and still over-priced IMO. The market here is saturated and new builds are still prolific. This is most definitely not the time to buy off plan!

It's a buyers market and some people are more than desperate to sell. I know of one place that was originally listed at €220,000. I'm pretty sure they would accept less than €100,000 today.

In summary; yep - it's pretty bad and likely to get far worse.

bil

From what I have heard, a place with a bit of land won't be affected as much or as quickly, but the Urbs and small places with no land knocked out by the dozen are expected to drop worst of all.

Same in the UK. The better the property and the better the area, the better the resistance to a crash.

Mind you, it all depends on the press and the people. We could quite easily talk ourselves into a crash, but if there is confidence, and the money keeps moving, then the problems won't be nearly as bad.

sassykins

Thanks, interesting guys! I shall sit back and wait and see, news here today that prices to drop up to 30% by christmas.

mikelincs

Buyers market at the moment, we sold just in time, and property on the urbanisation we lived on has dropped to about 20% less than we paid. All the estate agents have rows of properties marked as 'reduced for quick sale'.

bil

Lucky old you.

Did you move right out the area?

george43

Which urb was that Mike?

madcarole

the news yesterday was that house prices were dropping £45 a day..

whatever the market is like the houses off urbanisation - most i have looked at people will not take much of a drop. adn with the euro strong against the pound have found have effectively gone up!!!

cAROLE

Mitzyboy

Yep, for anyone that manages to sell at the moment at their asking price who is going back home, they are going to make good money changing back to £. If it were me, I'd be adjusting the price a little.

Justlookin

Sorry bil but I do not see where you got your info from for Spain or the UK. I have seen no evidence to back up what you say and anyway 5% of 500,000 isn't a much better loss than 10% of 250,000 is it.

There will be no resistance to dropping property prices in any price band in Spain or UK whatever the property or land size. It is not so bad if it is your home because you sell and buy in the same market, where the real losses are is where you sell in Spain to buy in England (although as Mitzyboy says the strong Euro helps you there). The worst position is selling in the UK and buying in Spain at the moment because you do not benefit as much from the lower prices when you are not getting as much in Euro's to the £.

Mitzyboy

I have to say that my experience has shown that good quality property in the right area will ride any property slow down. Boxes on urbs in Spain will suffer as there are so many of them. A nice villa up the road here sold within a month of going on the market, although I have no idea what it eventually went for.

In the last big property crash in the UK I lived in Solihull in the West Midlands which is an upmarket area, and there was almost no effect on property within the borough there as people wanted to live there.

leighbloke

Where are you looking to buy Carole? I'm currently tempted by a never lived 2 bed appt in Murcia - being sold privately for just about half the developers current asking price - on a Golf course overlooking the 18th green - from memory it's less than the off plan price 4 years ago.........Hhhhhhhmmm.....Cash in the prem bonds and ISAs, sell one of the cars????????

jdr

One of these perhaps ? HERE

Justlookin

In the last big property crash in the UK I lived in Solihull in the West Midlands which is an upmarket area, and there was almost no effect on property within the borough there as people wanted to live there.[/QUOTE]

I lived just down the road from you at the time and frankly that was not a crash in the sense it is in the UK now. It was a definite hiccup but didn't last as long as the current crash will. The cause of the current crash is not the same.

I know I may sound a real doom and gloom merchant but I'm not, I'm just trying to make it clear that those responsible for financing our mortgages (and I mean those a step or two behind the building society) are suffering.

Yes, to a large extent the crisis is being talked-up but do not think for one moment it is going to be short-lived or that anyone is going to be immune.

leighbloke

No - but they are big in Murcia.