willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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http://news.bbc.co.uk/1/hi/business/7647251.stm
quote:
UK house prices have fallen for an 11th consecutive month, dropping by 1.7% in September, according to the Nationwide.
The lender recorded a 12.4% annual drop in prices, pushing the cost of the average UK home down to £161,797, more than £20,000 less than a year ago.
Nationwide said the pace of house price falls had stabilised, but warned the next year or two would be "difficult".
House prices were down year-on-year across the UK, with southern England suffering worse than the north.
As expected really, some analysts in the city are predicting that this could continue and not really stabilise until Spring of 2010, good news for us who want to possibly get into the housing market in a couple of years (hopefully we'll be able to get credit by then  ) but not so good news for the large portion of the nation who have borrowed a large percentage of their house value and now facing some serious negative equity.
Either way interesting times ahead, will the South just become more inline with the North prices? Will the North fall too and keep the same North Vs South price divide? thoughts?
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cunningham
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Registered: 25th May 05
Location: Lochore, Fife
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its gay ive to remortgage after my fixed 2 years in jan and over the 2 years it looks like ive payed fook all we need a surveyor to prob overvalue our house so we can get the mortgage deal we need our mortgage advisor ism arranging all that
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
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Great news for me as come next September I am looking to buy...my salary will have tripled by then too...
All this negative equity crap though will only hit you if you move...just ride it out is all I say...
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Robbo
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Registered: 6th Aug 02
Location: London
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Reminds me why I'm glad I only rent
Mark - not strictly true, although mainly... unless of course the bank calls in your mortgage as thye go under 
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willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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only hit you if you move within what timeframe Mark? until the economical cycle reaches boiling point again?
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Robbo
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Registered: 6th Aug 02
Location: London
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quote:
Originally posted by MarkM
just ride it out is all I say...
Alos, that maybe OK in 90% of cases but what about those who need to move...
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stubbsy05
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Registered: 23rd Oct 02
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Not to bothered tbh. I bought my house knowing that its the cheapest in the area and ideally to let out. Prices round here have only dropped on the bigger properties so far.
I'll let mine out when I move as I intend to keep it.
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Ill be looking to buy come May 09 / November 09 (might extend my current rental contract by 6 months) so hopefully will be out of uni with a job and ready to pounce on some nicely valued properties
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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I've been eying up some nice properties that would have been WELL outside my prospective price backet otherwise.
2 bed house with garden, single car drive, single car garage, end of terrace/semi in a nice area: £180k 
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Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
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Thats bloody cheap pow!
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Hopefully they'll continue to drop, although where I have been looking a few houses have gone up on the market recently for stupid money still.
Was going to buy late last year/early this year but put it on hold, so will see what prices are doing in the new year and hopefully get somewhere then.
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John
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Registered: 30th Jun 03
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I hope they start falling up here soon, from my limited knowledge of the whole financial market I've decided that the next year or 2 will be the perfect time for me to buy.
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willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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I think its unwise to make a decision like that now John, just save and strike when it seems right I guess. So many people have tried to predict when the 'crunch' is going to end and not many people saw it lasting this long. Realistically we are seeing the proper effects of it and it could be here for a long time.
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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I know what I'll do with my risk money anyways, but I can't see young people getting a reasonable mortgage.
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John
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Registered: 30th Jun 03
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I've not got any money to buy a house anyway, it'll take a lot of saving
I'd like to be in the position to when everything falls into place though.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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my 5.49% is froze until 2017. glad i ignored the advisor
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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quote:
Originally posted by pow
I've been eying up some nice properties that would have been WELL outside my prospective price backet otherwise.
2 bed house with garden, single car drive, single car garage, end of terrace/semi in a nice area: £180k
You can get the same round my way for about £125k!
I think thats why our prices are stable, if not going up still
Adult GiftsClick here to vist us
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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Its not so bad for the people who are coming to the end of thier 100% mortgage deal because thier lenders wont be able to put them on a new 100% deal which generally has higher rates so they will no doubt move onto a better rate!
Its only a problem if they want to remortgage, or move house.
[Edited on 04-10-2008 by Kerry]
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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quote:
Originally posted by Dan
quote:
Originally posted by pow
I've been eying up some nice properties that would have been WELL outside my prospective price backet otherwise.
2 bed house with garden, single car drive, single car garage, end of terrace/semi in a nice area: £180k
You can get the same round my way for about £125k!
I think thats why our prices are stable, if not going up still
Location: Hemsby, Norfolk
Welll... says it all really
But seriously, houses are really expensive down here 
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Ben G
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Registered: 12th Jan 07
Location: Essex
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houses are still too expensie for first time buyers down this way
may have to move into dagenham dustbin to find a decent priced property 
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by willay
I think its unwise to make a decision like that now John, just save and strike when it seems right I guess. So many people have tried to predict when the 'crunch' is going to end and not many people saw it lasting this long. Realistically we are seeing the proper effects of it and it could be here for a long time.
summer 2010 my fine friend 
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Jake
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Registered: 24th Jan 05
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yeh but look how much they went up by before it all kicked off
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John
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Registered: 30th Jun 03
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That you can get cheap houses there by the looks of it.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Houses are never 'cheap'. They just have demand which reflects supply.
If people can't borrow, they can't buy. Therefore demand goes down, therefore price.
For price to be low, demand would still have to be low, which would still mean that it's difficult to borrow.
What you need to make the most of the situation which you are in at the moment is enough money to be in a confident position to commit, enough money to look good on paper where LTV is concerned and enough audacity to continue going in low on price even if you find yourself in a good position.
Ideally there will be repossessions and quick sales, these are the bargains. Not stats and averages. They just model the propensity to purchase, not any single house. And you need to be against the market to take advantage.
Also don't forget that when prices were low, it was difficult to find houses for sale. I had a friend went to the estate agent pretty much every day asking what was available because they wouldn't even write to her because the information became out of date as soon as it was posted.
She picked up a terrace for £36k and sold it for £104k four years later, but that is another story. It wasn't easy per se to buy at the lower price. She also had to tolerate a bad rate in the early days.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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pow, the property you described can be had for about £160k but you might not get a garage, definitely designated parking though.
I have seen house prices around my way fall below the £100k mark which is very good news for someone that wants to move about but can only muster up a small deposit. For the under £100k you're talking a flat/apartment or 1 bed cluster home type thing.
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