house prices.

  hijo 21:24 03 Oct 06
Locked

hi heres food for thought for you,my freind is involved in a major company well a corporation & told me that the housing market is going to sloooow right down very very soon & house prices will drop by upto 15-20% depending on the house you have...now i know there will be members that wont belive me but just give it a little time like 4-5 months & u will see a differance..i can imagine there will be a large responce to this thread..as it affects lot of people...

  GANDALF <|:-)> 21:27 03 Oct 06

There have been reports of this for 3 years and it has still not happened. Houses over £300k are selling like wildfire and a company has just built 7, £1million+ houses on the other side of my village. They all sold before the foundations were laid. I think your friend is a little out of sync.

G

  it_girl 22:01 03 Oct 06

I supose it depends on which side of the tracks you live .

Re: Uptown, Uptempo Woman song by Randy Edelman

"I'm an uptown, uptempo woman,
You're a downtown, downbeat guy"!!

We must always remember that the guys selling the shovels have that 'golden touch'.

  namtas 22:06 03 Oct 06

It is supply and demand that sets any market and this is no different, as long as money is available in a housing shortage market prices will continue to rise in my opinion
As long as their is a demand for houses prices will keep rising, two things will stop this either money cost to borrow rise so much it becomes prohibitive or thousands of cheap new homes are built overnight.

  €dstowe 22:16 03 Oct 06

I moved to my current house about two years ago. It's a large house in an expensive part of the country and it cost a lot of money. It is now valued at nearly twice the money I paid for it. A price drop of 15 - 20% will still leave my house at a considerably higher price than I paid for it.

For properties to have negative equity (as you are suggesting) takes things back to the Thatcher years and the Tory governments of the 1980s. Things aren't like that now.

  it_girl 22:28 03 Oct 06

If Tesco is grabbing most of our money,people continue to borrow more on personal loans,jobs continue to go over to India etc., cheaper labour continues to arrive from Eastern Europe and China ends up making everything then look out!

Can't wait for Tesco's new software Velvet Pages.

  WhiteTruckMan 23:16 03 Oct 06

do you mean twice the purchase price, or twice what the total of (any) mortgage payments? People often talk about the former, completely ignoring the reality of the latter, i.e. what they have actually forked out over time.

WTM

  GANDALF <|:-)> 23:17 03 Oct 06

Therapy progressing well?

G

  Forum Editor 23:42 03 Oct 06

I'll believe that when I see it.

There is a problem in the housing market,in that it's becoming increasingly difficult for first-time buyers to get a foot on the bottom rung of the ladder, and this does tend to act as a brake on the market, but........

We're not building anything like enough houses to cope with demand, and whilst demand is in excess of supply we'll not see prices drop by the amounts you're suggesting. Borrowers can get as much money as they like from the mortgage lenders, and the only thing that would seriously affect the market would be a change in the interest rate.

  Jak_1 00:38 04 Oct 06

As long as people buy and sell properties for a quick profit then prices will continue to rise!

  GANDALF <|:-)> 07:23 04 Oct 06

Call me Rip Van Wimkle but buying a house has always been difficult for first-time buyers.

G

This thread is now locked and can not be replied to.

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