Housing market doomed!

[chicane]

Question must be: who in their right mind is now buying when they could get the same place for cheaper next year....?

Some vendors are accepting low offers just to get rid. I know somebody who negotiated around 25k off a house with an asking price of 250k. If the same property was marketed next year, it might be marketed at a more realistic 225k, but the vendor would be less open to offers.

[~Craig~]

Assuming that you have a property to sell, isn't it all relative?

Ok I could hold off buying somewhere until next year but then my current property will be worth proportionally less than it is now?

Also I think that since my current property is suited to first time buyers it may well drop in price slower than a 3 bed semi...

Not sure if I am talking tulip here...

[DimPrawn]

Assuming that you have a property to sell, isn't it all relative?

Ok I could hold off buying somewhere until next year but then my current property will be worth proportionally less than it is now?

Also I think that since my current property is suited to first time buyers it may well drop in price slower than a 3 bed semi...

Not sure if I am talking tulip here...

Depends on what you own now and what you want to buy. Not every type of property is going to fall as much as some others.

Very much doomed:

Apartments in highrises in trendy parts of cities where there are 1000 others just the same.
Houses in so called "up and coming areas" that are now not going to be "up and coming".

Not very doomed:

Giant houses worth £10M+ sought after by wealthy Non Doms.
Anything with large amounts of land.
Farms
Good sized family homes near good schools in nice areas.