Where now for house prices?

[DimPrawn]

With the coalition policies expected to result in the loss of up to a million jobs (both public and private sector) where do you think hous prices will go?

Odds are you're not very bright or well educated so your opinion is worth little more than a fart in a hurricane. HTH.

[scooterscot]

We put a bid in for a house in 2007 for 491,000, the winning bidder took it for 491,200.

The bidder failed to stump up the money which under Sctos law is a major no no, as they were taking legal action they offered the place to us which we declined. The place went for 417,000 8 months later so the winning bidder has to pay the 70 odd grand. We worked it out that the bidder knew the property owner and a deal had been struck that they would pay 200 quid over the top offer which was ours. Bullet dodged there.

Even if a HIP was offered I'd still be paying out for an independent valuation.

[d000hg]

On one hand I'm depressed because we own a property in what is traditionally a strong rental area, lots of low-income and DSS families. No chance of it selling even break-even it seems, despite all our improvements.

On the other, the mortgage is only £60k so if work kept steady we could be able to pay it off and auction for maybe £40k. When we bought, that would be a year's salary lost; right now it'd be a few months' income which seems a much smaller price to pay for getting away.

Hopefully though we'll continue to find tenants, but with all the cuts, maybe there won't be any money to pay for the DSS tenants

[AtW]

On the other, the mortgage is only £60k so if work kept steady we could be able to pay it off and auction for maybe £40k.

Where do they have houses that are worth £40k?

[shaunbhoy]

Where do they have houses that are worth £40k?

In areas where cheesy low-value immigrants like you are renting.

HTH

[Mr.Whippy]

I'm hoping they crash 95%......Then I might be able to put a bid in for the pad in London I've got my eye on...which is currently on the market for just over £10m.

[TimberWolf]

Another possibility is that the wage-house price gap will be narrowed by wage rises. 50K average salary by the end of this government's term in office?

[Lockhouse]

My pension is mostly in property. I sold my London BTL earlier this year when prices peaked and I'm going back into the BTL market when I feel that prices are within 5% of bottoming out. There's some way to go yet IMHO.

I also want to move my PPR as the kids have left home and we want to buy a smaller place with more land. House prices are less of a factor in that move as it's only a small trade up. The stamp duty is a killer though.

I think that all the financial "good news" that we're having lately does nothing but obscure how bad our situation is structurally and without incentivising private enterprise to a huge extent, we are on a slow slide to 3rd World status.

[Ignis Fatuus]

I think that all the financial "good news" that we're having lately does nothing but obscure how bad our situation is structurally and without incentivising private enterprise to a huge extent, we are on a slow slide to 3rd World status.

... already quite far along a none-too-slow slide ...

[MrRobin]

We put a bid in for a house in 2007 for 491,000, the winning bidder took it for 491,200.

Half a mil for a house in Scotland??

Was it a castle?!