Reply to: Things are looking very murky

[Moscow Mule]

I would rather have 20/20 foresight.

Garrrr you know what I mean.

[BrilloPad]

Indeed, 20/20 hindsight would be one of my three wishes (if given some by a mythical fairy - or indeed genie).

I would rather have 20/20 foresight.

[Moscow Mule]

Easy with hindsight though isn't it.

Indeed, 20/20 hindsight would be one of my three wishes (if given some by a mythical fairy - or indeed genie).

[DieScum]

Bummer - if only you'd kept it another 7-8 years you could have made a fortune.

Easy with hindsight though isn't it.

After a decade of waiting I understand why someone might sell.

[Moscow Mule]

My flat I bought in early 1989 was worth 25% less than the mortgage a year after I bought it. For nearly ten years I couldn't move, and faced the prospect of bankruptcy if I ran out of contract work to pay the mortgage. For near ten years I also couldn't remortgage to get a lower rate. At the end of 1998 I sold it for the same price I bought it for.

Bummer - if only you'd kept it another 7-8 years you could have made a fortune.

[IR35 Avoider]

A great crash that was. 20% down peak to trough - but prices are now 3 times that of the trough.

My flat I bought in early 1989 was worth 25% less than the mortgage a year after I bought it. For nearly ten years I couldn't move, and faced the prospect of bankruptcy if I ran out of contract work to pay the mortgage. For near ten years I also couldn't remortgage to get a lower rate. At the end of 1998 I sold it for the same price I bought it for.

[BrilloPad]

I just think it will behave like any other market going up and down. So I'm going to buy when it looks very down.

There are better indicators. At the moment repossesions going up. Wait until they get back to "normal" levels - and the excess properties are sold. Then BOOMED.

[DieScum]

Love

I just think it will behave like any other market going up and down. So I'm going to buy when it looks very down.

Renting can be a pain though. Nice place but all the furniture is superficially nice but not great quality. Suppose I could always rent unfurnished.

I've been using property bee in Bristol and there are regulat house price cuts going on... but things still look inflated. A new build was on offer at 220k for six months, 30k more than anyone had ever paid for identical flats in the block, just been cust to offers over 200k... but other identical flats are on for 190k. I think it will take a couple of years but they are going to be drifting down to sub 150k.

[Moscow Mule]

A mate of mine is trying sell the house he owns in Tooting.

The agent is marketing the place as "name your price" along with everything else in the shop.

[dang65]

http://propertysnake.co.uk

Type in your post code and see how many houses in your area have dropped like a stone in the last six months.

In my area the biggest drop was 15%. The bigger the property, the smaller the percentage drop (i.e. 4 bedroom houses only dropping by 1-2%). Also, a lot of the properties appear to have been on the market for 9 months to a year, and then sold at the time when the market is supposed to have dived.

It'll only really go tits up when I put my house on the market. That's when you'll see a proper crisis.

[BrilloPad]

Despite 20% drops in some areas the prices are still a facking joke.

Only way out is to build LOTS of property that people want to buy(i.e. houses rather than flats in the South-East) or move jobs up north. Parliament should be moved to Lancashire(along with all government departments and Buckingham palace) and the buildings turned into houses.

[TimberWolf]

That's a bit harsh isn't it ? Is that really your impression of the Daily Mail and its readers as a whole ?

/concerned

It's also wrong. With house prices dropping the rungs of the property ladder get lower and closer together. So people moving up the housing ladder benefit while the most vulnerable lose out (e.g. recent buyers, those forced to sell and rent, those that overextended, speculators). As do those that sell at an overcorrected low or temporary slump in prices.

[pisces]

Despite 20% drops in some areas the prices are still a facking joke.

[BrilloPad]

I would like to know how property price rises/falls compare between flats and houses. I reckon houses will do alot better.

[sunnysan]

Property

Where I live E2, prices are dropping like a stone, I suspect its the kind of market, IDNGAF because I am renting now but I was looking to buy last year June and now stuff that was about 275000, which was about as low as you could go if you wanted somthing that was not crawling with maggots.

It looks like flats in this area have dropped to the tune of 20/25% and they are not shifting either.

I think here will be worse because people where buying peid de terres and speculative buys as no-one wants to live their permenently( Even eastenders eventually leave the east end).

The place is still a bit of a toilet and I think the property prices will fall to reflect that