House prices

[L900CMC]

What does everyone think is going to happen?

 

[Sigma]

Predictions at the moment are that there will be a gradual reduction over the next 2 years until the economy builds back up.

After that they should begin to rise again, to around what they are now in about 2012.

 

[L900CMC]

Trying to decide if I should rent or bite the bullet!

 

[Adam_Glanza]

i would be patient, as the way things are now you probably wont even be able to get a mortgage, or atleast for a decent price!

soon the economys gonna flop and there will be a recession. everything will loose value so i would buy then!

 

[Greg0r]

Yeh defo not worth buying at the moment,

ive read possibilitys of another drop in a few months, so just keep an eye out for bargains.

 

[dac69er]

i doubt there will be a recession. i think prices will level out, maybe drop a touch more and then start rising again when the economy stabilises and the demand goes up as well as availability of decent mortgage deals.

not sure on the timescale. maybe 5 or so year max, but whos to know?

put simply, get on the ladder when you can. if there is a fall, ride it out and prices will always rise to that point again then surpass it. so whatever happens your not going to be fucked, just stuck somehwere for a bit longer.

 

[Glanza-V]

House Prices = ^^^
Petrol = ^^^
Living Expenses = ^^^
Food = ^^^

Jobs/Wages = Same

RECESSION is in the PIPELINE ...

 

[GlanzaV1.3]

Have you ever considered building your own home?

The younger the better really, i work for a self build and renovation company and for first time buyers the average price of new homes is going up and the idea of building your own home should be encouraged as such a home may be more valuable than any older property they could buy instead.

BUT then again you could wait till 2009 as its predicted prices could fall by as much as 20 per cent and its even suggested the drop may even be as much as 30 per cent.

If anyone is interested in Self Building, recently we have teamed up with "Potton" and "Kingspan" to create something called "Click2Build". Put simply you can:

- Go online
- Find land
- Customize your own house while sat at home
- See what it will look like and get an idea of cost.

This is not a plug in the slightest, just might be of interested:

http://www.click2build.co.uk/index.php

and the company i work for:

http://www.mykindofhome.co.uk

Hope you get some useful info.

 

[dac69er]

at the end of the day, everything is just a prediction. you could come up trumps but i think the best bet is to just buy as soon as you can afford it. otherwise you may end up sitting about renting and get stuck in a rut you cant get out of.

building your own home is always a winner money wise. its generally more hassle, but you get what you want for cheaper and you could sell straight away and generally make a profit. it may be the new "buy to let". just be careful as some campanies take people for a ride and things cost alot more that they first seem.

 

[L900CMC]

^ Thanks,first question though is this available in N.I?

 

[GlanzaV1.3]

building your own home is always a winner money wise. its generally more hassle, but you get what you want for cheaper and you could sell straight away and generally make a profit. it may be the new "buy to let". just be careful as some campanies take people for a ride and things cost alot more that they first seem.

The money you can save is incredible, i think a good example for a first time buyer if you can get a good plot (you lucky people up in scotland have a lot of land worth snapping up) is one we had.

£43,000 = Land
£127,000 = Build cost
£170,000 = Total Cost

Value = £315,000 (47% Cost saving)

And for the people with money

£350,000 = Land
£613,000 = Build Cost
£963,000 Total Cost

Value = £1,800,000 (68% Saving)

The list goes on lol

Your from northern ireland?

Thats typical, We do all of UK and Southern Ireland :|

 

[davehart]

I got mine at the right time before all this economic malarky.

It's a bit tought at the moment but things might get better, not for now though its all doom and gloom.

 

[Phil]

my opinion, it more like
food ^^
fuel ^^
houses in NI have came down considerable since last year, i would buy now.

Phil

 

[scotty01]

It's all gonna come crashing down real soon!


There is no way that things will remain as they are because noone is spending cash anymore due to stupid costs on everything!

I have been looking into self build recently and i would do it if i can get my head round it all.

 

[MickM]

Thanks for the link and info Glanzav, where is best to look into available land. in the Surrey area - auctions best bet for bargains?

 

[dac69er]

It's all gonna come crashing down real soon!


There is no way that things will remain as they are because noone is spending cash anymore due to stupid costs on everything!

I have been looking into self build recently and i would do it if i can get my head round it all.

to be honest mate its all speculation and scaremongering by the media. have your spending habits changed? mine havnt.
also high street shopping hasnt altered recently and has remained quite high. yes, things have gone up, but alot of peoples pay has gone up above inflation for a few years now so will be a little while before it catches up and causes a recession.

the media causes most of the problem!

 

[starbogt]

The Uk market isn't really like ireland so much... The UK has stalled at present around this area prices haven't dropped recently but I'm hoping they stay static here cos My mortgage is huge lol. I would not hold about the prices may go up other than down no one can predict what will happen it all depends on the location as when london prices dropped the prices around us went up. (Check around local estate agents and ask their advice)

 

[dac69er]

areas of high buy to let properties are worst hit. this is mostly city and large town areas.

 

[Kelly]

I hope house prices dont drop too much as a home owner its scary! Hopefully even if they do all will be well we was lucky enough to snatch this house at a low price just by cleaning it up abit at moment we should easily have made a 15k profit. SO in theory there is 15k to be lost before we are in a position were we are paying back more than the house is worth. But i think if that happens then ppl are not going to be selling their homes unless they HAVE to ! Its all scary stuff.

 

[dac69er]

I hope house prices dont drop too much as a home owner its scary! Hopefully even if they do all will be well we was lucky enough to snatch this house at a low price just by cleaning it up abit at moment we should easily have made a 15k profit. SO in theory there is 15k to be lost before we are in a position were we are paying back more than the house is worth. But i think if that happens then ppl are not going to be selling their homes unless they HAVE to ! Its all scary stuff.

its happened before kelly. if it goes down, just hold on and after a while things pick up and your house will be worth 25k more than what you payed it just means you cant just move out as you will be in negative equity and will loose out big time.

hopefully the government has learnt from the 1970s house price fiasco and the problems in america and should ease the pressure a bit at least.