Hi guys know this is prob gonna be a thread thats already been discussed a fair few times, i'm moving to Shef from Derbyshire hopefully as soon as i can find a place, i'm looking at city centre flats in wards, west one, millsands, pinsent etc, however i've heard a few nasty rumours about flat prices being stationary or even dropping due to the amount going up at the mo - can anyone clarify?!? Also any suggestions about where the best flats to be found would be great - got about £140000 max for 2 beds. Thanks.

I'd say the prices have levelled off a little bit, ive had an offer accepted of 128k, which was on the market at 135k. But it all depends on the area, there are still areas of the city centre which will keep going up because of redevelopment in the surrounding areas.

I think it completetly depends on the developement, i think discopaul is correct that in general the prices have started to level off with quite a few flats selling for under their asking prices. I know of ones in Wards, Millsands and the one opposite Brb (sorry i forgot the name) selling under the asking prices, i have also heard from an estate agent that Westone are selling under the asking prices. I think the smaller developments are fairing slightly better and as paul says the ones with a slightly better location in terms of development in the surrounding area.

I know a few residents in the Pinsent development who are a bit fed up with no shops etc in that location.

It's becoming clear from the financial pages that there are gluts of these new build apartments in city centres. I wonder how the price quoted by Discopaul compares with the price he originally paid. I wonder if it's moved at all. If you look at www.houseprice.co.uk (connected to the Land Registry) and type in a locality you are interested in, you will see the prices for which properties are being sold. It's free! I would be wary if I were you. You could end up with negative equity - however, if you beat the vendor WELL down, you'll be less likely to suffer, but we're talking £15,000+ for it to cushion you. I am awaiting a house price correction in this type of property. Buy to let investors who piled in as it's a university town, are starting to unload these flats because they can't make anything like what they need in rent in Sheffield, to service the huge mortage debt. Since Gordon Brown scuppered their chances of putting such properties inside a SIPP, there's another lot who'll be wanting to shed these flats. If lots of them do this simultaneously, expect a severe drop. Why not buy a house?? Much better value in my opinion - and much more fun, making a refurb your own.

If flat prices do fall through the roof surely it will effect all levels of the property ladder not just flats. For many people flats are the first step on the ladder, if their flats dont sell and they dont take the next step into a house, they will be effected as well wont they?

Maybe all this scaremongering is fair enough but i think its a bit optimistic to assume that any level of the property ladder is unaffected by another.

http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=408162&in_page_id=8


Read this then decide. If some see it as scaremongering, I apologise.

If people want to believe the estate agents, mortgage companies and TV property programmes who all have a vested interest in keeping the property bubble expanding then go ahead. However, if people want to make an informed choice after seeing both sides of the argument, they are more likely to make the right decision.

but surely everyone who owns a property has a vested interest in keeping the property bubble expanding, dont they?

but surely everyone who owns a property has a vested interest in keeping the property bubble expanding, dont they?

Why?
If you sell a property and want to move up the ladder then that step up is getting more expensive with every price hike. Some people will not move because of this and then things will stagnate. It is only an advantage if you have more than one property or want to downsize.

Bigjb. I think you will be ok buying a flat as long as you keep an eye on what they are selling for generally. Yes, prices have flattened out somewhat but that's because there was a big hike up when the first city centre blocks came onto the market - eg West One and Royal PLaza - and were very popular . None of them have really lost value, the rise has slowed so other properties have caught up. The flats that have 'lost' value are those that were sold off plan after builders realised they were onto a good thing.
My advice is shop around and you will know when you have found a good priced flat.

but surely everyone who owns a property has a vested interest in keeping the property bubble expanding, dont they?

NO! If you buy for 100k and the property rises by 10% you sell for 110 but then you want to buy something that was 130 but is now 143.

This is the problem with the UK today, people think that this is real money. It is only when you exit the market at the top or have more than 1 property that it is "money".

What about when your kids want to buy a property and it's impossible for them. You mortgage your house to help them on the property "ladder". The money just flows around and around the system but nobody is getting any richer.

I agree with that but as a property owner i would never like to see the value of my property decrease

Your point about it being like monopoloy money is a good one, as, like you say you will never really see the money in your pocket of the cash in your bank account, unless as someone above said you downsize.

I agree it is all very risky, but what choice is there, never buy a flat or a house because you are eternally waiting for a crash?. People who want to stop renting and get on the property ladder dont want to have to wait around to do it.

If flat prices do fall through the roof surely it will effect all levels of the property ladder not just flats. For many people flats are the first step on the ladder, if their flats dont sell and they dont take the next step into a house, they will be effected as well wont they?

Maybe all this scaremongering is fair enough but i think its a bit optimistic to assume that any level of the property ladder is unaffected by another.

If they do fall through the roof then they must have been built upside down.:hihi: I know that you said 'prices' but why let that get in the way of injecting a smile into the thread?

Hi guys know this is prob gonna be a thread thats already been discussed a fair few times, i'm moving to Shef from Derbyshire hopefully as soon as i can find a place, i'm looking at city centre flats in wards, west one, millsands, pinsent etc, however i've heard a few nasty rumours about flat prices being stationary or even dropping due to the amount going up at the mo - can anyone clarify?!? Also any suggestions about where the best flats to be found would be great - got about £140000 max for 2 beds. Thanks.

Just found out that my son has sold his flat in West One . He accepted an offer 2k below asking because the offer has come with no chain. He bought his flat 3 years ago from someone who had bought it off plan and has made a reasonable profit. The price went up quite quickly at first and then slowed down over the last year as most properties have. this points to a fairly healthy market for flats. I do feel location is very important. There are only a few developments that are truly 'city centre'.