Its a strange thing when in a buyers(property) market that buyers are not buying. Now is the time we have reached the halfway point between a buyers and a sellers market. The financial speculators are now all agreeing that the pain is over and that it is now the perfect time for buyers to get buying.
Prices have now dropped to the same level of January 2003 wiping off one and a half years of growth, about 22%, all anylists
predicted an average of 20-25% falls were needed for the correctional period. Wake up folks it's happened. Six more months and it will all kick off again. Remember what happens on the ground only makes the news (Statistically) 3-4 Months Later.
Hope this helps any people who are in a quandry.

that's all a load of twaddle. Are you an estate agent perchance?

Prices have just stabilised in some areas with growth being around 0% for the last month, giving around 13% for the entire year so far.

A correction of between 10 and 25 % has been predicted to take place over the next 4 years.

All these figures are country wide and may not be reflected in the sheffield and south yorkshire region.

Hi, Mr Twaddle.
I sold my house in ranmoor one and a half years ago for 135k. The house next door, not as nice and smaller sold 8 months later for 169k now you can buy a simular house in the same area S11 for about 135-139k and with no bidding going on, the norm now is
that people are putting in offers 5% below yhe asking price.
No I'm not an estate agent. I've been away and I'm now pleased to be able to move back home and pay the same as I sold for. For a while I believed the hype . The agents are not letting on as they don't like the fact that it's true but if they let people know they would in the long run benifit from more steady sales.

Originally posted by Booo
Its a strange thing when in a buyers(property) market that buyers are not buying. Now is the time we have reached the halfway point between a buyers and a sellers market. The financial speculators are now all agreeing that the pain is over and that it is now the perfect time for buyers to get buying.
Prices have now dropped to the same level of January 2003 wiping off one and a half years of growth, about 22%, all anylists
predicted an average of 20-25% falls were needed for the correctional period. Wake up folks it's happened. Six more months and it will all kick off again. Remember what happens on the ground only makes the news (Statistically) 3-4 Months Later.
Hope this helps any people who are in a quandry.

Why's it OFFICIAL?? What makes it so official?? Did you decide this to be the case??

what's going on with this topic, it's been locked and now unlocked again...

some transparency please mods, just a post at the end to say why you're locking it would be nice.

Originally posted by Booo
Hi, Mr Twaddle.
I sold my house in ranmoor one and a half years ago for 135k. The house next door, not as nice and smaller sold 8 months later for 169k now you can buy a simular house in the same area S11 for about 135-139k and with no bidding going on, the norm now is
that people are putting in offers 5% below yhe asking price.
No I'm not an estate agent. I've been away and I'm now pleased to be able to move back home and pay the same as I sold for. For a while I believed the hype . The agents are not letting on as they don't like the fact that it's true but if they let people know they would in the long run benifit from more steady sales.

I have seen house prices on my road rise steadily for the last 3 years. I check whenever another one goes on the market, and i have yet to see a drop from one to the next.

Both my evidence and yours is only anecdotal though, building society, government and estate agent information all show that the market has just this month stabilised (when looking at the entire country).

Originally posted by Cyclone
what's going on with this topic, it's been locked and now unlocked again...

some transparency please mods, just a post at the end to say why you're locking it would be nice.

Sorry, thought the changes were transparent. The thread starter started the same thread in 2 different fora. One was closed pending removal but you managed to get a response in before the closure. The identical thread also had a response so, rather than confuse you and remove one or other of them they were merged.

OK?

The house prices in this part of Sharrow are still going up and the houses are selling within a month of going on the market.

There are too many factors to make such a claim. Now is as good a time as any to buy IMO.

Just a bit of a guess this one, so don't jump on me. I think that there'll be a few more interest rate rises starting early next year (nothing too drastic though) and throughout 2005 prices will stay fairly stable. Can't see a crash coming, although I could do with it happening.

I am living on Norfolk Park and the prices here are crazy. I found out yesterday that i can have a 30% discount on a new apartment/house. The prices are, after discount: 1 bed apartment = 50k.
2 bed apartment = 80k
3 bed house = 109k


I have ordered 2 houses just to be on the safe side :hihi:

Anybody read the Sunday times Home section this week Seems like Phil Spencer from Channel 4's Location, Location Location programme seems to agree with the "Nows the time to get buying " subject. Told you!.......... Mr Twaddle!

Originally posted by Booo
Phil Spencer from Channel 4's Location, Location Location programme seems to agree with the "Nows the time to get buying " subject Told you!..........

He's hardly impartial though is he? He works in the property business therefore he's got a vested interest in what happens and will do anything to talk up the market.

Originally posted by Booo
Anybody read the Sunday times Home section this week Seems like Phil Spencer from Channel 4's Location, Location Location programme seems to agree with the "Nows the time to get buying " subject. Told you!.......... Mr Twaddle!

do you think it enhances your comments to continue to refer to me by a word i used to comment on what you said? If it does maybe you can change it to Mr Drivel.
You never did answer the question as to whether you were an estate agent trying to drive up some sales before you were made redundant, did you.

No i don't think it enhances anything, didn't mean to offend just thought I'd offer my opinion in case it may help someone,sorry you are offended , I'm new to the forum, didn't realise people would be offended.Please accept my aplogy. I genuinely just wanted to offer my opinion. It's only mine and it counts for only a little I know, won't bother next time.

Oh yes ,sorry I forgot, No I'm not an estate agent.

Originally posted by Booo
Anybody read the Sunday times Home section this week Seems like Phil Spencer from Channel 4's Location, Location Location programme seems to agree with the "Nows the time to get buying " subject.

Yes. But his point is that prices have stabilised somewhat so buy now because he thinks that prices will start to rise again (though not so steeply) in the spring and people who are waiting for the 'crash' will be left even further behind.

It seems to me that most houses are still achieving around the asking, they are just not getting offered silly prices above.

yeah.....and it's called a lull.....that time when people look back and say "Whish I'd bought something then"

changed your tune a little bit now Booo.

Booo Prices have now dropped to the same level of January 2003 wiping off one and a half years of growth, about 22%


vision But his point is that prices have stabilised somewhat so buy now

Booo yeah.....and it's called a lull

So which is it, have prices dropped as you originally claimed, have they stabilised and are set to shoot up again, or are you just guessing?
Most market analysts seem to be predicting that the current 'lull' will last for between 2 and 4 years bringing house prices back into line with their actual values as the rest of the economy plays catch up with the massive inflation houses have gone through in the last 4 years.

What makes you think that this slow down is just a temporary glitch?
Interest rates look like staying where they are for a while, so borrowing isn't going to get any cheaper. First time buyers are still unable to get on the ladder as it's too expensive to buy at all, so there's nothing driving the bottom of the market. Buy to Let landlords seem to be selling up at the moment rather than buying property.
There doesn't seem to be any pressure at the moment that would restart the spiralling cost of housing.

yes cyclone I agree with you , my point bieng that we are now in the flat period. this info takes 3-4 months to really filter through usually . This period is now good for buyers and they can negotiate deals and cutt prices like I said b4 I could now buy back my house that I sold 18 months ago for the same price cos houses ,probably the 140-185k bracket, are now priced lower and buyers are putting in lower offers. House prices 75-110k are by the looks of things holding flat because of affordability issues hence more demand.

Here is a little info that may be of interest:-

http://news.ft.com/cms/s/01546dbc-3313-11d9-b6c3-00000e2511c8.html

Mr King (Bank of England)Mr King said the downward adjustment of house prices relative to incomes might continue for two to three years, although the outlook for prices was “extremely uncertain”.

So, now is not a good time to buy, in 2 to 3 years time when prices bottom out would be a good time to buy.
Now would be just about the worst possible timing you could choose as you procede immediately into negative equity without passing go and collecting two hundred pounds.

No.....As you yourself said cyclone prices have levelled in some price brackets. I believe others have now reduced as much as they are going to in other brackets, so now's as good a time as ever if they are not going to drop. And you see the point of what I'm saying is that this info I'm giving will not filter through for 3 , or even 6 months thats how the Market works. The benifit if I'm right ( and I may not be ,as I do not have a crystal ball) is that if the forecasts for the length of time that the market stays stale for are wrong, then
it is better to buy sooner rather than later.This hinges on the supposition that prices are unlikley to fall more than 25%. They have already . And if one walks round and puts in the legwork and see's whats happening on the shop floor so to speak it becomes clear.I refer all to my previous experiences.These are real and not abstract speculations based around previous data. Hope this helps...Boooooooooooooooo!

[QUOTE]Originally posted by Cyclone
[B]So, now is not a good time to buy, in 2 to 3 years time when prices bottom out would be a good time to buy.


I feel it is really dangerous to try and predict the market. Many people have already had their fingers burnt by choosing not to buy 2 years ago as prices began rising quite noticeably. Others sold their properties and rented so they could buy when the market fell and they are now looking at quite a loss. If you can afford to buy now and feel it's right, then do it.
There are still not nearly enough houses being built to satisfy demand plus a lot more 'single' households are now the trend.
History proves that over the long term house prices rise and even if you could have bought a house cheaper within a certain timeframe eventually it will go up. Look what happened to pensions, endowments etc. - no-one could have predicted that! So just go for it.

but to make a statement that now is the right time to buy when for the first time in several years the market appears to be slowing is just insane. Sure if you were already looking at buying then go ahead if you don't want to take the risk of waiting, but otherwise now is the worst possible time to buy for the last 6 years at least.

Booo - the people working for building societies and the bank of england must be really stupid if they can't see what you have spotted. Either that, or you are still talking nonsense.
Prices have stabilised, they will now drop (not already have done, this is yet to happen). Buying at the start of a period of decline is the wrong thing to do.
How is it that you are able to get this information 3 to 6 months ahead of the experts who do nothing but watch the market. And why have you not used this unique ability to become a highly paid market analyst?

Buying at the start of a period of decline is the wrong thing to do.

But is this the start of a decline or just a hiccup? Leading up to Christmas is always slow - last year was the exception because things slowed down in spring '03 due to the Iraqui war, so activity was pushed further into the year. One of the problems earlier in the year was that prices houses were selling well over the asking/valuation. Now, prices are not really any different but there are much fewer people after each property so prices will probably not go much above asking, and some will go slightly below. If I was looking to buy, I would buy now - life's a gamble anyway but at least I would be buying something I could afford and not risking a possible rise in the spring - a traditionally popular time to buy.

[B]Buying at the start of a period of decline is the wrong thing to do. Quote by Cyclone

But is this the start of a decline or just a hiccup? Leading up to Christmas is always slow - last year was the exception because things slowed down in spring '03 due to the Iraqui war, so activity was pushed further into the year. One of the problems earlier in the year was that prices houses were selling well over the asking/valuation. Now, prices are not really any different but there are much fewer people after each property so prices will probably not go much above asking, and some will go slightly below. If I was looking to buy, I would buy now - life's a gamble anyway but at least I would be buying something I could afford and not risking a possible rise in the spring - a traditionally popular time to buy.


Help Mod. This has been posted twice, Why?

It all depends what your motives for buying are, and if you are buying with a view to making money, or just want some stability in your life and at least be investing in your own property and not someone elses.

Thanks for the discussion chaps!

I'm of the opinion that interest rates will drop, at least once, in early 2005.
The basis for this is the upcoming election.
If Labour win (by no means a certainty, though by influcing the bank of England to drop interest rates their position will be stronger) I beleive they will make serious moves to get us to join the single European currency during their term.
Currently the European interest rate sits at around 4%, whereas ours is higher.
The rest of Europe is not going to stomach a rise in their cost of living to facilitate our entry into the Euro, so we can assume that our rates will have to drop into line with the rest of Europe if we are to join.

These are just my thoughts, but I am certain that Labour will push hard for accession to the single European Currency should they retain power.

Well for what it's worth, I'm currently buying personally and selling professionally.

I expect to start buying again for business around March, and I'm planning purchases now.

It feels just like summer 1999 at the moment. Lots of doomsayers who know bugger all really. It rained through Summer 1999, and nobody dared do anything. Prices started steaming ahead again shortly afterwards.

With property - just BUY IT. It will always be cheaper in a years time - providing you bought it a year ago!

The best time to buy property for investment is when house prices are low in real terms.

To work out whether prices are high or low, you need to look at interest rates. Over time, falling rates are the single most important factor pushing house prices up. So you want to buy ahead of what you hope will be a sustained period of low interest rates.

But that's not now as it is expected to rise further still into 2005.

Tony, agree with your comments re:it's always the right time to buy (don't know how to quote posts yet!)

John - if house prices were the single factor relating to interest rates i.e. if the were no other factors to be considered by the bank of England (with regards to rate setting); I would agree whole-heartedly.
As it is, I believe there are additional factors which will become more prominent over the next year or two (The Euro being the main one) which will lead to a drop in rates, and subsequently, a jump in property prices as mortgage repayments become more affordable to first time buyers.

Incidentally, has anyone heard anymore of these "Japanese" style mortgages where the repayment term can be anything up to 100 years (I think!). I seem to remember these being touted as something that would sustain the housing market for the forseeable. This, though, was around 12-18 months ago, and I've heard nothing more since.

A friend and his missus just bought their first house and got a thirty year mortgage. I guess that the long term option will be the way to go in future.