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Are House Prices Rising Or Falling?

 

And what will they be doing next year, in your opinion? -Is anyone here involved in the property scene?

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I buy the Property Guide and I would say they are falling at the moment. A lot of properties that the sellers thought they had sold, have fallen through, and are up for sale again. People cannot borrow money like they used to.

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The IMF seem to think that we are going to have a price correction soon:

 

http://uk.news.yahoo.com/pressass/20071017/tuk-imf-issues-uk-house-prices-warning-6323e80_1.html

 

Currently in Sheffield it appears that the lower end of housing (not flats though) is still pretty strong, mid range is stagnating or taking a slight downturn and the upper end looking decidedly iffy!

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The first time buyers market is still very strong. Our house has sored in value from 85k in January this year to 100k when we had it valued at the end of last month. First time buyers fuel the market so if this end is strong the rest should follow suit.

 

I predict a slow down in house price increases to say 5% for next year but not a fall. There is still enough affordable housing in Sheffield to stop the drop here.

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The first time buyers market is still very strong. Our house has sored in value from 85k in January this year to 100k when we had it valued at the end of last month. First time buyers fuel the market so if this end is strong the rest should follow suit.

 

I predict a slow down in house price increases to say 5% for next year but not a fall. There is still enough affordable housing in Sheffield to stop the drop here.

 

Hmm, don't know about specifically in Sheffield but reports recently suggest that high proportions of young property owners are resorting to crdit cards to pay the mortgage.

 

Also, with it getting harder to borrow money it will get harder for first time buyers to get on the ladder with prices as high as they are, especially with the slightly elevated interest rates. There has been much talk of the first time buyer market stagnating across the country, and I'm sure that will affect Sheffield at some point too.

 

Also, the problems with valuations is that they are just what an estate agent hopes they willg et for your property. I have seen places near me go up in asking price by about 20k since April - but that doesn't mean they are selling for that.

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What do people think will happen to house prices in the expensive areas (i.e. S10 and S11)? Will they rise, stagnate or fall?? including flats in those areas. Do you think propery in the 'most wanted' areas will still continue to go for amounts above the asking price?

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Property in this area is relatively stable at the moment. It may look like some prices are falling, but that's mainly due to either the property being overpriced by agents to begin with or people desperate to move. The majority of property is holding its value.

 

Kev

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But one look at a property price website such as the land registry shows what prices people have paid for houses in any area. In our area the average sold price is about 100k for the last 12 months.

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It's very much a regional thing and the type of property is also of huge relevance.

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For properties in the £300k region in S7, we've definitely seen a fall - lots of decent enough houses dropping the asking price by at least £25k and still struggling to sell - also plenty of 'solds' suddenly going back on the market.

 

Want to move, but not so sure at the moment as the properties we really want are ~£600k which IMO is a ridiculous price to pay for a 4/5 bed detached in S7, and not willing to borrow £350k from the bank even though they seem more than happy to lend it to us!

 

Hopefully prices will sort themselves out in time, average is currently something like 9 times salary?

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We've been looking in Woodseats the last 4 or so months - and theres quite a few that have been reduced - or sat on the market for a very long time. We do have a sale agreed, but theres one on the same street 5k less, thats been on for at least 8 weeks by my guess - which is really slow, as it looks a nice house. Think people are panicking with rates etc

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Looks to vary around the city. Prices seem to be stabilising in certain areas but still rising in others.

 

Its down to supply and demand, and as always location, location, location. Other factors such as school catchment areas where people will still pay a premium effect the market.

 

But this time of year the market tends to slow down in any case with Christmas getting nearer.

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