What's the housing market like at the moment?

[Miss_60 10]

Saw this article about house prices and it states there might be a reduction as much as 40%!!!

 

http://uk.news.yahoo.com/pressass/20080519/tuk-housing-slump-to-hit-economy-6323e80_1.html

[hels1977 10]

Saw this article about house prices and it states there might be a reduction as much as 40%!!!

 

http://uk.news.yahoo.com/pressass/20080519/tuk-housing-slump-to-hit-economy-6323e80_1.html

 

Housing sales could fall at least 40%

 

Must be a slow news day - houses aren't shifting. House prices and house sales - not the same thing, not even close.

[Tomataheeed 10]

The article mentions a 5% drop in prices during 2008. The 40% reduction in transactions will hit estate agents as much as anyone.....and we aren't hearing a lot of sympathy for their predicament !

 

I've been trying to sell for the last 3 months and there is so little interest, I think I'll just rent it out again and wait a year or two. No point trying to sell whilst no-one wants to buy...

[poppy1 10]

You may have to sell cheaper but then you buy cheaper, so it's as short as it's long really. Problem is when people get greedy and want the asking price for theirs, then expect a reduction when buying.

[Cyclone 10]

The article mentions a 5% drop in prices during 2008. The 40% reduction in transactions will hit estate agents as much as anyone.....and we aren't hearing a lot of sympathy for their predicament !

 

I've been trying to sell for the last 3 months and there is so little interest, I think I'll just rent it out again and wait a year or two. No point trying to sell whilst no-one wants to buy...

 

Apparently the average rental charge in sheffield has gone up 10% in the last year, so letting it might be a good bet.

[espadrille 10]

Just been on the news that property in Yorkshire has gone up overall by about a half of one percent.

[Cyclone 10]

Yorkshire as a whole is a very big place.

 

How about South Yorkshire.

 

South Yorkshire

Average Cost: £135,278

Detached: £228,337

Semi-detached: £129,422

Terraced: £105,691

Flat: £117,974

 

 

Change in last quarter: -6.9%

Change in last year: -0.1%

Sales: 4094

 

 

Or Sheffield

 

Sheffield

NAME AV PRICE (£) QUARTER ANNUAL SALES

£145,317 -8.6% -4.0% 1599

[Phylis 10]

Yorkshire as a whole is a very big place.

 

How about South Yorkshire.

 

 

 

Or Sheffield

 

Split this down over house types though and you see that the majority of the loss is in new build flats.

[nightrider 13]

Split this down over house types though and you see that the majority of the loss is in new build flats.

 

yes flats have fallen more, but even terraced houses are down on prices 3 months ago:

 

s10 1nz:

 

Flats down 7.3% annualy and 4.7% quarterly

 

Terraced up 1% annualy, but down 2.3% quarterly

[Phylis 10]

yes flats have fallen more, but even terraced houses are down on prices 3 months ago:

 

s10 1nz:

 

Flats down 7.3% annualy and 4.7% quarterly

 

Terraced up 1% annualy, but down 2.3% quarterly

 

It may be beyond some people but not everyone in Sheffield wants to live in a terraced house:o

[Cyclone 10]

As the scale of this fall gets wider your qualification gets harder and harder Phylis. At one point there wasn't going to be a fall, then Sheffield hadn't suffered a fall, now it's flats and terraces but not everyone wants to live in them.

House prices are falling, they will continue to fall for some length of time. If you have no pressing need, it's not the best time to buy.

Terraces are a good measure of the housing market in Sheffield, as in the central suburbs most of the housing stock is terraces.

[Phylis 10]

As the scale of this fall gets wider your qualification gets harder and harder Phylis. At one point there wasn't going to be a fall, then Sheffield hadn't suffered a fall, now it's flats and terraces but not everyone wants to live in them.

House prices are falling, they will continue to fall for some length of time. If you have no pressing need, it's not the best time to buy.

Terraces are a good measure of the housing market in Sheffield, as in the central suburbs most of the housing stock is terraces.

 

Prices are falling, helped by the masses putting property on the market in the vain hope of getting a good prices. Saw a good piece on the news by an estate agent. He had 4 times as many properties on his books as this time last year. On the other hand he only had a quarter of the amount of people looking to buy. This has to push prices down. You would have to be mad to market your property now.