How far will Sheffield house prices drop?

[Misterf 10]

My partner and I are hoping to move next year (if we can sell our house). I am wondering how long it may be worth waiting for. I am thinking maybe the end of next year.

Any views?

[sham71 10]

My personal opinion (and I've taken some flack on here for it over the last year) is that prices will fall up to 50% and will bottom out mid 2010.

 

No-one has a crystal ball, but it pays to have a plan and stick to it.

 

I will start looking to buy back into the market from about January 2010, but I reckon the recession will have further decimated the market by then and it will probably over shoot on the way down.

 

Do your own research and Good Luck!

[GrannyGranny 10]

I think they wil bottom out end of next year beginning 2010 but it will take another 3/4 after that for the prices to reach pre crash levels.

There will be a change of Goverment before then so that might install a renewed confidence.

If you are buying long term (<10 years) and you are buying a home and are not too bothered if the value dips before it recovers then the problem will be selling your present property not buying your new one.

You might have to price to sell and bargain hard for a good price on your new house.

[Misterf 10]

I want to try and get in just before the market bottoms out, as then I should still be able to go in with a low bid.

[DavidRa 10]

I want to try and get in just before the market bottoms out, as then I should still be able to go in with a low bid.

 

Impossible to pedict when it will bottom out maybe 2011, if the banks get braver we may only see a slight reduction in house prices with interest rates low the cost of borrowing is low ( if you can get a mortgage), if prices have fallen say 20% from the peak possibly another 10% over 2 years.

[swissheavy 10]

All hinges on the Libor and when banks start to lend to one another again... once that starts turning I think another six months and the market will have bottomed out.

[Square-Bashe 10]

How long is a piece of string.......

 

As swissheavy has said, once LIBOR comes down then banks will be lending more between themselves and therefore lend to their customers. The last time I spoke to an IFA he said that this rate was at about 4.5%. I dont know what it is now, it changes daily. I just hope that things begin to improve soon!!

[Misterf 10]

Well watching the news tonight, it looks like the Government might start forcing the banks into lending sooner rather than later. You cant blame them for hoarding their cash though I guess

[espadrille 10]

You can blame them for a lot of the mess that we are in,along with people who borrow more than they can afford to pay back.Years ago, it was 3 times your salary and even now it is still 4 times.When will they learn?

 

4 times someones salary can be a huge amount and even though our household income could attract heavy borrowing, I know that I would just not manage to pay those repayments back

Having said that there are some tempting houses now for sale in Crookes at very good prices so a great time to get on the ladder.

Looked in Blundells window yesterday and many of the Terraces have Sold signs on them so I fell that things are picking up especially with the drop in interest rates.

[Phylis 10]

It isnt just mortgages which have caused this mess. It is lending in general. People have borrowed money with loans, credit cards, HPI agreements, all of which need repaying.

[naomi13 10]

As far as i can see, house prices will keep dropping until people start buying them again!! If all of you that are hanging on to get a 'good deal' bought now, the market would start to pick up and prices would eventually start to go up again.

 

x

[swissheavy 10]

The fact of the matter is, what people thought their prices were worth was false. And what they thought their neighbour's house was worth was false too. House prices are vastly overinflated and they need to seriously readjust. 30% would be fair, but more is very foreseeable in my eyes.

 

£180k for a 2bed terraced in a good area simply does not stack up. £70k for a 2bed terraced in an awful area doesn't stack up either. Good hard working professionals earning 25 - 30k can't get on to the housing ladder because what their money currently buys is tat. The first time buyers are the engine of the housing ladder and they have been stopped by a combination of rates, credit limits (rightfully so) and overinflation. Without them, the market falters and that's exactly what has happened.