How far will Sheffield house prices drop?

[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.

 

see above....

[sham71 10]

Espadrille - I agree sales are picking up. I believe that Blundells are actively encouraging their vendors to drastically cut their prices or accept low offers to get a sale.

 

After all without sales Blundells will go the same way as Saxton Mee.

 

Increased sales through increased prices falls will get us to the bottom quicker (it will still be 50% off the peak though, IMO)

[swissheavy 10]

Espadrille, as Sham71 said, it doesn't matter if there's sold signs up - you don't know how much the house actually went for. It could have been up for £140k say, and the potential buyer may have offered £100k, and the seller accepted.

 

We aren't done yet!

[espadrille 10]

Espadrille, as Sham71 said, it doesn't matter if there's sold signs up - you don't know how much the house actually went for. It could have been up for £140k say, and the potential buyer may have offered £100k, and the seller accepted.

 

We aren't done yet!

 

It doesnt matter though does it as both parties make an agreement that is legally binding and the money exchanges .the banks get to lend the money and 2 people get to move house.

Does it really matter that much what the valuation is? A house is worth what someone is prepared to pay for it and overall , over the last 20 years you will not have lost if you invested in property.

It is a case of getting a house that has potential to make money. We did this with all our 3 houses and have never regretted buying or selling, irrespective of the state of the market.

[Cyclone 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

 

Which would be a huge mistake. Easy credit is part of the reason we're in this mess. We don't want and shouldn't want a return to lending as if it were 2006.

[sham71 10]

It doesnt matter though does it as both parties make an agreement that is legally binding and the money exchanges .the banks get to lend the money and 2 people get to move house.

Does it really matter that much what the valuation is? A house is worth what someone is prepared to pay for it and overall , over the last 20 years you will not have lost if you invested in property.

It is a case of getting a house that has potential to make money. We did this with all our 3 houses and have never regretted buying or selling, irrespective of the state of the market.

 

This thread is about how far prices will drop. You said that lots of sale signs were a sign that things were picking up.

 

Then you say that the price they sell for is meaningless.

 

I think you may be on the wrong thread....you want the 'when will Sheffield houses start selling again (regardless of price)' thread....

[Dimitri 11 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%

 

 

Fingers crossed

 

The updated LR figures are out tomorrow so they will provide some figures specifically for Sheffield although they will be out of date obviously.

[Dimitri 11 10]

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.

 

A lot of the houses that aren't selling are coming in down in price in Crookes so they might look like good deals now but in a short time they won't. Some are selling obviously but who knows at what price and if they are selling at the advertised price the buyers are crazy. A bit of patience is all that is required from buyers and they will see the benefit.

[Dimitri 11 10]

Does it really matter that much what the valuation is?

 

It matters 100% what you pay for the house unless you are going for one that is a tiny fraction of your wealth or you don't care about losing money (insanity in my book).

 

 

It is a case of getting a house that has potential to make money. We did this with all our 3 houses and have never regretted buying or selling, irrespective of the state of the market.

 

You may as well make as much as you can though. It would be pointless rueing not having bought bang on when the market bottomed but it would be even more pointless to buy a house now (without a massive discount) if you are doing it to make money. It could be years before you even get back what you paid for it.

[Phylis 10]

A lot of the houses that aren't selling are coming in down in price in Crookes so they might look like good deals now but in a short time they won't. Some are selling obviously but who knows at what price and if they are selling at the advertised price the buyers are crazy. A bit of patience is all that is required from buyers and they will see the benefit.

 

Good advise. Lets all sit on our hands and money and see where the economy goes!!!!

 

If we all do this we can all kiss goodbye to our jobs, homes and any money we earn.

 

If a buyer is in a position where they can easily afford the repayments on a mortgage now is as good a time as any to buy. The choice of property is massive. They may never get the oppurtunity to be so choosey again.

[Cyclone 10]

If a buyer is in a position where they can easily afford the repayments on a mortgage now is as good a time as any to buy. The choice of property is massive. They may never get the oppurtunity to be so choosey again.

 

I appreciate that you'd like to stop the decline in the housing market, ideally with other peoples money.

But now is not as good a time as any is it. Prices are still falling at something like £500 a week, so next week is a better time than now, and the week after better than that.

Trying to talk it up won't alter the fact that anyone who's got an ounce of sense will only buy right now if they are forced to do so.

[swissheavy 10]

 

If we all do this we can all kiss goodbye to our jobs, homes and any money we earn.

 

 

Erm yeah - that's what they call it a recession!! Survival of the fittest baby! Ofcourse, it could get worse herego a depression.

 

People will only start buying when they think the market is beginning to bottom out. People are not stupid, like Cyclone says, why buy this week when next week it will be cheaper?!