Is this the right or wrong time to buy a house?

[Miss_60 10]

House (spacious 3 bedroom terrace) was bought in Walkley area as a "buy to let" one year on the person is selling it.

 

It was originally bought for approx £92,000 .....

 

....one year on, since Mervyn (bank of England boss) gave his speech the house went on sale with an asking price of £94,000. 20 viewings have been made and one person put in an offer of £90,000....but withdrew it. The current offer is £75,000 and NO ONE ELSE has put in any offers. A few months ago this house would have had 60 viewings and loads of offers withing 2 weeks it would have been sold....so if this is not an indication of a house price crash.....what is????

[carcrash 11]

I live in Sharrow. I brought my house for 45.000 2 years ago. The houses on my road are now going for 110.000-125.000.

Crazy.

[wibbles 10]

I think one house not selling very well is anything to go by. Only last week a house on my street went for £15k over the asking price within a week of going on sale..and thats in Lower Walkley.

Maybe the house in question is a sh*thole???

To be fair £94,000 seems quite cheap anyway for a house in Walkley given the current market. I would suspect that there is simply something not right about the house

[magicgem 10]

I hope it crashes, in just under a year. That would be perfect for me! Sorry anyone else-hehe!

[wibbles 10]

But surely if it crashes then people won't be selling..less choice

[Jayne 10]

that's my thoughts. wish I hadn't been a student a few years ago, now I can't afford to buy and if it crashed no one would be selling so there'd be nothing to buy.

 

we can't have everything

[magicgem 10]

But I will be actually afford soemthing when I graduate, at the moment I shall be residing in a box

[Tony 10]

There's no evidence of anything like a crash as far as I can see. Quite the opposite.

 

What you will find I think is developments coming along aimed at first time buyers. Thatmight help a bit.

[elf 10]

Oh pleeeeease let the prices crash.

Where is this house in Walkley? its where we want to buy but done have a hope at the moment coz of the prices and being on crap wages but that one sounds like a possibility even if it is a **** hole we could do it up:)

[tas1 10]

Not crashing yet - house opposite went really quickly. House next to one we sold for 98,000 is on for 125,000 in x-pool - smaller than ours (although didn't have hideous kitchen!) and that's just in 2 years!

[sham71 10]

I can't see any reason why houses should have quadrupled in price in the last 5 years (as they have in many areas of Sheffield) other than speculation and too much cheap money.

 

A house is worth what someone is willing to pay for it, no more, no less.

 

Anyone with more than 85% owing on their house should be prepared to sit out the crash that is inevitably coming because prices will rise again.....but not for a few years. Easier said than done.............

[ToryCynic 10]

Originally posted by carcrash

I live in Sharrow. I brought my house for 45.000 2 years ago. The houses on my road are now going for 110.000-125.000.

Crazy.

 

Round our area you wouldn't get a cardboard box. £175-£180,000 for a 3 bed semi and this is in a poohish area!

 

Alex