jimmy   10 #493 Posted August 24, 2006 I agree with Booo. Many posts on here recently have been about the huge flat building programme in town for students and non-students. Once these are completed the strain will be taken off "traditional" student areas such as Broomhill/Crookes. Couple this with a fall in people starting University this year (or staying at home as the average student now finishes University with debts of 13k). Students prefer to live in en-suite accommodation with all bills included (especially overseas students). Landlords are going to have to have nice properties to be able to compete. I see the disappearance of the very worst in student properties.  I also see a glut of empty properties. Most of the long standing BTL Landlords will be fine as they bought years ago when houses were cheap. Anyone who has BTL recently will struggle to pay their mortgage payments with the rent especially as competition will mean they can't increase rent. Interest rates will definitely go up 0.25% again this year, maybe 0.5%. Inflation isn't in check and the remit of the Bank of England is to keep inflation under control not what the housing market is doing.  Couple this with 50% increases in energy bills, rising food prices due to the hot summer and a whole plethora of negative sentiment and things will get "interesting".  Bilge you say Sheffield is cheaper than a lot of areas but are you combining the wages with the cost of living in these area?  babychickens. I think this sort of house is still in demand. It will be the flats that start falling first as they have been the most inflated in price. Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #494 Posted August 24, 2006 I'd agree with you this time booo, i wouldn't buy right now, i'd wait and see which way things go. Share this post Link to post Share on other sites Share this content via...
matandtam   10 #495 Posted August 24, 2006 We've just sold our house and refused to sell to landlords (one of whom offered us £4500 more by the way) and refused to do sealed bids because we believe sealed bids are unfair and that it is difficult for young people/families to buy family homes when landlords can always pay that £1000 more. But we had to argue with the estate agents for this !!!!  In return we're now homeless as having had our offer accepted on two houses (one after another), and paid for surveys/mortgage arrangement and solicitors, the owners changed their minds and decided not to sell. £2100 wasted (luckily we don't have to pay full solicitors fees). We have then been frantically trying to buy another house bidding £15,000 more than the asking price (which we think is ludicrous but we're desperate) in sealed bids and still not getting anywhere. So we're having to move into rented!!! (If we can find anywhere for me and my husband and 14 month old daughter and my mum - it's proving difficult too even though we both work and have cash waiting!) It's really a crazy system. We've decided to wait now until the sellers have to provide the seller's packs next year so we don't get ripped off again.  Tamsin Share this post Link to post Share on other sites Share this content via...
babychickens   10 #496 Posted August 24, 2006 We've just sold our house and refused to sell to landlords (one of whom offered us £4500 more by the way) and refused to do sealed bids because we believe sealed bids are unfair and that it is difficult for young people/families to buy family homes when landlords can always pay that £1000 more. But we had to argue with the estate agents for this !!!!  In return we're now homeless as having had our offer accepted on two houses (one after another), and paid for surveys/mortgage arrangement and solicitors, the owners changed their minds and decided not to sell. £2100 wasted (luckily we don't have to pay full solicitors fees). We have then been frantically trying to buy another house bidding £15,000 more than the asking price (which we think is ludicrous but we're desperate) in sealed bids and still not getting anywhere. So we're having to move into rented!!! (If we can find anywhere for me and my husband and 14 month old daughter and my mum - it's proving difficult too even though we both work and have cash waiting!) It's really a crazy system. We've decided to wait now until the sellers have to provide the seller's packs next year so we don't get ripped off again.  Tamsin  http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2006/08/10/phips10.xml  not that i'm a telegraph reader, but it was the first article that said what i had suspected in the first few lines - home information packs have been shelved for now due to the problems associated with them. sorry about this, tamsin. Share this post Link to post Share on other sites Share this content via...
Tricky   10 #497 Posted August 24, 2006 In the short term there doesn't appear to be as big a fall in the number of students as everyone thought there would be. However, there are a number of long term factors that ought to push student numbers down. At some point there may well be a downturn in prices, particularly in student areas but I wouldn't put off a move in the belief that things are about to change drastically. Share this post Link to post Share on other sites Share this content via...
basshedz2   10 #498 Posted August 25, 2006 ... but i really think that the sorts out houses we're looking at - 3/4 bed semis with garages and gardens in s10/11/17, between 200-250k - are currently on a price 'plateau' ...  I've been looking around for the last year at houses in the £100 - 130K bracket, and prices there also seem fairly stable (with a marginal increase over the last year). I think now would be a bad time to buy for investment purposes but, as much as i'd like to see it, i think a substantial fall in house prices is unlikely. I think the market will now remain fairly stable for the immediate future. Share this post Link to post Share on other sites Share this content via...
Bilge   34 #499 Posted August 25, 2006 We've decided to wait now until the sellers have to provide the seller's packs next year so we don't get ripped off again. Tamsin  Seller's packs aren't happening now - I don't think (?). It was thought they would put sellers off putting houses on the market and the shrunken supply would bump prices up even more, so it was ditched at last minute by Blair/Brown. Share this post Link to post Share on other sites Share this content via...
Tony   10 #500 Posted August 25, 2006 Sellers packs were a useless idea when they were first mooted years ago and they remain a useless idea today. I won't even begin to go into it. Governments can act to aid the property market in all sorts of ways and a level Stamp Duty % rate and VAT policy would be a good start as the current system is a bureaucratic mess that only serves to create income for Government departments for their own continuance.  I actually put my money where my mouth was 18 months ago when the doom mongers (but not me) were foretelling a massive price crash. I went and bought a new house after making a VERY cheeky bid that was around £80k under it's real value (IMO). Happy to say my opinion was born out and it's now easily worth +£100 more than I paid. Like I said, I was VERY cheeky  So, to the morals of property from somebody who is involved in it for a living...  People kid themselves about property. It's always worth more than it is when they are selling, and nowhere near the asking price when they are buying. Don't do this - it's a stupid attitude.  Don't get emotional about your sale / purchase. It's bricks and mortar. There are PLENTY more to choose from. There are NO dream homes. It's NOT a life decision. Have no qualms if you WALK AWAY.  All that said, my constant advice is... BUY IT NOW because in 6 months time the price you paid today will look cheap. Share this post Link to post Share on other sites Share this content via...
rustyfunk   10 #501 Posted August 26, 2006 All that said, my constant advice is... BUY IT NOW because in 6 months time the price you paid today will look cheap.  That might have applied a few years ago, but i have grave reservations about any capital gains over 6 months, particularly with inflation looking ready go soar (and all that goes with it).  Although if you can come up with a cohesive argument to convince me otherwise, I'd love to hear it. Im yet to have anyone explain to me how HPI can keep growing, and outsripping wage inflation at such a spectacular rate, without the spectre of a correction making an appearance (other than the unqualified 'house prices only ever go up' nonsense). Share this post Link to post Share on other sites Share this content via...
jimmy   10 #502 Posted January 11, 2007 So Interest rates have just gone up again to 5.25% and there is probably at least another 0.5% increase to go this year. Inflation in the next bank of England report is likely to be touching 3% which means more increases are likely.  What do people think about the state of the housing market in Sheffield now considering these rises (as well as Utility Bill rises, Council Tax increases).  BTL is a no-go zone with rates like this, landlords can't increase their rents as there is excess supply in Sheffield city centre with even more flats coming onstream soon.  Will 2007 be the year of the crash? Share this post Link to post Share on other sites Share this content via...
frankief   10 #503 Posted January 16, 2007 Interest rates gone up (OK only 0.25%) but another one expected in feb & then in march. Inflation figures looking bad. Today, announcement of end to long term fixed rate mortgages. Hmmm..... Share this post Link to post Share on other sites Share this content via...
rustyfunk   10 #504 Posted January 17, 2007 Interest rates gone up (OK only 0.25%) but another one expected in feb & then in march. Inflation figures looking bad. Today, announcement of end to long term fixed rate mortgages. Hmmm.....  One woulds suspect so, yes. To be fair, its been on the cards for a while, it was just a matter of time imo Share this post Link to post Share on other sites Share this content via...