When/Will house prices cool down?
Discussion
164 pages......so, have prices cooled down / fallen generally ( exclduing niche enclaves )?
been looking to buy in a new area - suffolk for 18mths:
so far umpteen of the houses we've had come thru have (in our eyes) not changed since late '22.
last one we viwed that came close to requirements was purchased in '21 as a new build, they've added wardrobes etc, but nowt else - not sure what offer they took, but the asking price was 17% higher than they paid. (4 bed det 750k).
we came to rented on 2 grounds:
a/ new area - get to know it
b/ fully expected prices to take a bit of a dip
only thing that seems to have happened is there's bugger all choice, which i guess has propped up prices; ton's of new build/developments which are selling, but little private.
been looking to buy in a new area - suffolk for 18mths:
so far umpteen of the houses we've had come thru have (in our eyes) not changed since late '22.
last one we viwed that came close to requirements was purchased in '21 as a new build, they've added wardrobes etc, but nowt else - not sure what offer they took, but the asking price was 17% higher than they paid. (4 bed det 750k).
we came to rented on 2 grounds:
a/ new area - get to know it
b/ fully expected prices to take a bit of a dip
only thing that seems to have happened is there's bugger all choice, which i guess has propped up prices; ton's of new build/developments which are selling, but little private.
greengreenwood7 said:
last one we viwed that came close to requirements was purchased in '21 as a new build, they've added wardrobes etc, but nowt else - not sure what offer they took, but the asking price was 17% higher than they paid. (4 bed det 750k).
And it’s no longer a new build with the premium BAMoFo said:
In my town average sold prices of houses has fallen by 10% over the last year according to Rightmove. That is without factoring in inflation. Never mind cooling down they never warmed up in the first place!
Which town would this be and do you think they've fallen 10%, and is that an actual 10%, or an inflation adjusted 10?https://www.purplebricks.co.uk/moving-guides/uk-ho...
Select your city or region.
According to that Cornwall has had an average drop of 1.7% over last 12 months, 1.9% drop for detached but only 0.3% drop for semi detached, which could hint a little at the whole downsizing trend (Boomers or somewhat over-leveraged Gen Xers cashing in while they were ahead, or at least removing any mortgage-related risk).
Anyway, seems to have been a slight recovery since late summer/autumn of 2023 but pretty flat in nominal terms over the year.
I haven't been following Moving Home With Charlie and his chum Housing Stig for some months but did flick though a recent one and it hasn't really worked out for their predictions at all about where we would be approaching by the summer of 2024.
It seems nothing short of Russia launching tactical nukes at NATO forces or China invading Taiwan will upset the market drastically.
And even then, in the right location, with carefully chosen kitchen design/decor/curtains you should be golden.
Select your city or region.
According to that Cornwall has had an average drop of 1.7% over last 12 months, 1.9% drop for detached but only 0.3% drop for semi detached, which could hint a little at the whole downsizing trend (Boomers or somewhat over-leveraged Gen Xers cashing in while they were ahead, or at least removing any mortgage-related risk).
Anyway, seems to have been a slight recovery since late summer/autumn of 2023 but pretty flat in nominal terms over the year.
I haven't been following Moving Home With Charlie and his chum Housing Stig for some months but did flick though a recent one and it hasn't really worked out for their predictions at all about where we would be approaching by the summer of 2024.
It seems nothing short of Russia launching tactical nukes at NATO forces or China invading Taiwan will upset the market drastically.
And even then, in the right location, with carefully chosen kitchen design/decor/curtains you should be golden.
macron said:
BAMoFo said:
In my town average sold prices of houses has fallen by 10% over the last year according to Rightmove. That is without factoring in inflation. Never mind cooling down they never warmed up in the first place!
Which town would this be and do you think they've fallen 10%, and is that an actual 10%, or an inflation adjusted 10?havoc said:
Mr Whippy said:
I’m not fussed either way but I feel sorry for the younger generation.
I thought it was s
t in 2004 but it’s like that was a golden era looking at prices today.
Bonkers.
I thought it was s
t in 2004 but it’s like that was a golden era looking at prices today.Bonkers.
Utterly. Unless you're already wealthy / own multiple properties, in which case it's good news.
75% CGT and 10x council tax on anything non-primary residence would soon start to cool things down a bit
Mr Whippy said:
75% CGT and 10x council tax on anything non-primary residence would soon start to cool things down a bit
Unless / until more houses get built, that'll all get passed onto the poor (!) tenants. Supply/demand at the moment is badly skewed as too few people are getting mortgage approvals so they're having to suffer rental costs greater than the mortgage payments they were aiming for.Housing in this country is broken, and (in the short term at least) hammering landlords won't achieve anything and may actually be counterproductive.
(I'm not a landlord, BTW, and as a general point of principle dislike them, although I do acknowledge that a fair few are decent people who do try to look after their tenants)
BAMoFo said:
It is an East Lancashire town. My friend has just accepted an offer of £405k on his house, which sold and fell through at £440k last year, so Rightmove could well be correct and that it doesn't factor in inflation. That is obviously a small sample size but it feels about right. The same property was valued at £450k in 2006.
Location matters, we paid 435k in 2008, now worth approx 750k.NortonES2 said:
BAMoFo said:
It is an East Lancashire town. My friend has just accepted an offer of £405k on his house, which sold and fell through at £440k last year, so Rightmove could well be correct and that it doesn't factor in inflation. That is obviously a small sample size but it feels about right. The same property was valued at £450k in 2006.
Location matters, we paid 435k in 2008, now worth approx 750k.^^^^ As a result of this, over time, houses are actually becoming more affordable in my area at the higher end of the market. The downside is that it is difficult to move to more desirable parts of the country because the cost to change is prohibitively expensive and gets further and further out of reach.
Puzzles said:
I was looking at flats recently and even the most basic blocks seem to be £200 a month in service charges.
It seems mental to me but I probably have to update my expectations.
It's something that should be addressed by government. A lot of people are getting ripped off.It seems mental to me but I probably have to update my expectations.
I used to own a studio flat (so pretty much one room) and the charge was £1500 a year, yet the place was very run down. The management company wanted to up the charge to 5k. It was a low rise block of 100 flats so someone was making a lot of money doing very little.
98elise said:
It's something that should be addressed by government. A lot of people are getting ripped off.
I think they did, but only for new developments IIRC....so if you're in an existing block, tough luck unless you and the majority (all?) of the other tenants can agree you want to oust the management company and take over yourselves.
havoc said:
Mr Whippy said:
75% CGT and 10x council tax on anything non-primary residence would soon start to cool things down a bit
Unless / until more houses get built, that'll all get passed onto the poor (!) tenants. Supply/demand at the moment is badly skewed as too few people are getting mortgage approvals so they're having to suffer rental costs greater than the mortgage payments they were aiming for.Housing in this country is broken, and (in the short term at least) hammering landlords won't achieve anything and may actually be counterproductive.
(I'm not a landlord, BTW, and as a general point of principle dislike them, although I do acknowledge that a fair few are decent people who do try to look after their tenants)
It’s funny because plenty will support that but again, all the oldies will whinge about fields, worry about their house values etc, despite them broadly pumping about about 2 kids per couple… kids now utterly f
ked by their own parents greed and idiocy.Mr Whippy said:
So are you saying you support vast house building to boost supply and dilute the demand?
It’s funny because plenty will support that but again, all the oldies will whinge about fields, worry about their house values etc, despite them broadly pumping about about 2 kids per couple… kids now utterly fked by their own parents greed and idiocy.
Yes. Nothing else will fix this mess*, realistically.It’s funny because plenty will support that but again, all the oldies will whinge about fields, worry about their house values etc, despite them broadly pumping about about 2 kids per couple… kids now utterly f
ked by their own parents greed and idiocy.The headache is WHERE to build. Because the places with lots of space don't have lots of jobs, therefore people won't want to live there, so you end up increasing the house-price divide and don't solve the bloody problem. So you need to build at the same time as (properly, genuinely, long-term) "levelling up" the rest of the country and removing the focus from London and the SE. It's not insurmountable, but it needs some really joined-up thinking by the next government. And I have my doubts...
PS - kids are f
ked because of their grandparents' greed, if we're being pedantic.* Well, not short of closing the borders, kicking millions of immigrants out and implementing a birth-rate cap policy...but that'll (a) f
k the economy anyway; and (b) take 20+ years to bear fruit.Gassing Station | Finance | Top of Page | What's New | My Stuff