Still not at GRIP4, which needs money, and I'm still not clear if they have access to those funds yet:

http://www.portisheadrailwaygroup.org/

Either way, 2017 seems optimistic given delays experienced in the proces thus far, but if those dockside houses can be 17 minutes from Temple Meads, their (already considerable) value will rocket.

I've got a first time buyer after mine, with a 'reasonable' mortgage requirement. The place I've put my offer on has no onward chain so there is just the two of us.

With regards the gazumping, in the 70s a friend was going to the contract signing, then done in a room with three of the chain together. The chap at the end of the chain was expected to demand a cut in price. The plan was that if he did so our friend would call my wife, an ex PA, at home. Carol would know it was him - no caller display then - by the fact that he would be coughing. She would then wait until he stopped and then say: Mr Thompson's office, Claire speaking, can I help?

Friend would say: Dave Elliott here. Is Mr Thomspon available?

Carol: He's in a meeting at the moment and has asked not to be disturbed. He's left a briefing document in which he states you will inform him if you have accepted his offer on your house.

Dave: Could you just hold the line for a second.

He would then turn to the other chap and say: Thomspon put in an offer a little higher than yours. I refused to accept it because I'd given my word. However, if you continue with your demand I'll accept. He's a cash buyer for his daughter. What do I say?

The idea was that the bloke would capitulate.

At the signing the bloke did indeed demand a cut. Dave asked for a phone and gave the prepared speil. He actually went as far as beginning to dial, the number on an ersatz letter heading that I prepared as I was a printer in those days. The bloke smiled and said he was only joking.

Carol was upset that she didn't get to act but we were the first ones he invited round for a meal. It was take-away as the cooker had not been connected (the 'lead' had to be turned) but it was rather nice.

Nice plan though.

and of course the time to call the bottom of the housing slump is now, with base rates at 0.5%....

When interest rates have returned to their normal level,quantitive easing is a distant memory, and house prices are rising then I will agree it is over.

Indeed, 4 years plus of negative house growth added with 5% inflation equals some pretty dramatic reductions.
I think house prices in real terms are getting on for over 20% lower than pre crash. Only fly in the ointment being that wages have also taken a similar hit for average jo. I can't see them dipping any more, but I also doubt theyll match inflation for a good few years.

We've had our offer on a house turned down. Not only that, the vendor has given us a price that they will not drop below which is some 7% higher than our maximum valuation (which we haven't disclosed and would be willing to exceed by 2.5k but don't tell anyone).

As many of those who have read my post will have guessed, I have special needs. I want an office, preferably separate from the house, and a large garage or space for one. Other than that, we're downsizing to a 3 bed, large kitchen diner and lounge.

The house we offered on, which is nicely decorated and we culd move in without prep work, requires some work to bring it up to our specs but I haven't taken the cost (20k if we are careful, and we will be) into consideration.

When my first offer was turned down, as we expected, I made the second and then the (perhaps not quite) final one which is, given other properties up for sale in the area, bang on value. So I was a little surprised to be turned down without a counter offer within sight of ours. When I asked for justification I was told that I was offering 'only' 3k more that they had paid for it in 2009.

I pointed out to their negotiator that we would pull out and that the place had been up for more than 2 months and our original offer was higher than anyone else had offered.

So we're back looking again. I won't go back. Now I've had time to think, our final offer was a bit too generous.

My wife would make me pay it so perhaps I;ll have to.

Just to add: I was asked how I knew my origianl offer was higher than any other. I said that the chap had told me that he would put it to the vendors and see what they say. If they'd already turned down a similar or higher one he'd not have put it forward. Further, I said, you've just confirmed it.

Second, I asked for justification for an increase in price when house prices had dropped. The reply was that house prices had actually gone up a little in the intervening period, bottoming out in the area in 2009, and even if they had stayed stable, there was inflation to consider. I agreed, but said that the vendor must have paid over the odds originally. The chap just smiled.

The odd thing is that I've gone off the place a bit since having my offer was turned down. I'm trying to figure out if this is merely a reaction to rejection (I don't think so, and I've have plenty of experience with rejection) or looking at the house more sensibly. I still like it but then I was wondering why buy something where I'm paying for decent decor only to destroy some of it by knocking two rooms into one.

They say selling a house is stressful but we didn't find it so. Just put the house on the market, show people around and then choose which offer to go for. Buying is a whole different kettle of fish. And then to sit out on the patio this afternoon after the GP and have friendly arguments with mates, even if one reckons that Alonso should not be shot. Do we really have to move? What's wrong in heating three rooms we never use?

I agree with your senitment but a thing is worth what someone will pay. My criteria are quite particular and I know I'd be very lucky to get something spot on so I will have to modify, so I have quite a choice. Mind you, everything we've seen requires a compromise. That one was our first choice but no one else came near our ultimate offer. So the vendor has a choice: accept of leave it one the market. They've just moved out.

We've gone back onto Righmove and seen two houses which fit our criteria more or less, and will book visits Mon or Tue. (Estate agents don't open on Sunday!) One of the places we would have looked at in preference to the one we offered on. However, if you go see a place that is just ont he books there is less chance of an offer succeeding I think. However the asking price, OITRO, is slap bang on the second one we offered on the other place.

So my wife says 'Perhaps it was for the best' which I've always distrusted.

However, on paper the houses are similar, this new place is in an area we favour, and it will require less modification. So . . . Here's hoping.

Something is worth what someone will pay. Certainly no more. If someone will pay the vendor's base price then good for them but I somehow doubt it.

A rather satisfactory outcome for me. In order to put a little pressure on the vendor to be reasonable my wife and I went out to view a number of other houses, suggesting that we were resigned to the sale not going through. This, we felt, would put pressure on the vendor via the estate agesnt. This morning there was a suggestion that the vendor was willing to negotiate but we still went to see two places just to increase the pressure.

The second place turned out to be much better than it appeared on paper. Went back for a second look and made an offer: accepted. So well pleased.

We found out that the chap had had other offers which had falled through and the fact that we have a first time buyer for our place was compelling.

It appears that chains are the most vulnerable aspect of house buying. The estate agent we went with said they vetted their 'clients', ie the buyers on their lists. People go looking for a house without even mentioning it to their mortgage company. I think this leads many people to overvalue their house. The 'we had an offer of 'n' that collapsed, but it must be worth that price'. Our vendor was realistic we feel, perhaps only after experience. Our price is fair though. I think we could have gone lower but it was obvious to the estate agent that we liked the house.

It's cheaper than the first house we offered on but it need a new garage and kitchen. The total cost will be around the same but we'll have a double garage and a kitchen designed for us. So a winner there I think.

Of course, many a slip and all that but figners crossed.

The first house we looked at today had fallen foul of a chain breaking and their asking price had been dropped by £20,000. What I think is happening is that people are seeing that house prices are rising by n% each month and so are pricing their houses based an unreasonable assumption of the value, probably from before the fall.

Estate agents are at fault as well. They are overvaluing houses. My estate agent gave us an original price well over what similar houses were selling for. All rather stupid. I asked a reasonable price and dropped it a bit for a first time buyer. I think I could have got a few 000 more more if I was prepared to wait and wait - a house along the road from me sold after 14 months and a drop in asking price of £100,000. Quite frightening.

However, house prices do seem to be going up. There are a lot of buyers out there. We had two sensible offers.

Anyway, I'm keeping sharp objects in drawers until we sing on the dotted.

Really ? Where ?

As has already been discussed house prices are still artificially high. In simplistic terms the government (who have much control and interest in this) cannot afford for prices to drop too much

This would mean much more trouble for the banks who financed Mr and Mrs Emptyhead's remortgage in the boom years meaning shiny new BMW and matching Mini on the drive, foreign holidays, mega screen TV, house extension and cash in their pockets

Those days have long gone and the ONLY thing keeping a lot of peoples heads above water is the B of E base rate

Politicians also have portfolios and therefore have a vested interest in property prices

Prices drop too much and more people will walk away from their houses. Negative equity is a very real possibility for many. This applies ten-fold to investors and landlords who often use remortgage money on an existing property to fund the next one. All in all a fine balancing act and potentially serious problems for the banks (again)>

Most property "experts" do not predict a crash but drops of betweeen 5% and 20% over the next 2 years

Factor in the current depression (not a recesssion, the current economic climate will continue for many years and will probably get worse) and it really isn't rocket science

At the other end of the scale there is still a market for low priced investment properties and rental returns. Investors are very wary at the moment although this has to be pitched against yield and rental income, where decent returns are still possible. If you buy at the right (read as very low) price.

It's tough out there.........buy with your eyes wide open or you may get burnt.

Happy house hunting......

Okay, here's the thing. Think about the day when in say 25 years you actually pay off the mortgage, and nobody can EVER ask you for rent or interest on the loan again.

Our first 2 houses cost us money in lost equity, but compared to renting I think we were slightly better off, but our 3rd house was purchased 14 years ago with a £6K deposit, and we owe £150 ish on it now.

This means that I don't have to worry about the security of work, or the risk that someone will put the rent up, or evict us. and it means that for once I can save money for luxuries or our old age, or spend it on wants and not needs.