When do you expect recovery of the property market ?
Poll: When do you expect recovery of the property market ?
Total Members Polled: 108
Discussion
I did think this might be a relatively big drop very quickly, but Labour seem keen on dragging the whole economy down with the housing market to try and prop it up even though everyone now knows the game is up. I think we're in for at least a couple more years of falls, no idea how long after that any recovery will come...
Oh my there's a lot of wishful thinking there!
I guess to some extent thought it depends what you mean by "recovery"? the end of declining prices, or prices back to a 2007 level?
IMO we'll see the economy generally making the first signs of recovery in spring 2010, it will be slowly slowly for the next year with the housing market starting to pick up during 2011.
I am hoping that the Olympics in 2012 will provide some growth to the economy and will inject some confidence. However that might well turn out to be wishful thinking of my own!
I guess to some extent thought it depends what you mean by "recovery"? the end of declining prices, or prices back to a 2007 level?
IMO we'll see the economy generally making the first signs of recovery in spring 2010, it will be slowly slowly for the next year with the housing market starting to pick up during 2011.
I am hoping that the Olympics in 2012 will provide some growth to the economy and will inject some confidence. However that might well turn out to be wishful thinking of my own!
Hobo said:
By recovery I was meaning when people actually start buying again, which ultimately is down to when banks start lending again (at decent rates).
You can get a <5% 2 year fix. Is this not good value?http://www.moneyfacts.co.uk/mortgages/bestbuys/2-y...
"anythings value is only worth what people can afford"
In my opinion its still 30% over priced when you take into account average earnings, maximum rental yield to investment, personal debt, current interest rates and future forecasts of the economy.
How/if prices reduce is a bigger speculation as props and pillars can crumble quickly or be patched to last a while.
In my opinion its still 30% over priced when you take into account average earnings, maximum rental yield to investment, personal debt, current interest rates and future forecasts of the economy.
How/if prices reduce is a bigger speculation as props and pillars can crumble quickly or be patched to last a while.
NoelWatson said:
Hobo said:
Not on that link you can't (well, that I can see anyway).
Abbey 4.79% to 2.2.11 75% £495 This is the main problem to me. Yes, it is fine for people with suitable equity in thier properties, ie the good rates are still thier, however how many 1st time buyers have 25% deposit (christ, how many have 5%). They are looking at rates of 6.5%+, if they qualify. This ultimately breaks a lot of chains.
Hobo said:
NoelWatson said:
Hobo said:
Not on that link you can't (well, that I can see anyway).
Abbey 4.79% to 2.2.11 75% £495 This is the main problem to me. Yes, it is fine for people with suitable equity in thier properties, ie the good rates are still thier, however how many 1st time buyers have 25% deposit (christ, how many have 5%). They are looking at rates of 6.5%+, if they qualify. This ultimately breaks a lot of chains.
Whilst I am sure there are properties dropping 20%, even more, I think the bulk of these are simply due to the fact they were never worth the asking price to start with, ie developers who were offering huge rebates, etc, etc.
Personally I would see a drop of no more than 10% for a well built good quality home. We'll see in time though, or I definately will as a builder with a development due to start in 4 months & complete late 2010.
I do think thought that until first time buyers can borrow money at decent rates that the industry is somewhat screwed.
Personally I would see a drop of no more than 10% for a well built good quality home. We'll see in time though, or I definately will as a builder with a development due to start in 4 months & complete late 2010.
I do think thought that until first time buyers can borrow money at decent rates that the industry is somewhat screwed.
Hobo said:
Whilst I am sure there are properties dropping 20%, even more, I think the bulk of these are simply due to the fact they were never worth the asking price to start with, ie developers who were offering huge rebates, etc, etc.
Personally I would see a drop of no more than 10% for a well built good quality home. We'll see in time though, or I definately will as a builder with a development due to start in 4 months & complete late 2010.
I do think thought that until first time buyers can borrow money at decent rates that the industry is somewhat screwed.
Look at the Land Reg/Halifax numbers. Prices have fallen across the board. There will be forced sellers due to massive job losses in the next couple of years. I have seen well built/good quality homes slashed by 20% in Cobham/Weybridge.Personally I would see a drop of no more than 10% for a well built good quality home. We'll see in time though, or I definately will as a builder with a development due to start in 4 months & complete late 2010.
I do think thought that until first time buyers can borrow money at decent rates that the industry is somewhat screwed.
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