How far will house prices fall [volume 4]

[okgo]

WCZ said:

on a £900k flat?
I pay not far off that a month

a 900k flat down here could be something fairly basic though vs what it might look like up north (if that is where you are?)

[TheLordJohn]

Rovinghawk said:

Whatever timescale you think, add a little more.

Whatever budget you expect, add a little more.

That top point is brilliant.
Bought two houses, 1 didn't need a mortgage, one need a mortgage 1/3 of what we could have borrowed and neither were in a chain.
Jesus H Christ, those fkers know how to drag things out.

Don't let the seller rush you on, or blame you (each solicitor will blame the other party...), or stress you out.
It will go through, just sort of put it to the back of your mind as much and often as you can.

[superlightr]

bobski1 said:

As a first time buying looking to buy from Dec any tips/advice?

don't ever make an offer via purple bricks. They are ste.

[DRFC1879]

okgo said:

WCZ said:

on a £900k flat?
I pay not far off that a month

a 900k flat down here could be something fairly basic though vs what it might look like up north (if that is where you are?)

I don't think there's such a thing as a £900k flat up north. I live in a four-bed detached house in a nice area and it's valued at c. £230k. You could buy a whole apartment block for £900k.

[Thankyou4calling]

DRFC1879 said:

I don't think there's such a thing as a £900k flat up north. I live in a four-bed detached house in a nice area and it's valued at c. £230k. You could buy a whole apartment block for £900k.

I'd imagine around Alderley Edge there would be flats of that nature plus prime stuff in Manchester City centre.

[WCZ]

DRFC1879 said:

I don't think there's such a thing as a £900k flat up north. I live in a four-bed detached house in a nice area and it's valued at c. £230k. You could buy a whole apartment block for £900k.

I live in Manchester city center, there's several £1m+ flats here and more to be coming soon (the new penthouses @ owen street/trinity are rumored to be going on the market for £5-8m and Ian Simpsons Beetham penthouse @ around £10m)

[matrignano]

WCZ said:

on a £900k flat?
I pay not far off that a month

Small building, no lift, just a staircase really to look after.
This is leasehold I should add

[bobski1]

TheLordJohn said:

That top point is brilliant.
Bought two houses, 1 didn't need a mortgage, one need a mortgage 1/3 of what we could have borrowed and neither were in a chain.
Jesus H Christ, those fkers know how to drag things out.

Don't let the seller rush you on, or blame you (each solicitor will blame the other party...), or stress you out.
It will go through, just sort of put it to the back of your mind as much and often as you can.

Having had a few family members go through it recently I know what you mean! What about in terms of the market though, is it better to wait for prices to drop a little more (I don't really know if they are) or just go for it & accept the cost. Looking for it to be a family home and not planning on moving.

For investments I imagine that it will be a different thought.

[TheLordJohn]

Depends on circumstance. I live in a, relatively, cheap military quarter. I can afford to be choosy/ballsy with my offers.
If I were paying local rent, I'd be much more inclined to make an offer much closer to their asking price.

Dream home; think you're going to be there 10 years, wife loves it, good area etc, just pay whatever you can afford.
You're not likely to lose out over a 10+ year period. Even less so a 25 year one.

[mike74]

WCZ said:

I live in Manchester city center, there's several £1m+ flats here and more to be coming soon (the new penthouses @ owen street/trinity are rumored to be going on the market for £5-8m and Ian Simpsons Beetham penthouse @ around £10m)

Hilarious that mugs are being suckered in to paying these prices in Manchester... it wasn't so long ago there were hundreds of these flats sat empty, unsold or unfinished, it's amazing what a bit of money printing and interfering with IR's can do to the 'value' of property.

[TheLordJohn]

mike74 said:

Hilarious that mugs are being suckered in to paying these prices in Manchester... it wasn't so long ago there were hundreds of these flats sat empty, unsold or unfinished, it's amazing what a bit of money printing and interfering with IR's can do to the 'value' of property.

Nothing like a bit of quantative easing and strong advertisement!

Edited by TheLordJohn on Thursday 21st September 14:11

[Sheepshanks]

mike74 said:

WCZ said:

I live in Manchester city center, there's several £1m+ flats here and more to be coming soon (the new penthouses @ owen street/trinity are rumored to be going on the market for £5-8m and Ian Simpsons Beetham penthouse @ around £10m)

Hilarious that mugs are being suckered in to paying these prices in Manchester... it wasn't so long ago there were hundreds of these flats sat empty, unsold or unfinished, it's amazing what a bit of money printing and interfering with IR's can do to the 'value' of property.

Perhaps they'll sell to lottery winners or footballers so it doesn't really matter.

[V6Alfisti]

ClaphamGT3 said:

And so the 'V6Alfisti cycle' starts again

Simply representing the facts, sorry you don't like them.

https://www.google.co.uk/amp/www.independent.co.uk...

[ClaphamGT3]

V6Alfisti said:

ClaphamGT3 said:

And so the 'V6Alfisti cycle' starts again

Simply representing the facts, sorry you don't like them.

https://www.google.co.uk/amp/www.independent.co.uk...

I don't think that article is particularly strong on either facts or how to interpret them

[p1stonhead]

ClaphamGT3 said:

V6Alfisti said:

ClaphamGT3 said:

And so the 'V6Alfisti cycle' starts again

Simply representing the facts, sorry you don't like them.

https://www.google.co.uk/amp/www.independent.co.uk...

I don't think that article is particularly strong on either facts or how to interpret them

The Independent flip flop literally every week.

http://www.independent.co.uk/news/business/news/uk...

Edited by p1stonhead on Thursday 21st September 09:00

[Sheepshanks]

p1stonhead said:

The Independent flip flop literally every week.

http://www.independent.co.uk/news/business/news/uk...

Did anyone pull them up about that?

[WCZ]

mike74 said:

Hilarious that mugs are being suckered in to paying these prices in Manchester... it wasn't so long ago there were hundreds of these flats sat empty, unsold or unfinished, it's amazing what a bit of money printing and interfering with IR's can do to the 'value' of property.

that's only part of the story really.

the city center has become increasingly desirable to live in and supply vs demand has pushed values up combined with businesses relocating from London, the highest office space takeup in the country, bbc relocation, chinese investment, etc

I believe London is much worse value for money than here still but admittedly gives you access to a different array of jobs and culture.

[Chicken Chaser]

The london and up-and-coming inner city prices are ridiculously obscene, and I'm amazed that anyone would actually consider buying. Market value clearly thinks otherwise. There's either so many people willing to break themselves over owning a (very small) home in a desirable area or I really have underestimated what people in London earn on average. I'm quite a bit above the national average and I wouldn't dream of spending the kind of money on these old council flats that theyre fetching. I'll stick to living up North where the air is cleaner and the prices are far far lower!

[TheLordJohn]

A blind faith in an ever rising market, is what gets a lot of people buying, I'd imagine.

[kingston12]

Chicken Chaser said:

The london and up-and-coming inner city prices are ridiculously obscene, and I'm amazed that anyone would actually consider buying. Market value clearly thinks otherwise. There's either so many people willing to break themselves over owning a (very small) home in a desirable area or I really have underestimated what people in London earn on average. I'm quite a bit above the national average and I wouldn't dream of spending the kind of money on these old council flats that theyre fetching. I'll stick to living up North where the air is cleaner and the prices are far far lower!

I agree prices seem far too high, but most buyers won't be breaking themselves.

£70-80k salary isn't uncommon - borrow 5 times that and a large-ish deposit from parents/savings puts you well within reach of the ex-council flats that you are talking about. Interest payment on £400k at 2% is under £700 a month. That is so easily affordable on that type of salary that some of them might even consider paying the capital back!

The good stuff is only really affordable by couples or those on much higher salaries, but there are quite a lot of those as well.

Problems will come if interest rates go up siginificantly, but that is unlikely to happen isnt it? Look at all of the fuss made about the plan to raise the base rate from 0.25% to 0.75%. It would have to go up a fair bit more than that to hurt these buyers. Only unemployment can really do that.