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trevor_1977

I Am Waiting For The 90K Houses To Become 80K

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I have been checking the prices for Ipswich and the only houses that are of reasonable condition are going for about 90k, anything less needs refurbishment . I hope in two years I will be in a position to buy a house I can afford comfortably for around 80k .having said that I do not like the current 80k homes so was hoping they may have gone down to the 80k mark by then .Does anyone think this is likely to happen ?

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Sure, the people on this forum think the world is going to collapse economically within the next five years, with the majority predicting house price collapses of about 50%. So congratulations, you have found the right place to post. As for me, I think that house prices will be driven by demand, or lack of demand, and if the governmment can create sufficient demand, house prices are not going south. Just my opinion, so I wouldn't take it too seriously if I were you. After all, I never saw the big collapse in 2008 ahead of time.

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[quote name='james7' timestamp='1325109094' post='3218120']
Sure, the people on this forum think the world is going to collapse economically within the next five years, with the majority predicting house price collapses of about 50%. So congratulations, you have found the right place to post. As for me, I think that house prices will be driven by demand, or lack of demand, and if the governmment can create sufficient demand, house prices are not going south. Just my opinion, so I wouldn't take it too seriously if I were you. After all, I never saw the big collapse in 2008 ahead of time.
[/quote]


So you are not convinced this will happen then .I can wait no problem .

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[quote name='trevor_1977' timestamp='1325168554' post='3218511']
So you are not convinced this will happen then .I can wait no problem .
[/quote]

I don't think the majority of posters on here are expecting imminent 50% falls across the board.

Certain types of properties, in certain areas, will undoubtedly see such falls, I'm thinking city centre flats that
were way way over priced to begin with as an example.

Nicer houses will of course see nothing like 50% drops.

But to say house prices will be driven by demand is over-simplistic. That demand must be backed
up by the ability to pay - or rather in most cases the ability to obtain sufficient credit to pay.
Remember momentum on the way up - prices were rising, so people bought, safe in the knowledge
that they would be quids in further down the line. That works both ways, sentiment is massively important,
so the demand itself may evaporate, which can happen surprisingly quickly.

A drop from £90k to £80k, particularly in the current market, is quite modest imo. I would certainly not feel
any embarrasment in offering such a figure.

You have time on your side. Get yourself in the best position - mortgage approved in principle, ready to deal
at short notice etc etc, and say this when you make your offer. A vendor may be looking for a swift, trouble free
transaction. If they don't accept, fair enough, wait for the next one.

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[quote name='Bubble_Bobble' timestamp='1325245430' post='3219175']
I don't think the majority of posters on here are expecting imminent 50% falls across the board.

Certain types of properties, in certain areas, will undoubtedly see such falls, I'm thinking city centre flats that
were way way over priced to begin with as an example.

Nicer houses will of course see nothing like 50% drops.

But to say house prices will be driven by demand is over-simplistic. That demand must be backed
up by the ability to pay - or rather in most cases the ability to obtain sufficient credit to pay.
Remember momentum on the way up - prices were rising, so people bought, safe in the knowledge
that they would be quids in further down the line. That works both ways, sentiment is massively important,
so the demand itself may evaporate, which can happen surprisingly quickly.

A drop from £90k to £80k, particularly in the current market, is quite modest imo. I would certainly not feel
any embarrasment in offering such a figure.

You have time on your side. Get yourself in the best position - mortgage approved in principle, ready to deal
at short notice etc etc, and say this when you make your offer. A vendor may be looking for a swift, trouble free
transaction. If they don't accept, fair enough, wait for the next one.
[/quote]

Thanks for that good advice .

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Property in Ipswich seems fair value compared to those in Norwich. Quite surprising given that Ipswich is closer to London and seems to be on a better road network.

I'm waiting for nicer houses to fall below £100k in Norwich.

All the best, Trevor. :)

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[quote name='MattW' timestamp='1325419473' post='3220599']
Property in Ipswich seems fair value compared to those in Norwich. Quite surprising given that Ipswich is closer to London and seems to be on a better road network.

I'm waiting for nicer houses to fall below £100k in Norwich.

All the best, Trevor. :)
[/quote]



Ipswich is priced much better than Norwich and has better road and train links ,but Norwich is a much nicer place imho .

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[quote name='trevor_1977' timestamp='1325420656' post='3220612']
Ipswich is priced much better than Norwich and has better road and train links ,but Norwich is a much nicer place imho .
[/quote]

If you are renting, try not to think of it as dead money, you are paying for a roof over your head. Watch the land registry sold prices and wait. I think patience will reward you. The big point is that this is an uncertain world. Would you bet against house prices crashing again just after you buy?

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[quote name='notnow' timestamp='1325514111' post='3221455']
If you are renting, try not to think of it as dead money, you are paying for a roof over your head. Watch the land registry sold prices and wait. I think patience will reward you. The big point is that this is an uncertain world. [b]Would you bet against house prices crashing again just after you buy?[/b]
[/quote]


No, and here lies the problem the market imho has not yet corrected itself .I think so long as they do not up more than couple of % I really should wait it ,and my rent is low as I rent a room off family and am reasonably comfortable here for now so an other couple of years adding to my deposit is not going to hurt .

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