Cardiff House Prices

[TylerDurden]

Help! So frustrated that nothing Is changing. Properties still being marketed at 2007/2008.

Having a wobble today! Need some BEAR motivation, otherwise I'm tempted to buy something overpriced,too small and in dumpsvill.

:angry:

Just logged in to see what's happening in The Wales forum. I used to follow it closely but dropped out and bought a repo in January. I rented for 10 years and loved all aspects of renting. Pressures from the wife when she fell pregnant meant it was the right time for us to buy. Put 50% down and borrowed the rest at 3.24%. A crap deal at the time but the ea's own mortgage advisor was a total runt. He tried tucking me up to a huge fee which luckily I spotted. I ended up finding him the mortgage and making him get it for me. The mortgage is exactly half the amount I was paying in rent so I was probably a bit lax at sorting things out properly. Be very wary of EA's and their own lending and legal bods.

I do try and keep an eye on the market. I've seen some very good deals. houses in areas that aren't particularly desirable are I believe falling this year. The chap I work with is in the process of buying a 3 bedder in tremorfa for 74k. It's a BTL. Now, in 2007 he bought his first BTL on the same street, that was 120k and it's a 2 bedder!!!! He reckoned 3 bedders were 150k at peak. I havn't checked the zoopla figures to confirm but that would make a 50% drop!

Also the area I bought in gabalfa/mynachdy have also started to show some bargains. When I bought mine in January It was an incredible bargain. Looking around now it already looks less "bargain of the century" more just "fair price".

Unfortunately the areas I'm looking to move up to ( not for at least 2 years) don't seem to be falling. Whitchurch and the Heath are areas I really Id like to buy in. They don't see to be dropping, the odd good deal but not actually dropping. Surely this is just a matter of time?

As for big falls in the future, well there's going to have to be some shift in interest rates I would have thought. Doesn't seem likely in the near future. it just depends on your situation. If your able to save a decent amount each month towards a deposit and can wait a few years then time I would imagine will serve you well. Unfortunately I ran out of time. I did however save myself a lifetime a bad debt from the info and attitudes I found on HPC.

[olde guto]

In Cardiff the well priced properties do seem to be shifting, but there's also a lot of houses where clearly the seller isn't will to budge and they're either still on the market or the sale has fallen through.