How Much Will Actual Prices Change In 2008?

[Guest Bart of Darkness]

Basically a repat of the 2007 poll begun by Yeahbutnocrash.

How much difference has a year made?

[Saberu]

Down more than 10% for sure, infact I predict a sharp decline so it could be as much as 20% in one year

[Guest Bart of Darkness]

No one voting for anything other than "down" at the moment. Come on you bulls and bullish-neithers, you can't all be off trying to flog your BTL's.

[Moo]

About 10ish percent off next year, although if the summer proves truely dire (which it's looking increasingly like it will), then more's on the cards. Still going for 2009 for the big falls, as hoards of Poles and other Eastern Europeans swap Britain for Germany* just as prices are going into "nasty mode".

* There's a bit of a Sterling Slide assumption in here.

[Guest Bart of Darkness]

-5-10% seems to be favourite at the moment (also my voting preference).

[Gurgle]

I subscribe to the "bigger they come the harder they fall" attitude on this one. I'm going for more than 10%. The bubble has reached monumental proportions just as credit has dried up. The consequences could be catastrophic for a market correction. Most of the people I speak to at work now know something is up, and I find that amazing from last years view. Sentiment has turned dramatically quickly in my experience. I expect it to drop gradually for 4-6 months and then fall off a cliff as the forced sellers are finally squeezed past the point of no return.

[Guest Bart of Darkness]

Well, someone has broken ranks with the negative "doomsters" and voted "stay the same" (it's a start).

C'mon, someone must think prices will still go up.

[susief]

Around here, Kingston u T, 2 bed flats are now £300,000, they will drop to <£250k next year, back to were they were in 2006. They are a big chunk of the market hence a drop of > 10% I think.

[joey]

When the so called experts say there will be a 10% drop, you know its going to be far worse. Similarities of the early 90s are coming into play with "We are talking ourselves into recession" famous quotation from Norman Lamont . The fact is also that interest rates are almost doubling for quite a few people after the low start sweeteners. We keep hearing its different from last time as interest rates won't reach 15%, they tend to forget in that most people bought in the late 80s with interest rates at 8%,9% and 10% these were the norm and considered low. Interest rates didn't reach record lows till the early 90s. In effect with the credit crunch people interest rates have almost doubled but with huger loans/earnings in comparison to then.

New buzzwords are "correction" and "soft landing" which are disguised as "CRASH"

Remember we really have nothing to worry about "The Sub-Prime is a USA problem it won't affect the UK, also we have amazing Fundamentals 1) A Sound Economy and 2) Huge Demand For Property" READ MY LIPS

[The Picador]

Most of the people I speak to at work now know something is up

At least a year too late.

[Jason]

I expect down 10% as per David Miles prediction.

Although, I expect "on the ground" reductions to be more than this.

[The Picador]

90 votes and still no one voting for price increases.