Jump to content
House Price Crash Forum
Sign in to follow this  
Michelle R

When Will...

Recommended Posts

I live on the south coast and whilst there definitely has been a reduction in some of the higher priced properties (£250K upwards), the properties at the lower end of the market are still selling quite fast (£100k - £150K) :(

Do you think these properties will also come down in price? From what I can see happening here, if typical FTB'er properties are still being sold (the two up two down flat fronts) they will stay at this price for as long as possible.

I would like to think we could own our own property before we have children, but that just seems an impossible dream...... :unsure:

Share this post


Link to post
Share on other sites

Where I'm based they started dropping about 6 months ago. Only small drops in expectations so far, but giant oaks from little acorns and all that.

People who really want to sell have dropped prices 10% or more in the last few months, but they're still not shifting. In fact one local EA has an entire weekend of open houses booked using FTB type properties in the 150 - 180k range (8 properties in total) so things must be bad - EA;s working on a Sunday - poor things.

Different areas will respond at different times, but I am convinced of one thing - even if prices don't drop (which I personally believe is very unlikely) they're not going to go up in the next few years.

Share this post


Link to post
Share on other sites
I live on the south coast and whilst there definitely has been a reduction in some of the higher priced properties (£250K upwards), the properties at the lower end of the market are still selling quite fast (£100k - £150K) :(

Do you think these properties will also come down in price?  From what I can see happening here, if typical FTB'er properties are still being sold (the two up two down flat fronts) they will stay at this price for as long as possible.

I would like to think we could own our own property before we have children, but that just seems an impossible dream...... :unsure:

Remember - owning in this context is renting form the bank (mortgage) and your dreams arnt really worth sh*t.

If the average couple on the average wage cannot buy the average 2 up 2 down in the average road with an average mortgage then the average price for a 2 up 2 down will fall.

What ever you do though dont look out of the window pining and sighing that you cant/wont get a mortgage for a pile of bricks at a time when bricks have never costed so much for so little.

You probably wont own a house for the next 25 years anyways, if you would like to pretend that you do own it and the bank dosnt then thats fine, until the bank takes thier house back.

Edited by theChuz

Share this post


Link to post
Share on other sites

The EAs in my area having been doing the same open weekend thing. Decided to skip it and wait a while.

And I've just noticed a couple of 2 bed places (165K yesterday reduced to £150K today) - admittedly next to a very busy A road. The houses for £170K on the same road are now looking very expensive indeed.

Share this post


Link to post
Share on other sites
I live on the south coast and whilst there definitely has been a reduction in some of the higher priced properties (£250K upwards), the properties at the lower end of the market are still selling quite fast (£100k - £150K) :(

Do you think these properties will also come down in price?  From what I can see happening here, if typical FTB'er properties are still being sold (the two up two down flat fronts) they will stay at this price for as long as possible.

I would like to think we could own our own property before we have children, but that just seems an impossible dream...... :unsure:

There is nothing wrong with renting, there's never been more choice and you have none of the costs associated with home ownership and none of the ties. If after moving in you don't like something then you can just move on. You don't need to put off having kids until you have your 'own' place - as pointed out above, it isn't your own place anyway, stop paying the mortgage and you'll quickly find out who your 'own' house really belongs too.

Share this post


Link to post
Share on other sites
You don't need to put off having kids until you have your 'own' place

I rented one place where they have specified in the agreement that no one under 18 was allowed on the premise, so we would have been forced to move if we had decided to have children.

Share this post


Link to post
Share on other sites

The problem you have on the South Coast is that many many people are leaving London and chosing the South for its lifestyle. Some call it the white flight and where I live I can believe it.

These 2 bed properties you talk of are most likely Georgian Cottages, and they will always attract the more affluent. However there are cheap 2 bed houses on new build sites and they offer good deals on mortgages and things like carpets.

Its never easy to get on the ladder, and today is no exception and I do suspect that whatever you buy today will go down in three or four years time when the interest rates go up. One thing you can be sure of, in 25years time something you bought today will be worth at least three times what you paid, and your wages will have probably tripled making the repayments on the mortgage even cheaper.

In my view its worth waiting to see how it pans out, the market does not appear to be going up, or down very much in either direction. If renting is working out cheaper in real terms then I would stick with it, if not then a small property now, then let it out when you want to move up the ladder to build up some type of future.

Share this post


Link to post
Share on other sites
The problem you have on the South Coast is that many many people are leaving London and chosing the South for its lifestyle. Some call it the white flight and where I live I can believe it.

Nothing new there then, for all time many many people have been leaving London to be replaced by many many people.

Share this post


Link to post
Share on other sites
I rented one place where they have specified in the agreement that no one under 18 was allowed on the premise

That is almost certainly unenforceable. For the time you are renting a property, it is your home, and the law recognises it as such; no-one can tell you who you may or may not have in your own home.

http://www.oft.gov.uk/NR/rdonlyres/36623FC...02/0/oft381.pdf

http://www.letlink.co.uk/Facts/Lfacts10b.htm

Will probably come under "unreasonable ancillary obligations and restrictions".

http://www.manchester.gov.uk/advice/factsh...rent/unfair.htm

It is ridiculous to forbid tenants from having children on the premises (as well as legally unenforceable) on the grounds that they might damage the property; that's what the deposit is for!!!

Share this post


Link to post
Share on other sites
That is almost certainly unenforceable. For the time you are renting a property, it is your home, and the law recognises it as such; no-one can tell you who you may or may not have in your own home.

http://www.oft.gov.uk/NR/rdonlyres/36623FC...02/0/oft381.pdf

http://www.letlink.co.uk/Facts/Lfacts10b.htm

Will probably come under "unreasonable ancillary obligations and restrictions".

http://www.manchester.gov.uk/advice/factsh...rent/unfair.htm

It is ridiculous to forbid tenants from having children on the premises (as well as legally unenforceable) on the grounds that they might damage the property; that's what the deposit is for!!!

I think it was more to do with noise than damage as it was a conversion where noise travelled.

Information on those sites is very useful for future reference - thanks.

Share this post


Link to post
Share on other sites
When Will..., the typical FTB'er house price fall?

When the next rung up the ladder is cheaper than the first.

FTB type houses have mostly been snapped up by the BTL Brigade, driving up those prices ferociously (here in Doncaster, 2 bed terraces went from 30k to 90k in 18 months, while semi's etc sayed a little ahead, not rising by as much) They're seemingly staying static whilst i am beginning to notice bigger price drops in houses up the next rung in the ladder

Same with 1 bed flats above chip shops, they will become very unsellable in 4years+ time as people will simply skip a rung into a nicer property for not much more!, these flats a currently going for around 40-70k now :rolleyes:

:ph34r: Proceed with caution :ph34r:

Edited by A Fool & His Borrowed Money

Share this post


Link to post
Share on other sites
I rented one place where they have specified in the agreement that no one under 18 was allowed on the premise, so we would have been forced to move if we had decided to have children.

I've heard something similar before. A heavily pregnant friend of mine was looking to rent a place in Yorkshire with her partner. One landlord turned them down immediately after looking at pregnant mum on the grounds that a pushchair would wear the carpet out quicker.

Edited by greencat

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.