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Estate agent was in valuing our rental property for the landlord earlier this week. He said that the market has come down and will continue to do so for at least 2 years. So I guess I'll go with Mr Harrison's prognosis for 2010.

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Has one of these "bull traps" ever occurred in a housing market? I had a quick look at the graphs on this site and didn't see one.

A bull trap in UK property is more likely to be a few months of flat prices. There's every chance this will happen, and when it does we'll have all the EA's (at least those still left!) running aoround wibbling on about "green shoots".

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Hi Tina! Like your internet ID security! (go back and use 'edit' button to remove it!)

I am looking now but for houses in the £300,000 range - then plan on offering £200,000. So basically rolling 2009 prices to today if you see what I mean. Yeah I'll most probably get rejections ("cheeky offers etc") but I can see no reason not to do this.

Eventually, 60% offers like mine will grow and become 100% offers! I mean £200k offer on a £200k house is 'full asking price"!

Colin Firth...errr I mean 29929blacktuesday.

Edit to add the word edit and the phrase "edit to add the word edit and the phrase"

Edited by 29929BlackTuesday

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when?

I plan to buy if prices fall 30% from the peak nominally.

(admittedly thats looking less & less like a proverbial "big if" by the day :) )

Edited by t350t

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I plan to buy late 2009, hopefully down 25-30% from peak.

Christmas '09 for a couple of bags of sprouts. Or 50% off peak prices, which will be the same thing.

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I Plan to buy on Tuesday 12th October 2010 at 15:33. 23 seconds :P

Nah....Seriously, at end of 2010/Begginging of 2011. - great news today - nationwide's -8.1% drop on house values reported on sky news!!! :lol::blink::lol:

I think I have over eaten [buuuuuuuurp].

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I deeply resent having to hand over large sums of my hard earned money to the Government (Stamp Duty) in order to carry out a house move - I've got better uses for the cash. Why should we be taxed twice on the same earnings; once when we earn the money (income tax) and again when we spend it (stamp duty)?

Cheer up, compared to VAT stamp duty's a bargain!

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No set plans other than getting a chunky deposit together.

Will continue to keep a very beady eye on the market and buy whenever the time feels right.

If you're expecting all this to be over by 2009, you'll get your fingers burnt. I am expecting 3-4 months of rises at some point during this crash as a bull trap snaps shut, followed by even more falls. The crash is going far too quickly, there has to be a rally at some point.

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Given our advancing ages (i'm 35 this year, hubby is ancient at 43!) i'm waiting for 35% down so that nice 3 bed semi for £275k costs us £178k. Am hoping this will happen 1st quarter of 2011.

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Am kinda timing the buy in the same way as I time frying bacon - i.e. when it looks ready. I don't see how I can guess a date now, as there's plenty that could change (employment, general economy stuff, health, you name it...) between now and any date I'd give.

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I plan to buy late 2009, hopefully down 25-30% from peak.

Regards

Tina

A couple of years hopefully, maybe earlier if crash is super warp speed, maybe a little later. Probably need 40% off to get what i REALLY want. But so much depends of the market, i.e. if it's still going down fast, I can wait.... ;)

Also depends on my own financial situation of course, have quite a lot of shares tied up in company scheme, can't sell yet, and depends on share price when I can etc.

I doubt many people could give you a preciese answer, it's all up in the air.

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when it is cheaper to buy than to rent

I'd second that. Although there are a lot of variables and hypotheticals in the buy vs. rent equation - I'd like home ownership to be a considerable saving over rental before handing over hard-earned cash.

That's another thing - I'd prefer to buy using cash that has already been hard-earned, rather than promising some bank that I'll do my best to hard-earn it over the next 25 years. This is looking more and more like it will be a real possibility over the next few years...

I reckon that in 2010/2011 people will give you very odd looks if you say you're thinking about buying a house. That'll be another good indicator.

At last 50% down from peak in real terms, but probably more.

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My current rental arrangements end in late summer 2009, so I am hoping to buy then so as not to have to sign for another 6 months.

I know what I want and what I want to pay for it, so if that is available I'll buy. If prices do drop 30% here, so much the better, I'll spend the same amount and get the same amount of space but get to be in a nicer area.

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I am expecting 3-4 months of rises at some point during this crash as a bull trap snaps shut, followed by even more falls. The crash is going far too quickly, there has to be a rally at some point.

If we do get a bull trap rally it will be next years buying season - we will be at >-20% by then. The glam of property will have worn off and there will be big time unemployment which will hardly be a time for people to think about 'investing' in property.

I do not think we will get a bull rally this time. I do expect to get lots of VI style positive spin tho.

HAL

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If past trends are to be repeated, I can't see it being financially viable to buy a house (get a mortgage) this side of 2013.

Edited by bomberbrown

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when the equivalent to my current rented house (1500pcm, 450ish to buy) is below the 250k SDLT threshold and/or approx when the rent would yield about 8%. So I will keep dividing the annual rent by 0.08 and see what's available.

There are other factors though, such as how many years left to pay off before I die/retire (hopefully in the opposite order), or if current landlord wants to sell I might buy early (300ish at today's prices) in order to keep continuity (not have to move etc).

Depends on jobs too of course.

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  • 396 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%



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