How is House prices in your area ?

How is House prices in your area ?  Is it easy to sell now ?

Will UK property market turn down ?



Expert views
The building society is the latest group to publish its house price predictions for 2008.
Property website Hometrack and the Council of Mortgage Lenders have both forecast that prices will rise by 1%. Capital Economics believes prices will fall by 3% during both 2008 and 2009.


Viewings per Sale in area

                            August  September  October 
time to sell (weeks)    7.0           7.0           8.0 
viewings/sale             11.0        13.0          9.0 

Well...we tried to sell our flat and have just taken it off the market - we're in London.  We got offers of more than 19-40,000 pounds less than our asking price, which we weren't prepared to take when they were offered (we would have taken the 19,000 less if it hadn't been an offer in the first week when people were still selling for above asking price).  We'll put it back on the market in the spring and see what happens.  We are quite reasonable in terms of what we are looking for in our area of London.

The house prices here are not to bad but then it depends what you are looking for you can get a good starter home (3bd) good area for about £110,000 if not slightly less to £200,000 approx.


The houses are not huge but then nothing is in the UK unless you spend £300,000 plus mark and even then we still never see anything like the size of house you have in the states with all the land, my parents house is big my wife was shocked at how big it is and my old appartment was big also we could all fit in no probs and it was 2 bath 2 bedrooms, you can not get that in the UK unless you pay through the nose.

The houses are not huge but then nothing is in the UK unless you spend £300,000 plus mark and even then we still never see anything like the size of house you have in the states with all the land, my parents house is big my wife was shocked at how big it is and my old appartment was big also we could all fit in no probs and it was 2 bath 2 bedrooms, you can not get that in the UK unless you pay through the nose.

That really does depend upon the area.  My sister lives in North East Scotland and has a *HUGE* 4 bedroom, 3 bathroom house (it's easily double the size or our 3 bed semi) with really generous room sizes and a lot of land (double garage too) and she paid £150k for it!

I read somewhere that house prices were expected to fall by 10% over the course of this year. First time buyers are going to struggle to get mortgages too apparently which is obviously going to affect the sellers market.

We got lucky and managed to sell our flat in Edinburgh for around £15k more than I expected and within 4 weeks in November last year.

you could not get a 3 bed in my town for under 190.  and that would be pushing it. 

The house prices here are not to bad but then it depends what you are looking for you can get a good starter home (3bd) good area for about £110,000 if not slightly less to £200,000 approx.

We spent £120,000 on a one bedroom place in Inverness which doesn't even have particularly high property prices.  It really does depend on what area you live in, no way could you get a 3 bedroom house for that here.

They say house prices are falling but they still seem very expensive to me.
Some new 2 and 3bed townhouses went up around the corner from me last summer at around 275-289k and one is already for sale. We think its a 3bed and they are asking 305k. We live in the beautiful Home Counties 

In Cambridge you won't really get a 2 bed below 200,000 and that is out of the city.  If you want a 2 bed house in Cambridge itself you are looking at over 300,000 most probably. 

The paper said the average home, whatever that is, is 11 times the average wage. 

In South Manchester a 3 bed semi in a good area will set you back £300K easy these days. Thank goodness I bought in 1999.

I haven't noticed that they're falling, but they are definitely not rising right now. And places are staying on the market much longer.... I've actually also noticed that sales seem to be falling through with some regularity - so perhaps a reflection on a less generous lending pattern.... A few places that I've had an eye on that have been under offer have come back on the market at the same price or lower.

We're looking to buy in about a year so I'm keeping my eye on prices and reckon we could get a small 2 bed with a garden for around the £220K mark - this would be in the Aylesbury Vale and East Oxfordshire areas....

In Ayrshire area you can a nice home with .9 acres for 625k pounds.. oooo I want that house.  More realistic prices start at 90k for a 2 or 3 bedroom.

Hi,

My immediate area, nothing seems to be up for sale in terms of 3+ bedroom houses and the general price seems to be around the 275K mark. I think I could ask more for our property as it's been extended vastly and we have 3-4 unique(ish) specs - but still within 'reason' for the general area. I think my aunty's house which is right next door to us is the 2nd largest on the street and I'd say that has a value of around £325-335K

'Areas' vary wildly within a very very short distance or space in the UK. My rental apartment is worth around £150K, but literally 300 yards away (admittedly) new 2bed apartments are up for £225-239K, other places - a road that's particularly 'crummy' and I hardly ever need to set foot in, yet 200 yards across the roundabout is a top end highly desirable road with large victorian villas up for half a million plus!

It's very hard to say what will happen with the property market over the coming months and year, but the general trend seems to be stagnation at best and a 5-10% reduction over the period at worst. The unthinkable of course is a rapid price/value crash which 'could' happen if the USA does indeed go into recession. With the reduction in Interest rates, the government is hoping of that stagnant period for the housing market and will try to 'stave' off a reduction if at all possible - that's being compounded by the credit crunch fallout and oil prices and general economic slowdown involving china/india etc.

Depending on your circumstances, seems that most buyers are going to hold out for the next few months before commiting to buy, same as what I and many others did around late 2000 and the dark 2001 year (in terms of the economy) - but we know what happened then, interest rate cuts meant house prices increased! so it 'could' be prudent to buy now as those interest rate cuts are likely over the coming months! however, this time around, because of that credit crunch, the easy availibility of 'cheap money to borrow' is more difficult.

the old saying comes into effect here - if you are looking to live in a place long term, and can afford the associated costs, then buy - yes the markets will go up and down, but in that scenario, it won't matter as having a roof over your head is important.

If your borderline in terms of financials, maybe hold off for a little while to see what happens - IF the market does indeed soften then it'll feel better, IF the market stays as it it or even increases, you'll think cr@p! I shoulda bought earlier! (it's what happened to me in 2001/2!!)

Lets see... !!!

Cheers, DtM! West London & Slough UK!

The average house price in the Isle of Man, I read in the paper today, is £281k and rising. We're now on par with the outer boroughs of London. It's ridiculous.

Sure is crazy.  I don't think I will buy anytime soon, well maybe 5 years down the roard.  I'll invest my money instead.

For this price, i'd have expected, no demanded at LEAST a 3 car garage and at least 50 metres away from the next house!   

It doesn't even look that big either! there's bigger places just down the road from me! I doubt there's enough bedrooms so  I bet some of his kids have to use bunk beds!!

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=506769&in_page_id=1770



DtM! West London & Slough UK!