we are in the process of looking for a house to buy, do you think that house prices will come down eventually?
2007-03-24 02:25:46 · 16 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
house prices in the uk
2007-03-24 02:31:20 · update #1
In the UK the house prices are still going up (not as fast in many areas) but I can not see them ever coming down. Get on the ladder as soon as possible and sit back and enjoy the ride. Good Luck
2007-03-24 02:32:15 · answer #1 · answered by ANDREW J 3 · 0⤊ 2⤋
In the UK most houses are bought with a mortgage. So when someone wants to sell they need to get a good price to pay of the mortgage so either they get their price or they don't sell. There is of course a certain amount of flexibility in the system because some people have to sell so make a loss but on the whole the prices do not drop. If there is a demand for houses as there is from time to time in certain areas they prices will go up as people compete for them so there is a tendency for house prices to rise over time. The people in the trade i.e estate agents and mortgage lenders have a vested interest in seeing house prices increase so they can make more commission or lend more money so they would not encourage a house price drop. They only thing that will buck the trend is some sort of disaster. i.e a war in the area (you could buy a house in London at the start of the 39/45 war for a third of the normal price) or the closing of a large employer in an area. The answer is if you want to buy do it as soon as possible. The strong probability is that you will not lose only gain.
2007-03-24 02:47:40 · answer #2 · answered by Maid Angela 7 · 0⤊ 1⤋
I think house prices in the UK are very expensive relative to wages. At the moment most people believe that house prices will continue to rise. This is typical thinking before a crash. In Japan, where I live, prices have just last week started to go up nationwide after 16 years of declines. Timing is therefore important, so you may want to stay on the sidelines just a little longer. The trigger may even come from abroad (the US, for example).
2007-03-24 20:15:54 · answer #3 · answered by Coco 2 · 1⤊ 0⤋
A lot of the housing price depends on where you are looking. On average prices have stopped rising. Homes are on the market a lot longer. Two years ago the average time on market was less than 30 days for most of the contry. Todys it is over 90.
The housing bubble hasn't burst, but it has a really big leak. A lot of homes have reduced prices and you have a lot of sellers willing to listen to offers today that they wouldn't have even a year ago.
2007-03-24 02:45:57 · answer #4 · answered by ttpawpaw 7 · 0⤊ 1⤋
They will continue to rise. Still some areas have reached the peak where as other are considered 'up-and-coming'.
Buy as soon as you can in an up-and-coming area. 2 bedroom flats are the best investments and the easiest to sell. So try and buy a 1/2 bed flat in an 'up-and-coming' area preferably close to a station.
Stay there a min. of 5 years and make some capital. Then you can move with your newly increased deposit.
2007-03-24 02:45:02 · answer #5 · answered by Mon 1 · 0⤊ 1⤋
the market will eventually adjust itself.
( it happened in new york.prices went into the stratosphere..and eventually adjusted)
it's the law of supply & demand...
if there are too many properties on the market( everyone wants to cash out)..
then prices get adjusted because of competition.
that is called a buyers market ( meaning you can pick & choose and negotiate price)
a sellers market means that they can get top dollar for the property ( no negotiation)
always make a reasonable offer..you never know what a sellers bottom line might be...
perhaps they will accept a fair price instead of holding out for top dollar.
good luck..house hunting!!
2007-03-24 02:43:21 · answer #6 · answered by manhattanmaryanne 7 · 1⤊ 1⤋
House prices will continue to sky rocket.
Hopefully the market will come to a complete crash, then first time buyers can get on the ladder again.
As a young taxpayer, it irritates me that there is always housing for the influx of "refugees" from fellow EU countries (not involved with any war conflict etc.) but British citizens can't afford their own house.
The world's gone mad...
2007-03-24 02:35:07 · answer #7 · answered by Mighty C 5 · 1⤊ 1⤋
UK prices will crash, maybe not this year, but soon. If you don't believe me ask an American new-home owner. They thought they were fire-proof too.
I've seen 2 crashes in my lifetime. And there were both obvious to spot if you knew the signs. Trouble was the greed took over, and the last in line got burned. Along with young families.
2007-03-24 02:41:49 · answer #8 · answered by Simon D 5 · 1⤊ 1⤋
No house prices will always rise, unless you buy a house what has lots of damage to it etc. but even that will cost a lot to get fixed.
2007-03-24 02:33:46 · answer #9 · answered by klbblk 3 · 0⤊ 1⤋
depends, on the upper end of the market as nobody will be able to afford-or will default on mortgages so lose, then maybe, but on the lower end of the market, the prices will continue to increase as more people will need them.
2007-03-24 11:33:22 · answer #10 · answered by what? 4 · 0⤊ 0⤋