2007-12-01 19:39:21 · 15 answers · asked by Scraggle_aggle_baggle_laggle 3 in Business & Finance ➔ Renting & Real Estate
We're moving from a semi to wait in rented for the ideal property (hopefully) a detached in the NW of England. From the answers so far, doesn't look like I can hope for a fall.
2007-12-02 10:31:30 · update #1
House prices have been falling considerably in most markets for most of this year. There are only a few major cities where homes have held their value. And it is expected that the trend will continue next year. Lenders are making it more difficult to get loans but the interest rates have fallen to 6.5% on average. Its definitely a buyer's market.
2007-12-01 20:00:03 · answer #1 · answered by Judith 6 · 0⤊ 0⤋
They may fall but only by about 5% while the interest rate is high. Any slight change in that rate which could happen in January then they will start to move up again. Some houses will continue to rise a little as they are in the AFFORDABLE range at the moment and demand will be high. This could also increase their value to a point where the mortages will not be available and then they will peak out.
2007-12-01 20:03:12 · answer #2 · answered by ANF 7 · 0⤊ 0⤋
I struggle to see how there will ever be a massive drop. The market was over inflated so slight drops are now appearing to get back to real prices. Drops of over 10% are difficult for me to grasp because there are high network individuals who will always buy therefore playing with the laws of supply and demand. Don't forget foreign investment which is also sustaining the property market. It comes down to supply and demand and do you ever really think there will be an oversupply in the housing market or will someone, somewhere decide to buy?
There could be a slow down, but nothing more.
2007-12-01 21:41:04 · answer #3 · answered by orange07974 2 · 0⤊ 0⤋
In the late 60's early 70's a 3 up,3down semi terraced cost about £2000.00.---- A seven up 4 down detached pre 1st WW
prop £2/3,000.00.
A quality saloon car (ford cortina) cost £2000.00
A similar car nowadays costs about £20,000.00.
Too many pundits forecast what they want to believe - experience suggests not an immediate collapse - but a steep
steady fall and a 30/40% drop within two years.
2007-12-01 20:06:43 · answer #4 · answered by JOHN Turland--------Jonty 2 · 0⤊ 0⤋
Depends on where you live. The boom in properties in British northern cities appears to be settling and all the pressure on prices from buy-to-let owners is easing as that market chills. The UK floods have depressed prices for riverside and flood plain properties but there is quite a pressure on hillside properties near a main road and town. There is still pressure upwards on buy-to-let multi-occupation houses in university towns and certain banks are moving INTO this area. Flat prices in the fringes of Central London are still bullish but Central London itself is flattening. Certainly in the UK the pressure of constant economic migration keeps prices moving upwards regardless of interest rates overall.
2007-12-01 21:17:30 · answer #5 · answered by morwood_leyland 5 · 0⤊ 0⤋
they have been falling for months now, last month was another 4%. due to the massive inflation of the prices over the past few years for the BOOM. we now will see the calming effect. meaning it will come back to reality.
how much more? no one can say for sure. might be another 5%, could be 30% or even more.
I know in the market of homes I was looking at a few years ago, they have doubled now. So to me we have at least 50% that we could see them drop.
Due to that... I have held off buying land. As it too will drop back down and I am seeing many drop their prices already in crying attempts to sell it. I have patience if I am going to save thousands. Thats the down payment when you think about it.
2007-12-01 19:44:21 · answer #6 · answered by Anonymous · 1⤊ 0⤋
hopefully, houses will have to come down at some point. House price inflation is still at 6.9%, this is historically high for any item. I don't think that the BOE will cut rates fuel and food prices are rising they need to look at the whole economy and keep inflation under control in all areas.
2007-12-02 01:18:44 · answer #7 · answered by Group Captain Lionel Mandrake 5 · 0⤊ 0⤋
The house price rise will level out in most area`s of the UK, but with some locations seeing a small increase and other`s a large decrease
2007-12-01 20:01:40 · answer #8 · answered by Leo 7 · 0⤊ 0⤋
No, they will steady out. The Bank of England will lower the interest rate and buyers will start buying again. They had to steady out sooner or later, as they went up too quickly over the past 5 years.
2007-12-01 19:47:13 · answer #9 · answered by Anonymous · 0⤊ 1⤋
judging by current trends i think they will , but the drop will be a small one and unless the bank of England takes steps to reduce interest rates the drop in prices will increase ,it will start in the south west and then spread to the rest of the country
2007-12-01 19:54:25 · answer #10 · answered by tipsy cat 3 · 0⤊ 0⤋