Property prices - what’s happening and predictions?

[Proto]

But if you want somewhere to live long term, stop trying to out think the market and buy a house.

Which echoes the advice I gave my son two months ago - “you’re buying a home not an investment”

I’d buy something today but can’t find anything of interest.

 

[vickster]

D1's flat in Balham SW17 went live on line last Saturday. By monday morning 2 viewings were booked.

Asking price 21% up on price paid 4 years ago

How much has she spent since buying?
Asking price isn’t same as sale price of course (and less the expenses to sell)

Hopefully it’ll all go through before the 31st!

 

[midlife]

They are throwing up new houses like there is no tomorrow around the Carlisle area, I think they have built several percent more than local plan target. Lots of choice so depressed prices. Lost money on the last two houses I sold here.

With help to buy you can get a new house for less per month than a car......

https://beta.smartnewhomes.com/development/lovell-partnerships-new-acres-carlisle-78708

 

[Drago]

^^^ for all sorts of reasons it's nice to see some houses going up in the North.

 

[Skibird]

In the IOW, in my village especially, house prices are still creeping up and selling. House next to us had various offers and was sold within a week, and even though that sale fell through, it sold again within a couple of days.

 

[Proto]

Very simplistic, but my take is this:

1: house building seems to be in overdrive, new Lego boxes going up everywhere.

2: economic downturn looming irrespective of Brexit outcome. We are a small country with few resources. Decline is inevitable.

3: Population will fall as #2 takes hold and migrants stop coming and those that here start to go home. Bad Brexit will accelerate this.

All adds up to a supply/demand adjustment. Might take a few years but prices will fall significantly. 20% ?

 

[tfc03]

Lots and lots of new ticky-tacky boxes going up in and around Tyneside too and new permissions keep flooding the market, which makes me nervous as to the future of these places and the people buying, especially at the lower end in places with few facilities and poor public transport [as these are the sorts of things that disadvantage one development from another when the market does go south]. But planning departments in the south east of England are said to be way down on work compared to a year ago and some development industry folk have said they are convinced we are in recession territory already, at least in those parts of England. So, its a bit of a muddle and may be dependent on things like whether the ridiculous New Homes Bonus keeps artificially inflating the market [and house builder super-normal profits which we should all be very cross about].

If it were me I would buy, but be in it for the long haul. Buy something you like and can imagine staying in for 10 years or more. The transaction costs of buying and selling wipe out a significant amount of any profit in nay case so best to try and put some roots down and not think about short or medium term gain and know that at some point you will ave an asset that is yours. So, in short, what Proto and others said!

 

[vickster]

If it were me I would buy, but be in it for the long haul. Buy something you like and can imagine staying in for 10 years or more. The transaction costs of buying and selling wipe out a significant amount of any profit in nay case so best to try and put some roots down and not think about short or medium term gain and know that at some point you will ave an asset that is yours. So, in short, what Proto and others said!

That might depend on your age and health (or that of the OP). There’s no way my parents could now live in the house they sold 5 years ago (thank God they moved to a bungalow in suburbia 4 miles from my brother and I from a larger 2 storey house in the country a hundred miles away). In 5 years time, they may not be able to live independently in that bungalow either if they are unable to drive as is likely

 

[NorthernDave]

One of the national builders has a smallish development of 2, 3 and 4 bed houses going up not far from here (outskirts of Leeds) - prices from £249,995.
They'll be pretty much right next to the new "Outer outer ring road" which is also being built and will be a grade separated dual carriageway. The nearest shop / sensible public transport (bus) is a 15 minute walk away through some woods.

So that's a quarter of a million quid for a 2 bed house, right next to a motorway in all but name, and with no amenities within realistic walking distance.

A mile or so closer to the city, 3 bed new builds are being advertised on "40% shared ownership" based on a price of £219,950.

It's surely unsustainable, but they keep selling.

Our local councillor is a former chair of the planning committee and is frequently in the local media complaining about the number of developers with planning permission who aren't building anything as they seek to keep demand outstripping supply meaning prices stay high.
There also seems to be a recent trend of developers trying to wriggle out of including "affordable" housing, claiming that to do so would make plans untenable...

 

[Dave7]

Location location location.....as they say.
My daughter and her hubby paid £140K for an ex council house 9 years ago. Its in a desireable that I would not live in due to traffic congestion. They are going now for £285 ++.
In the same period our house value has remained stagnant.
We back onto a country park. The house has 3 good sized gardens. It has a full granny flat and garage built on.
But........its in the wrong area.

 

[Dirk]

Location is everything.
We have a detached bungalow, in a popular retirement area, a mile from one of the best beaches in the South West and a level walk into a popular thriving village.
Guess what? Prices have risen a lot faster here than in the area of the Midlands we moved from 15 years ago.
Bungalows generally sell very quickly and at a premium because they just don't build many of them these days and they take up too much land. You could build 2 detached houses on our plot quite easily.
We're thinking of selling up within the next 5 years and renting. We've got no one to leave anything to, so we might as well liquidise our assets and enjoy the cash.

 

[PK99]

How much has she spent since buying?

£16k on batroom, CH boiler and kitchen.

Paid £391k (Asking was £375, went to sealed bids @best and final offer. 5 others matched to asking price)

On market now for £475k.

 

[Slioch]

The incoming removal Lorry for the last sold came from Bournemouth. I sincerely hope they will embrace Scotland and not bring any Gammon with them.

As someone from southern England who spent 10 years living in Glasgow, let's also hope that the locals embrace them too

 

[Pale Rider]

D1's flat in Balham SW17 went live on line last Saturday. By monday morning 2 viewings were booked.

Asking price 21% up on price paid 4 years ago

Interesting you describe SW17 as Balham.

The London postcodes are based on the alphabet.

In the case of the SWs, they run one to 10, then reset for the rest.

SW1 is Belgravia, SW2 is Brixton, SW3 is Chelsea, SW4 Clapham up to SW10 which is West Brompton.

SW11 is back at the beginning with Battersea, a slight mis-order as SW12 is Balham.

SW13 is Barnes, SW14 Mortlake, SW15 Putney, SW16 Streatham, SW17 is Tooting, SW18 Wandsworth, SW19 West Wimbledon, and SW20 is Wimbledon.

Postal districts are not always called by names the public would recognise.

In the east, most people would say E16 is Canning Town, which does not fit with E15 Stratford and E17 Walthamstow.

But it does if you are a postman because E16 is Victoria Dock.

 

[derrick]

Houses in our road have been snapped up within a week of going on the market. But a friend living around the corner waited six months before it sold. He had to drop the price quite a bit. But then he paid less for the property he bought. House prices need to come down. So there is a positive to Brexit.