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julie w | Do you think house prices will drop within the next 12 months and if so, how much???? |
Additional Details
in the u.k. - nice area
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Roy G
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No They will freeze |
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Marky
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In the UK, they will continue to rise.
There is a chronic shortage of houses and until that is resolved, prices will go up.
There hsad been a blip due to the sub-prime lenders in the US, but that will quickly be forgotten about and normal increases will resume. |
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charterman
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It amazes me that people think that property is an infallible way of making money. House prices will continue to increase year on year.
We have been here before in 1990 when house prices fell and people were left owing more on the mortgage than the property was worth.
The IMF has said that property in the UK is overpriced by up to 30%. We are now in a situation of no first time buyers entering the market because prices are too high.
This is basic market principles, nothing has a value unless you have a buyer. Houses are too expensive and a correction will happen sooner rather later. |
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Amanda H
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yup ~ $ variation will depend on election |
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mrsclaura
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according to what i have read today 11.10.07 house prices are starting to drop but there is no way in finding out how much they will drop in the future |
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sharkee
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Depends where your house is dude first we have to know that! You could be in midtown Manhattan or the Gobi dessert ? |
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Summerly, loving life
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All the things that I have heard is saying yes they are going to drop and so much so that it going to be scary. Also that getting a loan will become very hard. |
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rshampshire
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It's currently very difficult to determine what is going to happen to the UK housing market.
As one other poster has stated, a lack of housing is causing prices to go up due to demand outstripping availablity. However this trend cannot continue indefinately since prices will get to a point where they are higher than an average person can get a mortgage for.
This is already becoming an issue for first time buyers who are slowly being squeezed out of the market. With the average house price now at just under £200,000, first time buyers are finding it harder and harder to get a mortgage to cover the cost of their first home. If this trend continues then it will impact the whole chain.
One of the current issues with housing availablity is the huge increase in private landlords and buy-to-let mortgages. In some areas of the country 85 - 90% of what would be first time buyers property are now owned and let by private landlords. Much of the rental income of these properties, however, is used to pay the mortgage re-payments for the landlord. If interest rates continue to rise then the rental income will no longer cover the mortgage and this may cause some landlords to sell their properties and so ease availability concerns. If this happens in large numbers then prices could be dramatically reduced as availability outstrips demand.
One thing that seems very unlikely right now is a dramatic crash in prices. While interest rates are increasing, un-emloyment is still low. Crashes only usually happen when interest rates are increasing (or high) and un-employment is also high.
Far too many un-predictable factors to take into account to give a prediction one way or another. |
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clairew1207
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Apparently they already have because estate angents are getting worried that no one will want to buy. I hope they drop alot more cos I need to eventually buy a house and I certainly can't afford it now! |
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chook
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they have started now and the way intrest rates are they will carry on dropping but unsure how much |
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Furry Glen.
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Try useing stickytape and holding it hard .....
ehhh, sorry, wrong question.... |
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Laura Elizabeth
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what market are u talking about anywho? its totally depends...anywho its expected that the UK real estate market will burst its bubble soon! very soon! its was too over-in-flated! |
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Perry K
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Everyone who sells wants the best price. Those in a hurry will have to drop.
Others will hang on hoping - and then realize that they must reduce but, if its a reduction on both buying and selling no problem.
Where it will hurt, is for those who have borrowed too much against their property and cannot move without a loss.
Some prices will come down perhaps 10% others will hold because those areas will still be desirable. |
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fortbraggfred
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A report from Northern California stated that if all other factors remain the same, we could see a drop of as much as 40% in the next year.
That sucks, unless you're a buyer, with a large down payment. Financing is going to be extremely tough! |
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steeley
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Yes they will drop somewhere between 3 pounds 75 and 4 pound 50 |
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