House price bubble set to burst?

[Goring Gull]

I've gat a mate who works for the Bank of England and he says they will not be going up in the near future.

 

[Rougvie]

With all you people waiting for it to fall, it won't. Cos the second it goes down a bit people will start buying again, and then it'll stop falling.

Spot on, sorry to be a doom merchant but even if prices do fall a bit, it will just make Brighton and Hove an even riper target for London commuters and investors.
The estate agent who is now dealing with our sale told me that he hardly sells to locals anymore and 80% of his sales are to incomers or investors.
Sad

 

[ripper]

There are conflicting stories from different organisations week in week out.

check this story that was released 2 hours earlier which says different.

http://news.bbc.co.uk/1/hi/business/3160754.stm

 

[Braders]

wheres my caravan ,wheres my caravan

 

[Goring Gull]

I wouldn't laugh some of these so called "Park homes" Glorified chalets go for 70 to 80k

 

[zefarelly]

houseboats used to be cheap . . . .now theyre 50k + . . . .

if you want your own house, the sooner you get on the ladder the better . . .it was hard when I did it 11 1/2 years ago, I was only 20 and earnt less than 10k, but I did it, and Im bloody glad I did! 10 years and I hope to be mortgage free

 

[Storer68]

I've lived in my house since 1975. It cost £10,500 then. It's got three bedrooms, it's semi-detached and it's miles from anywhere. The woman who lives in the next door property that's attached to mine has just put her place on the market for ....

.... £305,000 !!

Even allowing for odd bits of improvement fifteen years ago, that's just ridiculous.

I'm not at all sure that people who can afford that sort of money want to end up living next door to slobs like us.

Very tue M'Lord

I instructed the bank to withdraw the offer as soon as I saw you enjoying your early morning cuppa without your trousers on, throwing a dustmen out.

 

[Gary Nelson]

I also think part of the problem is there so many bloody d.i.y programmes on th tv now that every arse that has never picked up a paintbrush in his/hers life is doing the work and expecting an extra £15k on the price!

 

[Gary Nelson]

..............and making a f*** up of it

 

[Emily's Mum]

In my job in the mortgage processing centre of one of the big four banks, I get to see what goes on all over the country. For the last few weeks I have been running a project on mortgage valuations & I have been astounded at what people will pay.

When a valuer values a property they need to know not only the agreed purchase price, but also how much the buyers are borrowing from the bank. I don't think the valuer needs to know this information, but it certainly leads me to think that if someone is putting down a hefty deposit, then the valuer can value the property at the purchase price & not at a true value figure, just because the buyers can afford it, therefore keeping prices higher.

If a valuation comes back at a figure lower than the purchase price, many branches simply order another valuation.

Valuers may not know anything about local conditions. They are sent from valuers who have a space in their diary in order to meet the tight service level agreements set by the bank. It is not uncomon for a valuer in St Albans to go & value a council flat in Bermondsey.

If the economy does take a nose dive & people get laid off, it will have a huge affect on the housing market. The sanctioning decisions make me cringe sometimes & a lot of people will be hit. A lot more peple are self-employed or on short term contracts & the mortgage repayment protector policies so willingly sold by lenders hardly ever cover these groups of people.

The remortgage & equity release loan market has also gone through the roof & it is not uncomon to see remortgages of up to 100% of the proprty's value, all to pay off other debt.

I would love to come back home, but I'm not prepared to put my family through the mill to do it. We have recently valued a 3 bed ex-council house in Hollingbury for 225K & I nearly fell off my chair at work. My husband could move down as he is self-employed but I would have to move to head office, get promoted & commute to docklands every day to be able to aford a big enough house for us all, and I want to spend more time with my kids, not less.

My sister & I own our grandparents' house in a nice area of Bristol. It's an 3 bed ex-council house & I have seen simillar properties up for sale for 192K. I have had to ask myself why am I flogging my butt end off every day when I could sell the house, split the profit with my sister & reduce our outgoings to a level where I didn't have to work, all because of a rising market.

I don't envy first time buyers at all. I was in that position 15 years ago, hence the move up north in the first place.

So, in summary, so long as there is a demand from all sectors of the market & lenders keep throwing money around, house prices will stay as they are.

Am I on North Stand Chat, or am I still at work? Time for the pub wherever I am

 

[Curious Orange]

Buying a house has been on my mind recently, unfortunately on my wages, and living where I do, I don't anticipate this happening until my mid-thirties (eek!! ). I decided that the key thing is the deposit, so regretably I have decided to forgo pension contributions for a couple of years and concentrate on saving instead. It isn't the ideal situation, but maybe someday I'll be able to afford a shed somewhere!!!

 

[BRIGHT ON Q]

I'm still living at home. Would love to own my own place but am not prepared to pay £110 + for a one bedroom flat in Brighton. Working out my pay, I could afford a place for £65k. Now does anyone know anywhere in Sussex for that little? No! You can't even get that amount if you lived in Newhaven!

didn't a beach hut go for 65,000 the other day.at least you have sea views.