PNWokingham
Journeyman Pro
A hot topic. I can't see any way that price don't continue to go down for next couple of years and maybe don't grow this decade. This is a good discussion on the topic
Housing Market
- Thread starter PNWokingham
- Start date
PNWokingham
Journeyman Pro
PNWokingham
Journeyman Pro
ok - that didn't work!
CliveW
Tour Winner
Crashed.... Like the property market!
Doon frae Troon
Ryder Cup Winner
Sales and prices seem to be holding up well in our area.
SE England is grossly overpriced so I would expect a big fall there.
SE England is grossly overpriced so I would expect a big fall there.
Oddsocks
Ryder Cup Winner
They grew unrealistically through the last 3 years so it was always going to happen. Our house increased in value by almost 25% through 20-22 so a 4% drop is irrelevant.
I do feel for those who panic purchased though. A work associate paid roughly 14% more then the market value on a 2year fixed with a base rate 3%, his house has now dropped below its true original value and his remortgage rate is 8%…. Bad times
I do feel for those who panic purchased though. A work associate paid roughly 14% more then the market value on a 2year fixed with a base rate 3%, his house has now dropped below its true original value and his remortgage rate is 8%…. Bad times
PJ87
Journeyman Pro
The COVID freeze of stamp duty to prop up the housing market has created so many issues. Really not the time to be moving as you couldn't realistically access affordability post COVID
Our neighbours moved during covid because they were "bored" of living in same house for 11 years. They needed no more room. They actually made their life's harder as their daughters can't walk to school anymore it's a train then walk.
They wanted to move when the youngest moved schools and then move out the area which made sense but because of the propping up the market they moved within the area to a lovely house that they now regret because they are struggling to afford. (Cost of living bills) and her husband was called back to office so it's a longer walk to the station etc
They just saw the ability to save money in stamp duty and went ...now with interest rates aswell they are in a worse position than if they had just stayed
Such a shame , and they aren't the only people like that ofc just one example
My house I bought 2014 and it's gone up in value 85% that is ridiculous.. yes I've done some work to get it up (loft extension) but no way does it compute
A 20% drop in value of the house would still be a much more realistic value of what I'd say it's actually worth
chico
Club Champion
I won't be moving again so the value of my house is pretty irrelevant to me. The kids will still get a decent inheritance when me and the wife pop our clogs.
3rd time lucky ?
SurreyGolfer
Active member
Prices definitely look to be stabilising/dropping and we aren't seeing the compound 10-15% of the last few years.
We have looked at moving from our current location (Surrey - shock clue is in the name) down to Exeter to be nearer family. Certainly up until the end of 2022 the market demand was nuts down there as a result of COVID 'race for space' and ability to work from home. The prices rose at such a rate, over and above what they were doing in my neck of the woods, that it no longer makes financial sense for us to move down there based on our requirements.
My observations are anecdotal but I am seeing more price reductions, more properties and properties staying on the market longer than usual, I wonder if, combined with interest rates, the call back to the office is having an impact and that some of those who escaped to the country are doing u-turns in some cases.
We have looked at moving from our current location (Surrey - shock clue is in the name) down to Exeter to be nearer family. Certainly up until the end of 2022 the market demand was nuts down there as a result of COVID 'race for space' and ability to work from home. The prices rose at such a rate, over and above what they were doing in my neck of the woods, that it no longer makes financial sense for us to move down there based on our requirements.
My observations are anecdotal but I am seeing more price reductions, more properties and properties staying on the market longer than usual, I wonder if, combined with interest rates, the call back to the office is having an impact and that some of those who escaped to the country are doing u-turns in some cases.
I've seen a few houses near me go on sale , but then knocking 10k off a few weeks later. We didnt by right at the top but I'd be surprised if we go much more than we paid if we were to sell now. We won't be going anywhere for a few years so hopefull shoukd pick back up by then.
Oddsocks
Ryder Cup Winner
Our next move will be in ten years and that will be south west we’re we should end up mortgage free so for me it’s a case of plod on
Bunkermagnet
Journeyman Pro
How many sellers deliberately put their house up for sale on a more realistic price that’s more affordable?
PNWokingham
Journeyman Pro
PNWokingham
Journeyman Pro
still a no!
PNWokingham
Journeyman Pro
PNWokingham
Journeyman Pro
i give up! 
PNWokingham
Journeyman Pro
it was Economicshelp channel on You Tube - titled "UK House prices falling fast"
and another good one - related but focused on buy to let is by James Shack called "The UK Buy-to-Let Property Crisis Explained"
and another good one - related but focused on buy to let is by James Shack called "The UK Buy-to-Let Property Crisis Explained"
hairball_89
Club Champion
Is that just 17 minutes of a middle class white man saying "Rich people have yet again been extorting money from poor people. There is categorically no reason rents are so high. apart from greed. Soz." The fact I could remortgage my own 2 bed end terrace and rent it out for 3x the cost of a mortgage is frankly obscene.
We'll be looking to move and expand in the next 12 months. Luckily we're (hopefully) just about to receive planning permission to build a house on our driveway and will sell the house and plot. But living in Kent we're still looking at stupid money for the house we're going to end up wanting.
