Some areas are falling more than others. Some areas are levelling off and some are still on the up! If you are in a position where you need to buy or have chosen an area where house prices are on the up, you need to ensure you are up to speed on the home-buying process.
What the experts say
Nicholas Leeming, director of propertyfinder.com, comments on the recent Nationwide house price index:'Historically price falls should actually make it easier for first time buyers to get on the housing ladder and home movers to trade up. But we are in uncharted territory with the current slowdown. This stems almost entirely from a lack of mortgage availability which is putting the brakes on the vast majority of transactions - people are being forced to stay put. The effects of stalled activity in the housing market are spilling over to the rest of the economy. The Bank of England needs to get the housing market moving again and if base rate cuts are not practical because of inflationary pressures, then encouraging greater liquidity in the capital markets must be their priority.'
Mortgage guides
A mortgage is the biggest loan you will ever afford. At the moment rates are high however we can help ensure you get the best deal for your money.Property tools
Try our handy tools and jargon buster to help you organise yourself for the move.Discuss your thoughts
What do you think about the current housing market? Do you think rates will go up or come down? Are you looking to move or are you putting a new purchase on hold. Tell us your thoughts and share your comments with others.More discussion
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there have fallen, on average, more than 25% from a year
ago. In some areas, the price drop is more than 40%.
And who is to blame for the high prices? The buyers!
Sellers cannot dispose of a property without the consent
of a willing buyer. So, to those who were stupid enough
to overpay for a home, get over it, you got what you
deserved. Home buying should not be an exercise in
flipping it for a profit, but about a long-term invest-
ment. In my opinion, home prices in the UK should drop
at least another 40%; even then, they are over-priced.
Susan your comment about being £20k down already, the market is cyclical and no doubt it will recover. Property moves in a 7 year cycle, if it is down now, your £20k loss would only actually be a loss if you needed to sell again. The days of making a quick buck on property are over, you need to be prepared to sit out the current low.
The problem stems from personal borrowing, ideally you should save 20% of your disposable income, this would give you a good deposit in 5 years.
As a landlady, this idea that rents have shot up is silly, short term lets may increase every six months but that is to cover expenses such as agents fees or advertising. 12 month tenancies are the same in all my properties as they were 2 years ago, bar one which saw an increase of £30 per month as my previous tenants had been there 2 years and I had to increase to put it in line with similar properties.
Everybody is wingeing about having no money, well that's life. Financial planning is long term, not catch a mouse and eat it.
Susan, how will you know when the"house price dropcomes to an end" ?
In short too many entrepreneurs and, business monies have taken the private property from the hard working person and turned into quick buck business investment. This means without going into a long debate is, a form of slavery.
I suggest that no one person can own more than two housing properties and any house sold (bar their home) will pay 50% tax on their second house. I could go but what’s the point.
If we had of purchased when we were thinking about it, we could've found ourselves £20,000 down already!
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