Treacodactyl
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Housing marketIf you're not interested in the housing market look away now... 
Just curious of people's 'real' life experience of how things are going in the housing market at the moment.
I've noticed a lot fewer properties for sale this year, which seems to tie up with the recent news, but the market isn't completely standing still. We got email details of a property new to the market on Friday, asked for the full details on Saturday which turned up today and when I called to ask a few more questions it's been sold!
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Northern_Lad
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Re: Housing market | Treacodactyl wrote: | | I've noticed a lot fewer properties for sale this year, ... |
...yet up here there's more for sale than there have been in previous years. Prices appear to be static, but I've not looked hard enough to say if that's completly true.
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Behemoth
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I'd say demand for family homes around here is holding up though prices may have levelled off. Flats look iffy. Lots of them, middling quality, poorly sited, inadequate parking/transport, prices stagnating or falling. One major developer has pulled the second phase of a 'prestigous' city centre development however the tallest residential building in Europe is underway.
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James
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In York prices are slightly lower than they were about 6 months ago. Those people who really don’t need to buy are holding off to see what happens. I have a friend whose flat near central York is on the market and she’s had no interest at all. I have another friend whose looking for a small house and she’s noticed a £5-10,000 reduction on houses in the £150,000 mark. She’s just taken out a 6 month rental rather than buying, hoping that things will be much cheaper by autumn.
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JB
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Initial asking prices seem to be about the same but what is happening is that large numbers of properties are now marketed fro longer and appear later as reduced prices. Which suggests prices are falling but that vendors are still being optimistic in their initial pricing.
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mark
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i think the people who wil really suffer are those who bought flats in the last 2-3 years with and now want to sell or rent them as many bought at a highly inflated price which no-one in their right mind will pay now!
I think in many areas the shortage of family homes will preserve them from too much of a drop -
However
The signs are that economicaly we are entering a period of recession (which brings unemployment, rising cost of living, job insecurity) - and that has not yet had its inpact on house prices
all we have seen up to now is the start of a correction for house price hyperinflation and the effect of the credit crunch making it harder to get a mortgage
I think we will also see a rise in interest rates over the next 12 months
All this means that yes we wil see hour prices kept down - but the irony is that won't make them any more affordable (as people have less money and its hardr to get a mortgage)
The net effect is the market slows down and people stay put!
mark
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Jonnyboy
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Mark is right, flats will be the big losers
Lots of unsold properties here, 230k houses now struggling to sell at 180.
I predict people staying put and releasing equity from their houses, if they have it.
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dpack
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flats in york are in over supply
we are hoping that compared to 1993 prices tt wont lose out
those who have bought recently or spent equity to the max may be in for problems
a good time to diversify if you are in the building trades
however a premium product will always get a premium price
my advice is if you want to sell present it well at a good price for the local market
if you want to buy ,get the money and buy at auction and probably wait a while before you do
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bernie-woman
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Lots of houses for sale here with little movement and two members of our family have their properties on the market and haven't had a viewing in months - a couple of friends have taken their properties off the market and the general consensus round here is that people who are not in forced moves aren't moving and at work the housing team are stretched to capacity and are in and out of court like yo-yos dealing with repossession action 
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Calli
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In Galway, prices are holding ( actually still rising in the city as it competes with Dublin ) however out in the sticks there seems to be loads and loads of properties on the market.
A local auctioneer has initiated a monthly fixed auction for the last Friday in every month so property must be selling to warrant the hosting.
Land prices are static, but vastly inflated IMHO as every field is viewed as development potential - ie a site which has yet to get PP 
Elsewhere building companies are going on national radio offering massive discounts for the day - and developments previously advertised are being substantially discounted.
The property market is of course not helped by the tightening of the mortgage offers!
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Behemoth
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| Behemoth wrote: | | I'd say demand for family homes around here is holding up though prices may have levelled off. Flats look iffy. Lots of them, middling quality, poorly sited, inadequate parking/transport, prices stagnating or falling. One major developer has pulled the second phase of a 'prestigous' city centre development however the tallest residential building in Europe is underway. |
Edit: The tallest residential building in europe is no longer underway. All the piling work has been completed but construction has been halted.
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Jonnyboy
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one of the three estates agents in our town is closing...
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Nick
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Our neighbours can't sell their 5 bed smallholding (4 acres, if anyone wants...), despite lowering the price.
We also have a house we rent out, and we can essentially put the rent up easily, currently, as people are looking to rent, not buy around here.
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RichardW
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| Nick wrote: | Our neighbours can't sell their 5 bed smallholding (4 acres, if anyone wants...), despite lowering the price.
We also have a house we rent out, and we can essentially put the rent up easily, currently, as people are looking to rent, not buy around here. |
Still lots of people looking for smallholdings. We have been knocked over by the number of viewings. Most people are only moving if they need to. Smallholdings are a bit out side the norm as they are part home part biss & part lifestyle change.
Richard
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