Gents, new guy in town, been reading this thread with interest, being "in the industry" so to speak, at a decent level.

The great thing about forums is anonoymity, so what i speak here i would not tell clients etc.

I can 100% assure you the CHISEL is being very disingenuous on here, almost to the point of manipulating facts to suit an agenda he has.

Property in large parts of the country are being revalued DOWN daily.

Anybody who tried to tell you otherwise has an agenda, be careful people.

There was indeed a recovery period, lead by in large by the lowest base rates in the history of the bank of england.

Rates went down like they have never before, most mortgages went down by anywhere between 25-60% in monthyl repayments.

The market is crumbling right now, i assure you, anybody selling should do so quickly and take a reduced sum, as it will be a lot less in 6-12 months.

Finally, i have no agenda, i actually lose money from this advice (work it out).

Chisel,

I assure them from my professional perspective, which is very much involved on a day to day basis within the consumer property market, as opposed to commercial property which i have no idea about.

I am being sensible, and this is why:

1. With rates as low as they can now go, no more stimulus will be seen, as has been over the last 18mths.

2. VAT will smack every single person on this island in the chops, your food bills will go up markedly.

3. More defaulters, lenders stricter with new apps, bigger depostis required... will all lead to marked slowdown in sales, which i am already seeing now, bigtime.

4. Sell now, rent for 2 years, let the market cool right off to sensible levels of affordabilty, when you see chalets being sold for 325k you know its not a sensible market.

5. The money down the drain on renting will be more than compensated in the tens of thousands saved on new property.

Sorry, but this is sensible, only somebody with an agenda would lead people up the garden path otherwise.

btw - i encompass propetry in ALL parts of the UK in my analysis on the current slowdown in sales at the minute, and it gets worse by the week/month and with fiscals as they are, it really does not take a rocket scientist to evaluate the next 18 or so months.

it really is that straight forward, anybody who tries to bamboozle you with fixed figure, has an agenda, people bear that in mind.

let common sense prevail.

from Zoopla

The average UK home is now worth £218,705, up £21,667 (11.02%) since March 2009, according to property website Zoopla.co.uk, which provides free value estimates for every UK home.

However this figure remains more than £20,000 below the November 2007 peak, when average house prices reached £239,063, showing that despite the rebound over the last 16 months only half the ground lost over the prior 16-month period has been made up.

As we enter the second half of 2010, the UK residential property market is at an important juncture, which will determine the direction of house prices for the months to come. UK house prices have risen steadily for the past 16 months, bouncing off their lows of March 2009 and recovering half of the value lost during the prior 16 month period of price declines from the November 2007 market peak.

ADVERTISEMENT

Regions recovering at different pace

Property prices in England have recovered more ground than elsewhere, having climbed 11.46% since March 2009, with the average home in England now worth £226,342, but still well below the level reached in November 2007 of £246,714.

By contrast homes in Wales have been much slower to rebound, up only 7.07% since March 2009 to a current average value of £154,521, a long way short of the £173,388 peak in November 2007. Scottish property values have climbed 9.12% on average to £156,217 over the past 16 months, having fallen 18.1% in the prior 16-month period when they reached a high of £174,805.

And whilst the dramatic fall in house prices during the 16 months from the November 2007 high to the March 2009 low affected all areas of the country, the rebound in the 16 months since has been far more selective.

Property prices in the South East have bounced back strongly and have regained most of the value lost during the downturn. House prices in the South East, which peaked at £291,120 in November 2007 had fallen sharply by 18.24% to £238,017 by March 2009, and have since risen by 17.57% to £279,848., according to Zoopla.co.uk. In contrast, the North East saw average house prices drop 16.11% from £182,390 in November 2007 to £153,002 in March 2009, and have since only managed to regain 4.98%, standing today at £160,627.

Dramatic turnaround in London

The London market has seen the most dramatic turnaround, with average house prices today at new highs and above the levels seen in November 2007. Having fallen by 16.06% from a high of £410,577 in November 2007 to a low of £344,635 in March 2009, London house prices have made up all the ground lost in the downturn and now stand at £418,802. London house prices have risen by a remarkable 21.52% over the past 16 months.       

Semi-detached properties faring best

The rebound in house prices since March 2009 has been strongest for semi-detached properties, which have risen by 12.83% over the past 16 months. The average semi is now worth £191,019. At the other end of the scale, flats across the UK have been much slower to rebound and have only gained 7.78% in value over the past 16 months, having fallen by 17.34% in the prior 16-month period. The average flat in Britain is now worth £199,573, down from a peak of £224,021 in Nov 2007.

A country average is a useless comparison for property values. Please check prices in your own area and forget red-top stats.

Chisel - sorry mate, but with all due respect

you cite Zoopla as a basis to your argument?

that's like asking KFC to produce quality chicken products!

Bank
o
LOL!!  I agree, but the point is this

1) Prices vary and inflation varies fronm one area to another
2) If you take flats out of teh property market, prices have not fallen as much as some would like you to believe

Having said that , Zoopla states facts, and bases estimates on sale price and adds on the house price inflation in the area. There is no reason that its average forecasts are any more or less accurate than anyone elses. The more properties that are included in their average, the more accurate it is!

and a 100% of bankers turned out to be useless...without any proof in the bank industry.

what about the bloke on the beebs money programmewho,s job pays 22,000 ,but has managed a buy to let portfollio where he,s borroed over 5.5 million,lets hope interest rates hit 10 %,and watch the fun

what do youthink...didnt look daft did he.................maybe for the t,v cameras he was...lol.

A house bought a short distance from me was on homes from hell on tv last week.

Young couple bought off plan in a new development. Paid £175k for a four bedroom house in 2007.

Developer stopped building the rest of the development in 2008 leaving the young couple with a house in a half built estate with vacant houses all around them vandalised and infested with rats.

The house they paid 175k for would be worth about 100k now but only if the rest of the development was finished. As it is you could not give the property away now.

The house i am living in now ( renting ) would have fetched about £170-180k in 2007. Now it would be on the market for about 110k and the owner would probably take less than 100k for it.

sounds like a good time to buy.....

Paddletoe

Sounds horrendous!! Where abouts a you living?

I am in the north of ireland, Chisel. And yes, Creditor it was well over priced to begin with, in my eyes, at least. But in the two years prior to 2007 prices here went through the roof. I think the northern ireland region had the biggest % increase in house prices in any area. I watched in astonishment as prices here just kept increasing but still the houses were being sold at what seemed crazy prices for an area where average wages were relatively low.

As mentioned quite a few times i would love to buy a house but its seems very hard to measure what is a fair price where i live. I cant find any comparisons on the prices of houses sold as houses are simply not selling full stop.

How do i know what a fair price is? Do i measure things against average wages or yields? Any thoughts would be appreciated.

Paddletoe

It is a difficult decision to make, and all you can do is try and find a distressed seller and get a real bargain. If you can buy below market value even if prices fall you will still not lose out..

All I can say to you is that your decision is a lot easier than someone that needs a mortgage.. If you plan on keeping the property long term, you can bet your bottom dollar that your home will be worth more in 10 years than now! Whatever you decide to do I wish you good luck!

edinburgh--top end ---nice house/flats sell quickly--fair price

lower end---taking weeks/months