| House prices over the next 6-12 months 10:55 - Apr 10 with 1834 views | ThisIsMyUsername |
Could someone please look into their crystal ball (or state a belief based on any factual evidence) whether house prices (in Suffolk) will generally increase or decrease (or stay the same) over the next 6-12 months?
Is it currently a buyer's or a seller's market?
Thanks! [Post edited 10 Apr 11:02]
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| House prices over the next 6-18 months on 11:02 - Apr 10 with 1761 views | ArnoldMoorhen |
Nobody knows whether the Trump earthquake is done now, with just a few more ripples as aftershocks, or whether that was just the warm up act for an absolutely cataclysmic event.
Even Republican Senators couldn't tell you which it is.
My thoughts. I am not a Financial Advisor and this is not Financial Advice:
If you have already bought property, now probably isn't the time to get a larger mortgage, unless you are very comfortable with a large amount of risk. A global financial collapse could see 10 or 12% Interest Rates again, although this is at the extreme and unlikely end of possibilities.
But if you don't already own property then buying and starting the 25, 30 or 35 year process of paying off the mortgage, rather than rent to a landlord, gives a very long time frame to judge the investment over. |  | | |
| House prices over the next 6-18 months on 11:03 - Apr 10 with 1745 views | TractorWood |
My sense in West Suffolk and East Cambs is that there is a lot on the market atm at very high prices. Good and well priced houses are still moving.
Lots of people are seemingly dipping their toe as sellers to see if they can sell or are selling up because their mortgages are coming in too expensive. Heard of lots of chains collapsing recently, perhaps stamp duty related.
Interest rates will fall over the next year imo which will stimulate some interest but prices (here at least) are the main reason people are in limbo. |  |
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| House prices over the next 6-12 months on 11:05 - Apr 10 with 1718 views | giant_stow |
I only know the market in a particular holiday village in coastal Norfolk, but nothing's moving there. Many of the holiday home owners are selling up and prices are drifting as they all hit the market at once. Can't see any reason for that to change in the next year or two - perhaps it'll even get worse as people get more skint (which seems likely)? |  |
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| House prices over the next 6-12 months on 12:23 - Apr 10 with 1545 views | ThisIsMyUsername |
Thank you for the replies so far. I am extremely fortunate and lucky that when the time (maybe soon) comes for me to look to buy a house, that I may be in a position in which I don't have much, or any, of a mortgage to be thinking about.
In which case, I wonder if this should be factored into the overall decision when looking at price trends etc. | |
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| House prices over the next 6-12 months on 12:25 - Apr 10 with 1540 views | J2BLUE |
Pretty impossible to guess over such short a distance I would think.
If you're looking to buy and see one you want that you can afford you should jump on it. Competition is fierce and will only get worse if prices fall by few percent. |  |
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| House prices over the next 6-12 months on 12:29 - Apr 10 with 1495 views | _clive_baker_ |
I'm not sure but I would wager there's a lot more people out there who regret 'waiting for prices to come down' than there are glad they waited for prices to come down. If that helps answer your question. |  | | |
| House prices over the next 6-12 months on 12:35 - Apr 10 with 1462 views | _clive_baker_ |
| House prices over the next 6-12 months on 12:23 - Apr 10 by ThisIsMyUsername |
Thank you for the replies so far. I am extremely fortunate and lucky that when the time (maybe soon) comes for me to look to buy a house, that I may be in a position in which I don't have much, or any, of a mortgage to be thinking about.
In which case, I wonder if this should be factored into the overall decision when looking at price trends etc. |
If you don't have much debt against it I don't think the value matters particularly. Yes if you could guess the market you could time your purchase to perfection and potentially have a few extra £ in your back pocket, but you can't. Nobody can. If you like the place, want to live there, and can see yourself there for a while I'd say buy it and don't give a 2nd thought to the theoretical book value.
Nb. Not financial advise. | | | |
| House prices over the next 6-12 months on 12:58 - Apr 10 with 1382 views | baxterbasics |
I have long been of the opinion that barring the worst kind of economic catastrophe, we are never likely to see a significant downward price shock. As in, not in my lifetime.
The worst that happens is a stagnation, a slowdown, but not a big price reversal.
Why? Demand vs supply. The only way around it is mass housebuilding (across all value levels) or dramatic population reduction. Even in tighter times there's still plenty of people looking to buy or even with enough in the pocket to invest in that second or third property.
The only way is up, the only question is how fast. |  |
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| House prices over the next 6-12 months on 14:14 - Apr 10 with 1150 views | Guthrum |
| House prices over the next 6-12 months on 12:58 - Apr 10 by baxterbasics |
I have long been of the opinion that barring the worst kind of economic catastrophe, we are never likely to see a significant downward price shock. As in, not in my lifetime.
The worst that happens is a stagnation, a slowdown, but not a big price reversal.
Why? Demand vs supply. The only way around it is mass housebuilding (across all value levels) or dramatic population reduction. Even in tighter times there's still plenty of people looking to buy or even with enough in the pocket to invest in that second or third property.
The only way is up, the only question is how fast. |
Not to mention that so many people would be trapped in negative equity with a significant reduction, would be a major economic/social problem in itself. |  |
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| House prices over the next 6-12 months on 14:22 - Apr 10 with 1125 views | giant_stow |
| House prices over the next 6-12 months on 12:35 - Apr 10 by _clive_baker_ |
If you don't have much debt against it I don't think the value matters particularly. Yes if you could guess the market you could time your purchase to perfection and potentially have a few extra £ in your back pocket, but you can't. Nobody can. If you like the place, want to live there, and can see yourself there for a while I'd say buy it and don't give a 2nd thought to the theoretical book value.
Nb. Not financial advise. |
I think thats sound advice.
On other thing to mention: we bought our place I'm in now right at the peak of madness. We offered on many, often way over asking price - this one cost c over 20% over asking. If you're buying in that market, you get far less choice of which actual house you like the most. I'd rate mine as about 7/10 right for instance, but its too expensive to move now, so we're slightly stuck with it. Buying in a slow market, especially in the OP's shoes, seems way preferable. | |
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| House prices over the next 6-12 months on 14:26 - Apr 10 with 1111 views | Keno |
I had a crystal ball once, but I got some cream for it |  |
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| House prices over the next 6-12 months on 14:32 - Apr 10 with 1091 views | NthQldITFC |
All depends on whether or not Delap moves house and starts off a chain. Anyone ITK? |  |
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| House prices over the next 6-12 months on 14:42 - Apr 10 with 1068 views | EuanTown |
In my unprofessional opinion if trump continues to try and upset the world in every way he can. With the markets being so volatile I think banks may continue to reduce rates and maybe even the bank of England to avoid any further economic difficulties.
However, no-one knows what is going on in the yellow planks head, not even he, and if you want to control everything you create chaos, which he is doing and will continue to do.
The reason is because this gives him power to unsettle and control like a puppet master pulling strings and watching the world dance to his tune.
What happens in 90 days when he has another goodness knows how many ideas in that time as to what he wants to do to make him, not America great again. In that 90 days alone anything can happen and probably will. |  | | |
| House prices over the next 6-12 months on 14:46 - Apr 10 with 1047 views | ArnoldMoorhen |
| House prices over the next 6-12 months on 12:35 - Apr 10 by _clive_baker_ |
If you don't have much debt against it I don't think the value matters particularly. Yes if you could guess the market you could time your purchase to perfection and potentially have a few extra £ in your back pocket, but you can't. Nobody can. If you like the place, want to live there, and can see yourself there for a while I'd say buy it and don't give a 2nd thought to the theoretical book value.
Nb. Not financial advise. |
^^^This^^^ is it in a nutshell, for me.
You can only ask yourself:
Am I happy with this place as my home for the next chapter of my life?
And:
Do I believe I am paying a fair price for it today? | | | |
| House prices over the next 6-12 months on 14:47 - Apr 10 with 1041 views | baxterbasics |
| House prices over the next 6-12 months on 14:14 - Apr 10 by Guthrum |
Not to mention that so many people would be trapped in negative equity with a significant reduction, would be a major economic/social problem in itself. |
That's the thing - in a major crisis where you did have 10,000s or more in that situation and nobody is buying - is it really in the banks interests to turf everyone out? Even if it were, government will intervene. We've seen through decades of policy that protecting homeowners is a priority. | |
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| House prices over the next 6-12 months on 14:49 - Apr 10 with 1035 views | ArnoldMoorhen |
| House prices over the next 6-12 months on 12:23 - Apr 10 by ThisIsMyUsername |
Thank you for the replies so far. I am extremely fortunate and lucky that when the time (maybe soon) comes for me to look to buy a house, that I may be in a position in which I don't have much, or any, of a mortgage to be thinking about.
In which case, I wonder if this should be factored into the overall decision when looking at price trends etc. |
If you are genuinely able to buy mortgage free, then it might be worth your while looking into Auction properties. They are sold to cash buyers 99% of the time, and that means a substantial discount on what might be achieved on the open market. Sometimes a 20% difference, exceedingly rarely it could be more than that.
Worth a look! | | | |
| House prices over the next 6-12 months on 15:47 - Apr 10 with 927 views | usm |
| House prices over the next 6-12 months on 12:23 - Apr 10 by ThisIsMyUsername |
Thank you for the replies so far. I am extremely fortunate and lucky that when the time (maybe soon) comes for me to look to buy a house, that I may be in a position in which I don't have much, or any, of a mortgage to be thinking about.
In which case, I wonder if this should be factored into the overall decision when looking at price trends etc. |
My advice would be to not treat it like an investment, instead treat it as your home.
In that scenario the price does not really matter too much.
Obviously no-one wants to pay over the top for anything, but as a home, you are likely to live in it for quite some time, and it is more important to buy what you like for now and for the future. |  |
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| House prices over the next 6-12 months on 18:34 - Apr 10 with 809 views | ThisIsMyUsername |
| House prices over the next 6-12 months on 14:49 - Apr 10 by ArnoldMoorhen |
If you are genuinely able to buy mortgage free, then it might be worth your while looking into Auction properties. They are sold to cash buyers 99% of the time, and that means a substantial discount on what might be achieved on the open market. Sometimes a 20% difference, exceedingly rarely it could be more than that.
Worth a look! |
Good point re the auction properties. I hadn't been thinking about that.
However, in my head I am picturing something like a compact, modern two-bed new build, perhaps in one of the new estates going up on the edges of a village surrounded by fields. So I don't know whether such properties would be available via auction. | |
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| House prices over the next 6-12 months on 18:34 - Apr 10 with 805 views | ThisIsMyUsername |
| House prices over the next 6-12 months on 14:46 - Apr 10 by ArnoldMoorhen |
^^^This^^^ is it in a nutshell, for me.
You can only ask yourself:
Am I happy with this place as my home for the next chapter of my life?
And:
Do I believe I am paying a fair price for it today? |
Great advice to ponder on from both yourself and CB in this mini thread. Thank you. | |
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| House prices over the next 6-12 months on 18:35 - Apr 10 with 802 views | ThisIsMyUsername |
Thank you for all other replies thus far. | |
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| House prices over the next 6-12 months on 18:37 - Apr 10 with 789 views | ThisIsMyUsername |
| House prices over the next 6-12 months on 15:47 - Apr 10 by usm |
My advice would be to not treat it like an investment, instead treat it as your home.
In that scenario the price does not really matter too much.
Obviously no-one wants to pay over the top for anything, but as a home, you are likely to live in it for quite some time, and it is more important to buy what you like for now and for the future. |
The same point as AM and CB have made. I suppose only thinking financially puts one at risk of reduced overall satisfaction. | |
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