House prices 'see sharp decline' !!!!!

  royalflush 10:48 08 Apr 2008
Locked

As we all know this isnt new news BUT its worth a look @

click here

  royalflush 10:52 08 Apr 2008
  donki 11:10 08 Apr 2008

I know this is bad news for some, but as a first time buyer this is great news for me. I do feel sorry for the peopel who bought at the enflated price.

I have a friend who works in an estate agent and their staff has went from 12 fulltime agents to just 4, that was in the space of a few months.

  barca1 11:33 08 Apr 2008

"donki" a similar attitude is taking place up here in Yorkshire, there was a few companies (LARGE ONES) that have laid staff off due to the downturn in the market, ive also noticed that the local newspaper is now FLOODED with home owners selling there houses & the word "REDUCED" is popping up all over the place in the paper...

donki i hope you enjoy your new home!

  donki 12:26 08 Apr 2008

I have really noticed a change like urself, in Belfast there is a huge "buy to let" market, with street after street of rented homes alot of them are students or young professionals. Last year all these houses would have had rental signs outside them waiting for the next occupiers. Now most are for sale.

I can only imagine the stress and finincial problems a crash could cause. Its a surprise to me the banks and estate agents let it go so far.

Well I have been waiting for my own place for a number of years, I did rent for a years when I finished uni in 2003 but moved back home 2 years ago to start saving (not that I saved much, kinda spoiled myself a bit). So When it comes a time when I can afford a house, and I mean afford, not streach myself beyond my means, I will enjoy it.

  techie4me 14:37 08 Apr 2008

The banks have stopped the 100% Mortgages to first time buyers & coupled with the crazy prices in London prices of properties could fall lower then the big crash in the 1980's.

  Stuartli 15:52 08 Apr 2008

I'm not going to cry over a few lost estate agency jobs - in my honest opinion estate agents are largely responsible for the ever escalating house prices in recent years, due to over valuation.

Understandable, I suppose, if you earn commission on a sale based on the selling price.....:-)

  peter99co 18:22 08 Apr 2008

If a Bank lends funds to buy a house using a ratio of 5 times salary it is no wonder some people have problems.I don't know what the legal limit is but this limit is often abused.

  Noldi 18:58 08 Apr 2008

peter99co
I totally agree the lenders have increased the price by increasing the amount people can borrow, I did here 7 times salary/40 year loan. I for sure could not buy my first house again if I had be born 20 years later. My kids just rent and spend it on fast cars now.

DC

  barca1 19:14 08 Apr 2008

Just to add "Gordon Brown" has also stated this:click here

would i realy trust this man...???? "I THINK NOT!!!!!"

  Forum Editor 19:31 08 Apr 2008

I'm not a Gordon Brown supporter, but try to understand that's the kind of thing Prime Ministers say - it has little do do with being trustworthy or not. Any Prime Minister would be saying much the same in the cirumstances, because there's not much else that can be said.

Anyone who knows anything about the housing market knows that house prices will not fall in the long term; what we're experiencing at the moment is a glitch. Lenders are pausing cautiously, and understandably so. It will pass, and prices will rise again - it's predictable and inevitable.

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