Sadly if they do fall 5% or so, buyers buying at the current peak will be into -ve equity in year 1.
No deposit? Not common in London surely.
Speaking to a lad at work who does house viewings for extra cash.....and friends who are trying to buy
Folks in aberdeen on 1/2 bed flats in town are being rejected at 30k over asking - and folks are getting the price they want !
On bigger 4/5 bed properties folks the gap widens to about 60k over asking
Makes the 5k more i paid 2 years ago to get it off the market quick seem like pocket change. ( and at the time i got called crazy on here - markets going to crash- market has to crash - this cant go on for ever.......)
Friends of mine are looking for 2/3 bed house with garage- they bid 15% over asking and got rejected.
Another couple bought a new build for way over the odds as they got fed up playing the game.
Definitely softening in London, I couldn't get a viewing in the last couple of months but now I'm getting a couple of properties a day being mailed to me and they are actually available rather than "oh that's gone to an offers over sealed bid already"
Lets keep it simple.
Of course prices will go up. could your house have been bought for what its worth 50 years ago? No. There.
Where was this recession anyway? The only thing I have noticed over the past 10 years is fuel going up. is that what people mean?
I am currently mid way through selling/buying. Earlier in year there were few properties around, more buyers and it was frantic. Most places going to sealed bids and going for way over the asking price.
Now there are lots more properties on the market, which is perfectly normal at this time of year. Asking prices have not reduced but places are taking longer to sell, and a less competitive atmosphere must mean slightly lower offers are being accepted.
The demand to live in popular areas is still high though in Bristol, and if people are (just) earning enough to afford them, I can't see why prices will suddenly fall. Supply and demand.
Maybe that's not the case for the whole country though, but most media reports use averaged figures which are misleading.
