What's happening to the property market near you?

What is happening to the property market near you? This blog post was written in April 2008, in a bid to sidesteps statistics and tell people what's really happening in the property market. Since then readers from all over the country have added their experiences and continue to do so, helping build up a picture of the property across the UK.

So what is happening to house prices where you live?

When it comes to the property market, the Mark Twain quote ‘there’s lies, damned lies and statistics’ is one that springs to many minds.

The biggest statistic so far highlighting the troubles burdening the property market arrived this week with Halifax’s house price report recording a 2.5% monthly drop in the cost of an average home – that’s just shy of £5,000.

This is the biggest monthly fall since the depths of the 1990s property crash, when prices fell by 3% in September 1992, and doesn’t even reflect the recent spate of mortgage cuts.

But bundled up with Halifax’s headline-grabbing report were the regional figures for the first quarter of 2008, which actually showed prices rising in some areas.

The biggest complaint we hear levied at the Halifax house price index, it’s big-hitting rival the Nationwide house price report and other lesser used figures, are that they don’t reflect what is happening in This is Money reader’s local areas.

Due to the illiquid nature of homes, it’s almost impossible to translate headline figures into a detailed insight into the immediate property market, so I thought it would be a good idea to ask readers to give us a snapshot of where they live.

To kick it off, I can describe what’s going on near me.  I live in Stroud Green, a little area between Finsbury Park and Crouch End in North London, generally bundled in with Finsbury Park for simplicity.

It mainly consists of streets of Victorian terraces, many divided into flats but quite a lot containing houses that are still as one. It’s a popular area, a bit shabby round the edges, with a good selection of restaurants, pubs and independent shops, that would probably be termed up-and-coming, if that phrase didn’t annoy me deeply.

It’s also a favourite as it sits just down the round from trendy Crouch End and Highgate, within walking distance of even trendier Highbury and Islington proper, and has a park, two tube lines and a mainline train station.

My girlfriend and I bought our flat almost two years ago – the offer was accepted in May 2006. At that point prices were rocketing and the £230,000 we paid for our one-bedroom garden flat, swiftly became £250,000 for similar properties in estate agents’ windows, then £270,000 and finally some were pushing £300,000.

Up until about six months ago there was a shortgage of such flats on the market, and some would be snapped up in weeks, but recently there have been a lot more coming on and not going anywhere.

Asking prices have maybe fallen slightly so a one-bedroom flat is around £260,000, while two-bedroom flats are asking around £320,000-plus, a classic Victorian terraced house is £550,000 for two storeys, or £650,000 for three. In the top roads, where there are bigger houses with large gardens you’d be looking at £750,000 upwards.

The problem is not much seems to be selling and no one is dropping prices.

So that’s my area. What’s happening to the property market near you?

- Simon Lambert, This is Money

Useful links:

>> Will there be a house price crash?

>> The latest mortgages and property news and advice

Comments

[Francis Edwards]

Well I've been realistic and sold my house to a first time buyer. Houses like mine in a semi rural suburb of Leeds are on the market for £175k to £185k but I sold mine (complete with new kitchen and other money spent to the tune of £10k in the past year) for £165k.

The reason I priced it was because I was after a house that for two years had been up for £350k which needed work doing on it, but came with a third of an acre garden in a posh suburb of Wakefield. Unfortunately that property was bagged by someone outside the country so I am now looking at other properties in the same area.

Unfortunately prices are stubbornly high for smaller houses, gardens and indeed niceness of road and by my estimates (well lands registry figures and trawling estate agents for two years) only 1 in 10 houses has ever sold in my desired area for the last two years. I have bagged a 0.59% lifetime tracker deal from Abbey (I'm already on 0.75% from 6 years ago) but this is only available until August.

Maybe I'll get a house by then, but maybe my desired area would rather be on the market for another two years before accepting £20k less than asking (and even then I'm cutting my nose off!)

[Clare from wiltshire]

We sold our house in Dorset for £7k under original guide price, and we were lucky as some offers were coming in at £20k less than is was worth, witch was £230K. We have now moved to a town just outside of Salisbury, wiltshire. When we first started looking, there were a good number of properties available within our budget, 6 months on, many of those properties are still for sale and have dropped their price considerably £10 - £20k. Now there are loads of properties to choose from and dropping daily, as anything over £200k is not moving, and £200k in this part of the world will get you a very small 3 bed-semi. We are the lucky ones, we decided not to buy and rent instead, now im hoping they drop more, so we dont have to mortgage to the hilt just to afford a reasonable size home for the family. Bring on the property crash!!!

[james]

I live in a affluent suburb of Nottingham where the average house price is around £350,000. I bought my house about 4 years ago and dont intend to sell for a long while yet ( if at all) so the housing price crash doesnt affect me. However, their are quite a few houses for sale in the local area, some have been on the market for 6 months or more. The problem is that the vendors are just not realistic with their prices. There is a five bedroom bungalow ( with loft conversion) on the market for £399,950 since May last year. The owner has not even reduced the price. I certainly would not value it over £350,000. Be realistic with your selling price and you will sell.

[Wary FTB]

I also live in Nottingham. Unlike James, I am a lowly FTB with a max budget £140,000. I agree that houses are still being priced as per Jan 07 and some have even been priced at 10K more. Sellers aren't dropping prices and houses are stagnating on the market. Only bargains are selling.
I was thinking of hanging in there and see if prices fall further but I suspect rent prices will go up. Higher mortgage rates mean buy-to-lets will increase rent to cover costs.
I don't think a house price crash will solve everything. You may pay less for a house but the mortgage repayments may still be as high.
Wish me luck navigating this house market!

[Mike from Derby]

Well, I am looking to sell my house in a low income area of Derby where there is a multi-racial mix of people. So, I am watching things carefully.
Prices are very low compared with the country average - app £100k for a 3 bedroom terrace with chtg and double glazed etc. Houses are still selling quite fast here and prices do not seem to have fallen at all. People want cheap houses!!

[Steve]

Estate Agents need to be truthful with vendors and they in turn need to be realistic with their asking price. I have seen some price drops of 10-20% in Poole, but some agents have increased asking prices as the "spring jump" is here. One house which is marketed with 5 agents for the last 9 months has just been advertised with another agent at 5K more. Buyers need to be ruthless with their offers until the vendors realise the market has changed.

[Franco]

I sold my house in Nov 2006, taking 5K under the ask because I felt it was right to negotiate with people who were in a good position. Roll forward to now and I am a cash buyer with no chain looking in a very wide area - Lingfield in Surrey to Uckfield in Sussex.
I have put in a couple of offers but both about 15K under ask (on houses in the £270K bracket), reflecting my position and the very real uncertaintly in the market. Notably, my offers have been refused immediately. The sellers have since come back to ask if I would reconsider. I won't - I made serious offers and if they choose to be unrealistic and plain greedy, then they need to be taught the simple lesson that something is worth only what someone is willing to pay.
I now have agents on the phone daily, and I am very pleased those sellers didn't accept my offers - there are now lots of similar houses within the £250K bracket and under. Some sellers are being realistic and recognising that if they accept a lower price, they too will be able to negotiate a similar reduction in anything they buy. My advice, asking over the odds now will only make the process more painful and long drawn-out - get realistic and think about what you would be willing to pay for your own house/flat.

[margaret]

The house l am interested in came up for sale January 2007, it was overpriced at £575k and did not sell. Then it was reduced to £495k and sold for £475k. The sale fell through and the property came back on the market at £425k, it is a nice old country cottage near Milton Keynes.l offered £400k and my offer was accepted, sounds good but is it. If prices keep falling it will only be worth £350k by Christmas and l always say if you are not sure don't do it. So l think l will keep renting.

[Lindsey]

I am a Manager /valuer for a leading Estate Agent, Reeds Rains in Wakefield, West Yorks.
It seems to me that vendors are still living in the old market probably because they have been on the market that long and don't want to accept that it is a buyers market now.
It really frustrates me how some of my competitors are still over valuing in order to achieve instructions. This is a false economy and only disappoints the vendors.
In Wakefield, West Yorks the market is static and houses that are realistically priced are still selling well. I still view the market positively.

[Francis Edwards]

Well I've found a house to buy in Wakefield :-) and yes put on the market for £375k but they've accepted my offer of £340k. I guess the fact that I have been refusing to look at houses even though I sold mine at £15k less than other similar houses [see first story above] in February and being very bullish with estate agents has helped.
Now the only problem is estate agents being pushy to try and get the move done quickly to get their slice - I wish they would realise that I don't need to pay for parts of my solictor searches if they just hand over the HIPS they are supposed to organise and I've got free legal with my mortgage so no I'm not going to randomly pick a conveyancer - let me at least sort the one that's free with my mortgage!

[Dave, Fleet]

Fleet Hampshire.. Not much shifting down in prices but plenty of unsold property.

Except one example. 4 bed detached house went unsold late last year when up for £370k (when similar houses around it were selling at £360k-£365k) it is back on the market now at £345k) and remains unsold.... whilst similar around it just sit at £360k-£375k.

Anything new on the market if they want to sell will need to revise down below £345k...

[Christopher]

I live in Mansfield Notts, one of the few areas where you can buy to let @85%ltv and still make a decent profit.This means 2 and 3 bed houses simply fly. The only properties that stick are poor quality. Apartments make no sense for the btl landlords so these are slow moving. Further up the market I see dated 15 year old 4 bed detached houses with 15 year old artex, kitchen, bathroom and heating systems ask the same money as a brand new house. The old houses tend to stick.

[John Anderson]

You may find this hard to believe, but Edinburgh prices are rising.

[Francis Edwards]

Well an update to that property in Wakefield that was up for £375k .. well no house on the street has sold for above £300k and its nearish to a council estate where houses sell for just £73k. Abbey have valued it at £300 for mortgage purposes so I've told the buyers I'll not pay above that valuation even though I had offered £340k previously.

[Ben Cavelaert]

Most agents in Chiswick (London W4)thought that the area would never be affected by the Credit Crunch as it has always been a sought after area, safe and middle class. Well...well...properties sell for 10% less than what they were valued for in December 2007 and the offers come in at between 5 to 10% below the asking price. But one can still find vendors who put their properties on the market at silly prices hence ruining their chances. No area is safe.

[patricia]

I am trying to sell a 2-bed seafront apartment in northern ireland. I have reduced the price by 40k to 160k and have still had no viewers, this brings me down to the price i paid in 2006. This is contrary to what others are saying about if priced right it will sell. I would not agree with this as my property is the best priced one in the area and is still not selling. Advice given to me by a local agent was do not reduce the price as things still wont sell. I now realise he was right!

[john]

Here in Perth Australia it's pretty much the same; but remember many venders are just playing the market, If someone will pay the silly top dollar' they'll take it, otherwise they'll they're happy to sit tight forever., The Indian and Chinese economies are doing crazy things to home prices here, In a period of a few months the house next to mine was sold for $585k knocked over and two new houses built on the site; comming onto the market at 1.1million each, a nice paper profit for the builder who has yet to sell either: after? 3-4-5 months of trying = welcome to "bubblesville" :))

[kevin]

In the North-west people learned that what goes down will also go up, so more people are keeping hold of their properties, expecting them to rise again in 4 or 5 years. Rental properties are rare nowadays, as immigrant workers snap up all the ones round here.

[kevin]

add to my other comment, a friend of mine is a builder and hes getting houses thrown at him from overpriced estate agents, he refuses to buy because he knows there desperate to sell, people with money are waiting till the price hits bottom then they'll all start buying again, it's just buisness with some people.

[Ruth]

I am finding it very difficult to stomach people calling me greedy! I have put my property on the market at the "market value" (245k)which was confirmed by two estate agents. I dont think that I am being greedy by accepting what the "experts" in the market think! Isnt that part of what I am paying them for? I saw evidence of properties that sold at that price and then saw similar properties and prices on the internet. Greedy? Nope I dont think so!

I am now in a situation where properties are just not moving - so many people sitting tight...does this make me greedy? I am considering dropping my property by 15K - does that mean that some "darling" will think that I was being greedy originally? Well, from reading the posts here that appears to be the case! I am dropping the price to get things moving and hopefully secure a quicker sale - greedy?

We have to move because of my husbands job - is it wrong to try and do so? If I drop my price I am then branded as greedy for having put it on at the market price in the first place...guess I cant win at this game really!

Now, lets see it from my side for a while....I have read lots of posts about the prices and inevitably there are a large number of people saying that they will "sit it out" until they get a "rock bottom" price for a property - I am assuming that they expect that price to rise? Hmmm greedy or just realistic? Are you just as bad as the people who are trying to sell - or maybe worse? Is it not you that are slowing the market? I have no problem with this situation - it is market forces and thats fine...my problem is to be accused of being greedy! I think some of the posters here need to take a good hard look at what they are saying about other people and then look at themselves - are you not looking for a bargain? At whose expense? When you resell will you be looking for a good price for your property?

I have no problem with people operating in this way - but to beat up the vendors is really a joke! Maybe take a little while and think before you type! It could be you, your child, mother etc trying to sell - do you think they are greedy? Well neither am I!

[susan stuart]

We have had our property up for sale-3 bedroomed semi, conservatory, built on utility room and garden to die for since Jan this year. We live in Rotherham,South Yorkshire. We have not had one viewing and have reduced the price from £124,950 to £119,950 and still no viewings. This is a lot of house for the money.

Until we receive an offer we are in a no win situation and cannot look for a property for ourselves.

I have seen numerous properties that suit our requirements and surely there are people in the same situation as us.

[Judith Beilby]

I have been trying to sell our detached bungalow in New Malden for almost a year. Twice we have accepted offers only a week later to find our buyer's buyer dropped out. Nothing much is moving in this area from flats to semi detached houses right up to the higher price end of £600k. We have twice reduced our price. The only saving grace is that where we want to move to the property market there is also very very slow. Can't see us moving this year or even next year at this rate.

[Gamini]

I can see estate agents around here are woking hard to keep the house prices up. Nowadays they don't put "Reduced" tags on their advertisements Of "For sale". Instead of that, they reduce the price again and again. but advertise with "New" lable. I have seen the same property had come to the market more than three times with "New" tag. I kept my eye on property for sale around GU1 area below the price tag under £300,000 for last 2 years.

[nazir ahmed]

Prices in the harrow area are still being priced too high by estate agents. have been looking to move for a year, but no quality homes ,
One house reduced from 530k to 425k now but still not selling. over pricing is a big problem. they have come down by 10 percent at least. one underpinned detached house originally priced at 650k 18 months ago sold for 472k at auction. so i think i will wait for another 6 months as trading up so i should benefit

[Miles]

I live in Milton keynes and i bought my first house in 1995 when the house prices had crashed, i was very lucky and bought the one bed house for £35k in 1995 than in 2000 I sold it for £60k, then bought a 2 bed house still in Milton Keynes for £85k and still here not wanting to sell and also not able to afford anything else, as the property prices are much too high and would be happy for prices to fall, its just not possible for first time buyers to get on to the proptery ladder without a huge deposit, and i would not recomend it either we will just see more people getting into trouble and not being able to pay for there morgages. my 2 bed house is now worth £175k so its doubled in the last 8 years to me thats just crazy.

[catherine Love]

I live in Wiltshire and recently put my house on the market recently. I have had no viewings as yet but it is still early days . Before I put my house on the market I took independent advice from eight Estate Agents, with the exception of one, the valuations were similiar.I am realistic in my expectations and I am quite open to offers. However I do need to buy another property and cover the costs of the move.
I could under value my property and sell but the sort of property I am looking at has not dropped at all in this area.
I think it likely that I will drop my asking price slightly and still be prepared to accept a realistic offer.However if nothing has happened by the Autumn I intend to take my house off the market and ride the storm. I am not greedy I am just a widow who needs to down size and realise some capital to live on but can not afford to give away her only asset.

[Lisa]

I live in Sutton, Surrey - one of the few areas that did not get the over the top mad price increases - you can buy a two/three bed semi with a garden from £230K to £250K - this has dropped from £250 / £275K The schools are listed as some of the best in London which seems to have saved the area - just this month three properties on our street have been sold in under three months (all elderly people moving on), its a forgotten area and very convienient for people who commute to London for work that have young families - they seem to be our new neighbors moving into the area. The only properties that are sitting on the market are those valued over £300k.

[Balwant Munglani]

I think Estate Agents are playing 'games' again. A house in my area sold for £354K only June 2007 has been put on the market for sale for £454K as recommended by the estate agents. The estate agent is now recommending the prospective buyer to make a reasonable offer!! 2 months has elapsed, No offers yet and no meaningful viewings either. I think the realistic price ought to be as in June 2007. However the estate agent is recommending the vendor to wait hoping for some 'mug' to come in! Not me, though.

[Michael]

I live in Lincolnshire and property is very slow here. What you all should remember is that we are an island there is no more land available plots near me are 80 to 125k with planning permission, so why should I reduce my price of 154k for a nice size 3bed semi with a large garden in a nice area, whats more land prices for agriculture are going through the roof at the moment meaning future builds will not be any cheaper.

[Hayley]

Hi We are from Bexley in Kent and are 1st time buyers - we have seen around £15k knocked off two-bed properties that we have been looking for in Crayford and Bexley in the last month!

We are in a dilema that we are 1st time buyers and found somewhere we love, however everyone is telling us to hold out but I am worried that we may lose the property. It was on for £215,000 for a three-bed terrace in Crayford and we have been accepted for £206,000.

Do you think we should hold out or continue to go ahead?
Thanks

[Simon Lewis]

Sir,

I am searching your site for information on a CTF, and struggling to come to a decision ... However, while browsing I read the above article by Simon Lambert and now find myself in a quandary: Mr Lambert quotes the old adage of "Lies, Damn Lies and Statistics," and attributes it to Mark Twain. It was in fact Benjamin Disraeli.

When such schoolboy basics are incorrect, how may I trust anything else he claims?

Regards
Simon

[jmca]

Iam looking for houses for my son & daughter-in-law who are re-locating from Switzerland. We are looking in the range £550k to £650k. Have been looking since February. The houses I've seen so far are, without doubt, 25% overpriced. It is sad that the price of a house in Woking does not reflect its true value. Having looked at the price of some of these houses in 2001 it appears they have all gone up at a rate of £60-£65000 a year. Disgusting.

[Mark]

I have a 3 bed terrace between Lisburn and Belfast and need to upsize for my family and also move closer to work, but nothing is selling here. I have been trying to sell since April 2006 but the rapidly changing prices have made it impossible. In 2006 we had lots of viewers and bids but had 3 sellers pull out before completion that year due to greed and/or gazumping in the chains above us. Our house originally went on for £95,000 and got great interest. By Jan 2007 bids of £180,000 were flying in from first time buyers and investors. It should have completed in 2007, but 2 diferent buyers pulled out due to correction fears, and I have had to lower the price on each occasion and re-sell.
I was offered £143,000 in April 2008, 7K under asking, when other sellers in the same street wanted £180K, the buyer pulled out in June with fears of futher drops and was only willing to give £125000...still not sold

[Simon L - This is Money]

This is building up into a very interesting discussion and great insight into what the property market is like on the ground around the UK. Thanks for all your comments.
I think that if there's one thing we can take from this it is that in many areas it seems the market is jammed. I will update you more on my area soon.

As an aside, I'd like to add a response to Simon Lewis above, on my quoting Mark Twain.
There is debate over where the lies, damned lies and statistics adage comes from.
Mark Twain himself attributed it to Disraeli, but as I understand it there is no proof that Disraeli ever said it, and Twain is credited with popularising it.
Twain's attribution to Disraeli is believed to refer to a speech by Leonard Courtney who commented on the words of the Wise Statesman, who Twain took and many people understand to have been Disraeli.
There is also a suggestion that neither Twain or Disraeli were the originators of the saying.
I apologise to Disraeli, Twain and any others for any hasty misattribution in my blog, but this was not about the origins of a phrase, but about the property market. And to use a schoolboy excuse to combat accusations of schoolboy errors, I also described the Mark Twain quote 'lies, damned lies and statistics' and as that is in his autobiography it remains a quote from Mark Twain.

Here are some links to the various discussions. I'd love to see the definitive answer.

http://www.phrases.org.uk/meanings/375700.html

http://www.york.ac.uk/depts/maths/histstat/lies.htm

http://www1c.btwebworld.com/quote-unquote/p0000149.htm

[Malcolm Dennis]

The difference this time is that owners who may fall into negative equity are not being made to panic by Estate Agents into selling their homes. They are not prepared to sell at a loss. So that means less properties on the market and eventually - less Estate Agents. It will come good again, just remain calm. You have something to sell, so do it on your terms.

[Jeff Smith]

Aberdeenshire , the Haddo style house here sold for £185k 2005 and peaked at £257k 2 months ago - £224k today

http://www.scotia-homes.co.uk/developments/prices.asp?id=19

[lewis]

We have had our property on the market since June 2007
it went on at 165k it is still for sale but now at 140k.
The house is a nice three bedroom semi in a very nice part of South Wales, I have always believed that house prices have been too high, especialy for the first time buyers, people like us who bought our property 20 years ago could never have believed we would be selling our houses for this kind of money, I dont look at it like lots of people that we are losing 25k , we still stand to make a lot of money on our original investment, it's time the housing market gets sensible

[Peter]

Dubai house prices are up 78% over the past year, according to Colliers International today. There may be more to come, so move here to escape the gloom of the UK weather and house prices, see my blog post:
http://arabianmoney.net/2008/06/18/dubai-house-prices-up-78-another-surge-guaranteed/

[Phil Graham]

It's now the end of June 2008 and here in Wimbledon I've seen all the good quality properties disappear from the market (unsold). Mine's still up for sale, after 6 weeks or so, at a bargain price for the area because I'm working on the theory that if there's one buyer out there pretty soon mine will be the only property they have to choose from in this price bracket! I'm emigrating to the USA where dollars are cheap right now so I've proportionately lowered my house price to a level much lower than its true value. (£840k now reduced to £750k.) If/when the dollar gets more expensive I'll be putting the price back up again, by which time I probably WILL be the only property available in this little area. There won't be a crash (certainly not in Wimbledon), just a whole lot of red faces when buyers finally come out of the woodwork and realise they've already missed the boat! Visit my bargain house here:
http://www2.housescape.org.uk/cgi-bin/full.pl?&brn1&&BRN1000488&&

[Ana Sofia]

The housing market in England is manipulated by half a dozen magnates. They only make money if the market goes up and down periodically. They buy property while the market is down. After a number of years when the market is at the top they sell and induce a media campaign to make the market go down. The fundamentals of the UK economy are all sound. There is absolutely no reason for falling house prices. In Scotland house prices still rising almost everywhere. Just ignore the prophets of disgrace and you will be OK. All the magnates want is people to panic and start selling at lower prices.

[Mart]

I live in south staffordshire, more precisely Codsall, and was pleasantly suprised that when i had my 2 bed end terrace valued last week that it had indeed lost none of its value. I was told this was due to a shortgage of supply in what is a desirable area. Indicating that a good property in a good area will hold its value even in the current climate.

[isobel f]

We have sold our house last year for £650k in the cotswolds after seeing it raise by 100k in one year, for we saw a crash was coming and were determined to sell last summer. We are fortunate. We have friends who cannot sell properties in the most beautiful villages in England, they have not had a viewing since christmas, not one single person. Estate agents will be loosing thier jobs soon, the market is at a standstill, people are no longer able to get mortgages 5x their income which has substained the rapid price hike, nobody will want to borrow like they have been doing for property again for many years to come. Now unemployment is rising too, it is only a matter of time before this big bubble bursts. I feel very sorry for people who have borrowed beyond their means in the past few years, because of estate agents and banks irresponsibility.

[jonathan bender]

I own an estate agency located between Derby and Nottingham. Properties in my area are very affordable and easily selling if they are realistically priced.That means about 10-12% less than they would have been last summer.
We are now finding first time buyers coming back into the market to take advantage of these lower prices. Mortgage rates are not THAT high, properties are more affordable, and banks are lending more responsibly. This should be reported as good news, not bad.

[Matt]

I live between Christchurch & Bournemouth in Dorset. For a long time this area has been considered a very safe investment & a desirable place to live. On face value the market appears calm / stagnant, however the prices are being driven down sharply but kept very quiet. The value of property is no longer relevant. The only important factor now is how much the buyer can afford which for the forseeable future is markedly less than a few months ago. I regularly see statistics of a 3 or 5% downturn this year. What I have seen locally is prices slashed 25% & more for flats, to get a buyer before the market goes over the cliff edge. This includes my own property, only a five minute walk to the sea, reduced 25%, an absolute bargain & no buyer in sight.

[Martin]

Hi
I live on a new estate in Leyland Lancashire, on this estate for the top priced property the developer is asking £277k if you are a good negotiator you can get them down to £255k, however not every one can negotiate. The same properties that have been already sold and are up to 3 yrs old are now up for sale for what ever reason, at a asking price of £250k before you negotiate and you are getting carpets curtains established gardens some times even a conservatory.
My mother is trying to sell her 3 bed semi at 80yrs old to buy a apartment in a retirement complex. mother has twice reduced her price but the big developer will not reduce theres so mother is going have to stay put and lose the £1k reservation fee better than loosing £12k plus however much someone can knock her down.

[David Goddard]

So ~ What's happening in my area?

The housing market is very flat.
There are few perspective buyers around.
Houses are taking a reasonably long time to sell.

And ~ Where is that market? The Limousin in France.

So the housing "correction" or "crash" however you view it goes beyond one country and is likely to be felt for some years yet.

I'm keeping a watchful eye on the UK market since I would like to buy in the next year ~ but not at unrealistic prices.

My view is that the market will go down at least another 10/15% in 2009, that there will be many repossessions by Xmas, Estate agencies which are not realistic will go out of business, and the UK economy will be in recession by September.

Not all doom or gloom however ~ Gordon Brown won't last beyond Xmas either. Every cloud.....as they say........

[Zoe Rean]

Hi,
I am a Sales Negotiator for a small Developer in South Yorkshire, we are discounting the houses by £20,000 in an attempt to secure sales and buyers who are trying to sell their houses are having to accept at least £10,000 less than expected for their house. Estate Agents are also down valuing properties by £20k too...... Over all our sites we are selling odd ones and keeping the money trickling in !! Its not good in the housing market - LoadsS of redundancies too and we have stopped building. Visitors to site - I average 2 a week.

[peter]

Anybody buying a UK house now would have to be barking mad. The market is clearly falling like a stone. Please have a look at this comparison to the early 90s. It is worse this time...

http://arabianmoney.net/2008/07/16/time-to-buy-a-home-in-the-uk/

[Tricky]

Lets face it it's not all the banks fault, it's not all the estate agents fault, it's the market and Gordon Brown's fault....!

I feel sorry for anyone who is unable to pay their mortgage, especially if the job market is against them.

[Noddy]

Hi,
I Live on the coast in Kent. In the last recession house prices crashed, and businesses folded about nine months before the rest of the UK. The same here today we saw property decreases in early to mid 2007. For example a three bed detached bungalow at its height was £240,000 now £210,000. But thats it. No houses selling due to loan scarcity but vendors refusing to lower any further. I personally feel that the market has certainly bottomed out here,with people not desperate to sell, refusing to drop any more. Repo bargains will always be a factor in a recession, but always a small percentage of the total U.K housing market.