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07-11-2010, 02:16 PM
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House Prices - What are the predictions.

The house buying situation seems very divided at the moment and as my daughter is currently purchasing a house, I wondered what people think will happen to house prices in the coming year.
At the moment she is back living with us and her two boys are with her. She needs to live somewhere of her own and as her eldest child will be starting school in January, she wants to be settled before the New Year.
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07-11-2010, 02:20 PM
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Re: House Prices - What are the predictions.

I think they will very gradually go down... but longer term think there's a good chance of a 'bust', because of the economy and past actions of bankers :-/
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07-11-2010, 08:21 PM
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Re: House Prices - What are the predictions.

I'm sorry I can't be of any help Aerolor, all I can say, for what it's worth, is that in Dublin the prices keep dropping all the time with no sign of the market settling down, my Son is thinking of buying a house (he's in a flat at the moment) and can't decide on now or later.
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07-11-2010, 09:46 PM
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Re: House Prices - What are the predictions.

Mortgage rates as low as I have ever known them, house prices not going anywhere=pile in if she can. But remember a house is a home and not for short term speculation unless you gamble
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08-11-2010, 11:37 AM
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Re: House Prices - What are the predictions.

Thanks everyone for your comments. She is going ahead and buying anyway because she and her husband have separated, so she needs somewhere to live and be settled.
You are perfectly right Old Git, a house is a home, not short term speculation. She doesn't want to move again for a long time, so it is probably best not to keep looking at what the prices are doing. Rents can be very expensive in decent areas and the place is never your own, so hopefully she will be OK. Under normal circumstances I think the house would be an excellent choice - all the good schools, good area, etc., plus she likes it very much (says she has a good feeling about it) and thats always an important thing for a woman to feel about her home

PS - Hope you are managing OK Old Git. I am sure everyone is thinking of you.
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09-11-2010, 01:56 PM
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Re: House Prices - What are the predictions.

Originally Posted by Aerolor ->
a house is a home, not short term speculation. She doesn't want to move again for a long time, so it is probably best not to keep looking at what the prices are doing.
Completely agree, unless your daughter is in the property development business (Which I assume she is not) now is as good a time as any to buy a house and if she likes the area, the local schools are at least OK, and she has all the other facilities she needs (Doctor, dentist, shops etc.) then go for it.

It's a long term thing, having bought it she shouldn't look at another property price for years to come (What does it matter if a house around the corner sold for more than she paid?)

One thing I would advise 'tho is that you & she should sit down with a calculator and see how much interest rates would need to go up before she would be unable to afford the mortgage. (Assuming she is getting a mortgage)

Rates will not go up anytime soon, but let's say in five years from now she is still on a roughly similar income but rates are then 10% would she still be 'living within her means'

Sorry if the above sounds patronising but it's so easy to do the maths on income and expenditure now, whereas so many people get caught when surprise surprise interest rates go sky high.

I can guarantee rates will not move up anytime soon, but in five or seven years things might be very different.
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09-11-2010, 09:14 PM
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Re: House Prices - What are the predictions.

Thanks for your reply Losos - No she is not in the property business, she just needs another home for her and her two boys now that she and her husband have split up. She will be going this on her own and has decided to take a 5-year fix mortgage with HSBC at 4% which is not too bad a deal I don't think.
I don't usually post my worries on forums, but I am concerned for her at the moment. The next years will be tough for her - she has to work full-time and her two boys are only 4years and 15 months. Fortunately, she will only be 10 minutes walk away and we can help her.
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10-05-2011, 11:33 AM
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Re: House Prices - What are the predictions.

Originally Posted by Aerolor ->
Thanks for your reply Losos - No she is not in the property business, she just needs another home for her and her two boys now that she and her husband have split up. She will be going this on her own and has decided to take a 5-year fix mortgage with HSBC at 4% which is not too bad a deal I don't think.
I don't usually post my worries on forums, but I am concerned for her at the moment. The next years will be tough for her - she has to work full-time and her two boys are only 4years and 15 months. Fortunately, she will only be 10 minutes walk away and we can help her.

Agree with the others, if it is your home that you are buying and don't plan to move for years then don't worry about the market. It is better than renting as at least your money is being put into something as rents are a similar amount to mortgages nowadays.

Also with rates being rock bottom a long term fix I think is a good idea as they will only go up.

I know your daughter is not an investor but a friend of mine who is a financial adviser said the investors are buying them up left right and center because prices are rock bottom and at some point, be it 5yrs or 10yrs or even 15-20yrs, they will shoot back up and they know this so they all agree that now is an excellent time to buy so I believe she has done the right thing in all respects here.

Steve
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10-05-2011, 06:02 PM
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Re: House Prices - What are the predictions.

Thanks Steve. She has been in her house for nearly five months now and things have settled down a bit. She is very pleased with her new home and I think she will be staying put for quite some time.
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23-10-2011, 05:30 PM
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Re: House Prices - What are the predictions.

I moved last year and i lost about £30,00 selling my old house when i added up what i had spent fees and new boilers ,windows and more ..Then we moved here as my husband works nearby and he was finding it to far to travel..he paid more than this house was worth and now we have spent a lot on this house sorting it out and i am stuck i am not keen on it here but cant move back home or else i will be giving money away again..So i am trying to put a brave face on it..my daughter is only 30 minutes from here and she is now on her own with a mortgage and two children but she is managing..I think the house market is in a poor way as people havnt got the money to pay higher prices i sold my last one for cash to get rid of it fast to a man who owns 36 houses that he rents out..
 
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