Marc
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Registered: 11th Aug 02
Location: York
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Reported they are going to start rising next year.
http://www.bbc.co.uk/news/business-25306584
Does anyone else think that part of the reason for this rise is reporting such as the above?
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Paul_J
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Registered: 6th Jun 02
Location: London
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It does become a bit like bitcoin hype to be fair sometimes... the recent press about house prices rising has sparked a lot of people now looking to get on the ladder 'to not miss out / be left behind' - which in turn causes a rise in demand compared to supply and the prices rise. (Just like the bitcoin bubble).
That said, there has been a lot of cheap money offered (i.e. very low interest rates) - combined with things like help to buy / shared ownership - it's no wonder the market is now starting to move.
The way to combat this easily is just to raise interest rates, which makes borrowing more expensive and slows down the number of people that are jumping on the wagon of buying a property.
If you bring the demand down then supply and demand balance and prices stop rising.
The key issue here is that the government have to take serious precautions before raising interest rates as so many people 'may' have taken mortgages out at the really low rates at repayments they can only just afford (Deano87) - which then get screwed if interest rates shoot up.
So it's a balancing act, I expect if they can control it to be a steady increase in prices with a gradual minor rise in interest rates, then that's probably the best of both worlds.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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Mostly bullshit, even a 0.001% increase is met with a media frenzy.
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Hammer
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Registered: 11th Feb 04
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In my own unscientific, based on nothing more than hunch, opinion they are on an upward curve.
Again based on nothing more than personal experience a lot more people are buying houses than they were even so little as 12 months ago.
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Rob_Corsa
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Registered: 4th Apr 02
Location: Derbyshire
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Interest rates are only going in one direction, up!
As soon as they do house prices will come down again.
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Hammer
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Registered: 11th Feb 04
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quote:
Originally posted by Rob_Corsa
Interest rates are only going in one direction, up!
As soon as they do house prices will come down again.
Then go back up again, as they always do.
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Rob_Corsa
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Registered: 4th Apr 02
Location: Derbyshire
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quote:
Originally posted by Hammer
quote:
Originally posted by Rob_Corsa
Interest rates are only going in one direction, up!
As soon as they do house prices will come down again.
Then go back up again, as they always do.
Yes no doubt, long term they are sure to rise.
They current increase is probably no more than a bit of fluctuation, there isn't enough money around at the moment to sustain any serious price rises.
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spencer88
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Registered: 6th Oct 08
Location: cornwall
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2-3 years prices will start to rise more substantially.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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House prices have been rising since 2011 here.
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1986
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Registered: 19th Jun 13
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bit off subject but guess ill get as good a answer in here as making a new thread, so what's the best way to get a good valuation on your house ? pretend that your after selling and get an estate agent round ?
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by 1986
bit off subject but guess ill get as good a answer in here as making a new thread, so what's the best way to get a good valuation on your house ? pretend that your after selling and get an estate agent round ?
If you have no plans to sell or remortgage then just see what's on rightmove/zoopla within 1/4 of yours, should give you a fair idea.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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 don't worry. I'm not making any silly mistakes or decisions!
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John
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Registered: 30th Jun 03
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Don't worry about Paul_J deano, he has the benefit of knowing at least 6 months in advance exactly what the housing and mortgage market will do, normal humans don't have that advantage.
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spencer88
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Registered: 6th Oct 08
Location: cornwall
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quote:
Originally posted by 1986
bit off subject but guess ill get as good a answer in here as making a new thread, so what's the best way to get a good valuation on your house ? pretend that your after selling and get an estate agent round ?
Property Valuation of near any kind, bar residual valuation and contractors method, is merely an opinion.
When valuing residential property, the comparable method is used.
In simple terms, estate agents look at what else is on the market in the area and use this as a guide price.
For instance, if you had a 3 bed with a garage.
Next street same house for sale without a garage, is £150,000
House on next street with 4 beds and garage is £200,000
You could assume your value would be in the middle somewhere, with further evidence firming it up.
But as said, overall it is merely someone's opinion, one you can roughly gauge through property websites.
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1986
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Registered: 19th Jun 13
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Yeah I suppose really its worth what someone is prepared to pay for it ? only asking as bought a house that was a repo and literally gutted it and the only thing not replaced is the front door so wondering if im sitting on profit or not and its abit of a funny one as my house is the biggest on the street and many streets around as it was the only one with room for a decent extension
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