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Property Buying

#1
I thought I'd have the pleasure of posting the first thread in this Forum. :D

Buying your first property is always a worrying time. With changing rules and, to date, ever increasing prices, times have been hard on the first time buyers trying to get a leg on the ladder.

Now people are talking about a property slow down; some talk of a crash. The money is out on which it will be but the odds are on one or the other as there is a general view that the days of the big rises have come and gone. With the current worries in the banking industry and sub-prime market, they are unlikely to reappear anytime soon.

Some sites to look at:

See here for the Citizens Advice Bureau site. It is a good place to start and tackles things in a logical order.

Try Here for those that want Government advice. Admittedly the colour scheme will make your eyes bleed but again the information is good. :D

There is one site that I expect to get more populated in the coming period. To help you search for a bargin, (remembering that the market may still have a way to fall), have a look at this site:

THE PROPERTY SNAKE

Anyone else got sites they can suggest?
 
#7
gobbyidiot said:
Seen today's rightmove figures - London ask prices down 6.8% in one month.
Full report via Here

Average national asking prices show a big fall of 3.2% (£7,590). However, we have
measured a hugely disproportionate number of cheaper properties coming onto the market,
which have exaggerated the average price fall. We estimate the ‘HIP effect’ has added 1.1%
to the monthly drop, which would otherwise have been a fall in the region of 2.1%.
In
London, the fall of 6.8% would have been reduced to around 4.5%
.
All largely thanked by the balls up of HIPs. However, even without their effect, 4.5% is still pretty poor going.
 
#8
Interesting how they never try to explain away a gain - they never say, "An increase in the number of larger properties coming onto the market has inflated averager prices"!

Also interesting how they annualise gains, but not losses. They suggest your house will double in a year by annualising growth, they never suggest it will be worthless by annualising falls. :)
 
#11
Am hoping to buy a flat in Zone 2, Central London shortly. Given that its difficult to narrow down your search geographically as any property may be listed by various agents as being in 4 different areas I have found www.ononemap.com really useful.

Charlie
 
#12
I struggled with most multiple listing property websites, as most seem to have complicated search systems that often end with "Nothing Matches Your Search" or similar... the most useful I found is the UK Estate Agents site as it has clear descriptions and links directly to estate agents.
 
#13
Buy, buy, buy to let. I expect a flat period for prices ( Maybe a few % drop and in 4/5 yrs it'll steadly grow at the average (over 30 yrs) of 7%.) I own property but still would like a 30 % drop, then i can buy more for my money. Forget the renovation at the entry end (2 bed terrace) there's no money in it (unless you've let it out for many yrs) The value in south yorkshire and North east derbyshire is above 300k.
 
#15
I understand we (MoD personnel) are now considered key workers everywhere (not just London) and as such are eligible for the Key Worker Living Programme

Key Worker

I would be grateful for opinion on advantages and disadvantages of the scheme.
 
#16
Panorama last night was a shocker - people paying 300k for what sold for 10k in 1990 (seriously, back to back houses in Northern towns could barely be given away). It's a bubble - the rental yields tell us that; if the rent is under 3% of the purchase price that's nature's way of telling you to stay the f*** away.
 
#17
If you want to really terrify yourself on the subject of property prices listen to yesterday's File on Four - the first twenty minutes tells you what the average shortfall is when the bank repossesses a property - and it is seriously mental - and then they tell you what they think the real drop in prices has been in the last twelve months (although admittedly mainly Midlands and North of England).

http://news.bbc.co.uk/1/hi/programmes/file_on_4/default.stm
 
#19
Does anyone have any experience in buying from auction - repossessions or otherwise? I understand there is a growing market there but I have never found any info about where the sales are.

Anyone help?
 
#20
in_the_cheapseats said:
Does anyone have any experience in buying from auction - repossessions or otherwise? I understand there is a growing market there but I have never found any info about where the sales are.

Anyone help?
I've been the underbidder a couple of times but it was a long time ago! During the last crash, as it happens.

The web thingy has shaken up things since then. Lots of research required. If you don't want to pay out lots of dosh for surveys etc and risk losing the lot, you have to be confident that you can spot structural problems!

Stand at the back and keep your hands in your pockets for your first couple of visits!

Litotes
 

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