Stovies Posted December 9, 2010 Share Posted December 9, 2010 Anyone with any insight into the current situation? Thanks! Link to comment Share on other sites More sharing options...
pablo Posted December 9, 2010 Share Posted December 9, 2010 Anyone with any insight into the current situation? Thanks! Up here its woefull for sellers,so i imagine great for buyers,i suppose it depends who yer listen to? Link to comment Share on other sites More sharing options...
Phoenix16 Posted December 9, 2010 Share Posted December 9, 2010 When you look at posts from people who have recently moved out here or are just about to it seems that the general trend is to rent out property back in the UK, its definitely the case for us and the reason is a) the state of the housing market for sellers and b) the exchange rate in terms of bringing large sums over right now. Seems many are now 'sitting it out' to see if things change. So, as someone going back to the UK you could be in a great position, much more £ for your $ and a market thats full of sellers desperate to sell (at big discounts!), so best of luck to you!!!:biggrin: One caveat I would give is that the mortgage industry has really changed, a few years ago they were giving them away, not so now, the interest rates are fab but its much more difficult to get a mortgage. Hopefully this won't be a problem for you, particularly if the exchange rate works in your favour and you have a nice big deposit! Anyway, good luck and I hope your move back goes smoothly xx Link to comment Share on other sites More sharing options...
Guest bacardi167 Posted December 9, 2010 Share Posted December 9, 2010 Spoeaking to my parents and family regularly, the view is that is about the same as 3 yrs ago...no-one isbuying but sellers know that they will have to eventually! Those with money cn ride out any loses with rentalsa nd those with little money suffer. propety is a long term market and only the idiods in it for quick money are getting caught out... Dont kid yourself...that 3 million pound castle is still 3 million pounds ! Or so my property owning family tell me !! Link to comment Share on other sites More sharing options...
Guest AndyH78 Posted December 9, 2010 Share Posted December 9, 2010 Minimum 10% deposit required these days, so even tougher for first time buyers than it ever was. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted December 9, 2010 Share Posted December 9, 2010 Theres no doubt about it, houses are a plenty and make any rediculous offer and who knows if they are desperate, which alot are, you could get a bargain and i think it is even better in Ireland, but................ getting a job to pay the mortgage isn't that easy with record numbers of people getting made redundant and not many businesses are hiring at present, so my advice is try to secure a job before you come back and then you can have the icing on the cake. Link to comment Share on other sites More sharing options...
Guest MSTO Posted December 9, 2010 Share Posted December 9, 2010 We offered a silly price on the house we bought when we came back, got rejected so put in 10k more and they accepted still 25K under the asking price!! Mortgages are difficult though as is credit. We were lucky as we had a 40% deposit and OH had a job working for the same company he did in Oz so managed to secure a mortgage. We havent been so lucky with credit cards though it seems because of our address history 5 years in Oz no-one wants to give us one which is funny as we got a mortgage ok!! Link to comment Share on other sites More sharing options...
Guest chris955 Posted December 9, 2010 Share Posted December 9, 2010 It seems to be very regional, as with lots of other things. A friend in Oxfordshire sold his place in 3 weeks for market value but he also hasn't felt any effects from the GFC. Someone in a different area may have totally different experiences, generally speaking it is most definitely a buyers market but that doesn't mean people will give houses away. Link to comment Share on other sites More sharing options...
Stovies Posted December 11, 2010 Author Share Posted December 11, 2010 Thanks everyone... Link to comment Share on other sites More sharing options...
Bod Posted December 12, 2010 Share Posted December 12, 2010 We are waiting till Spring to buy another house. The market is good at the moment from what I have been told by a number of people who supposedly know it will get better for buyers. It must be great for those coming home with Aussie house prices going up and british houses coming down. What with the exchange rate you must be laughing. Good luck Link to comment Share on other sites More sharing options...
Dawny Posted December 12, 2010 Share Posted December 12, 2010 The people next door to me are desperate to sell, even taking a price drop, as they are planing on going to oz :arghh: Apart from them, the market is moving in a steady direction, plenty os sale boards up and many more with sold on them!!! Some real bargains our way! x Link to comment Share on other sites More sharing options...
Graemsay Posted December 12, 2010 Share Posted December 12, 2010 The problems with the UK housing market are that a significant proportion of vendors are holding out for peak prices, a shortage of properties for sale, and the requirement to put down a 20% plus deposit. The net result is very little is shifting (sales are about half of what they should be) and first time buyers are locked out. One consequence of this is that would be buyers are forced to rent, which has pushed up prices, particularly in London. A flatshare or room will go for £800 per month in Zone 1 or 2. If I was buying now I'd be looking for a serious discount on the asking price. There was a piece of research by Rightmove (I think) that suggested asking prices were 25% higher than selling prices. Link to comment Share on other sites More sharing options...
Guest ozinpom Posted December 12, 2010 Share Posted December 12, 2010 There is a reason why uk house prices have dropped, and in my opinion, will continue to drop, and that is because despite record low interest rates unemployment and underemployment continues to drag the uk housing market down. This coupled with the banks tightening their lending criteria put first home buyers out of the equation. The knock on effect plus the added factor of loss of confidence in borrowing by people like myself results in lower house prices. If you have the cash to buy a house outright or you have a sizeable deposit and the confidence that your job will last as long as your mortgage then you will not have a problem. House prices are a thermometer for an economy. This one is not very well. Link to comment Share on other sites More sharing options...
Guest chris955 Posted December 12, 2010 Share Posted December 12, 2010 No-one in the world can possibly know if their job will last as long as their mortgage. I can't see that an unemployment level a couple of % higher than here is going to make a huge difference. It has more to do with housing being hugely overinflated for too long as it is becoming here. Link to comment Share on other sites More sharing options...
Guest guest22466 Posted December 16, 2010 Share Posted December 16, 2010 I would say it depends on how much money you have to take back to the UK with you. For my situation I would be better off living back in the UK for sure but I can not do so. The houses in the Uk are at least affordable near the cities I feel that Sydney is just getting more and more expensive to live and less places for people to buy and rent. Lots of new houing estates going up if you have the money and they are not that cheap here either as many good jobs seem to revolve around the large major cities. Having lived in both countries this is just my take but many others in different situations will have different experiences. Link to comment Share on other sites More sharing options...
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