UK House Prices -The next bubble waiting to burst ??

I read this thread on and off

The bears call for a crash the bulls think the housing market will continue to rise.

I shared my own property experience with you a few months back and as i see it certainly in my region buyers Still want bargains and good discounts at that!. Sure a new seller is putting their house on for the max they can get but almost every deal i see completing is going ahead at a reduction to the ask.

This is NOT the same as it was just three years ago. Then property deals were being done at the full ask, no questions and in fact buyers were worried that if they didnt complete fast at the ask someone else might grab the property. In fact One house i sold was sold on the first weekend it was up before the agent had even finished printing off the details! The market is not the same now.

I read the nationwide article this week with a smile on my face, how stupid do they think the general public are?. You can ask what you want for a property and just because 100 houses are advertised at well over their true value it doesnt mean that they will all sell at that price - in my region prices are being marked down and a lot of them!- the down turn has started in my region.

Now i have to accept that other regions may be different, i dont know, i can only go "Off my own experience" but my own house had to be reduced from 585k to £560k and the deal was done at 540k to close the sale. A house near mine on originally at 495k is now a year later on at £440k and still not sold and another propety that was orginally on at 550k has been marked down for the third time to now 460K and its still not sold.

The reason i know property prices are being marked down is because im friends with the local agent and because i looked at what other homes were on at when i was selling mine, i remember a number of them and a good number still remain unsold!. I now think i was lucky to off load that property back in August when i did!

If you have over supply of property then prices start to fall. In my areas a buyer has plenty of choice

This thread reminds me of some doc com stock threads here at ADVFN prior to the crash. Everyone knew the stocks were overpriced but continued to buy regardless in the hope they were going to make money.

IMO the housing index will correct itself, it always has done, it wont move up, up, up, side, side, up as the bulls think. Its likely it will fall imo and fall big style imo short term.

When the fall comes I think if you can ride the storm you will still see an increase over todays housing price in the longer term but i genuinely cant see any advantage in getting into new BTLs at the current level - i just cant, on the face of it anyone buying a BTL at the current over priced market is taking one hell of a risk imo

Anyway, good luck what ever your call here, but i have to say i think the bears will have their day on this thread.......eventually!!