As this my first post I will give a brief introduction about me. I am in my twenties and I am looking to buy my first home in the Nottingham area. I am not originally from Nottingham so I am not clued up about the different areas. However, I would like to buy a property that is not too far from the city centre and the University of Nottingham. My problem is I am completely clueless about purchasing a home.

I have seen a repossessed property that I am interested in purchasing. The property has been priced in the region 145000. I initially put in an offer for 110,000 but the agent said it was very unlikely my offer would be accepted because they had already received four offers including one close to the asking price. I was a tad bit suspicious because when I was viewing the property one of the EA stated that they had not received any offers.

I did not hear from EA for three days and they never asked for paper work. I contacted the estate agent today and I put in a higher offer but still less than the asking price. The agent said I needed to provide evidence of deposits, solicitors and agreement in principle. I suspect that my offer will not be accepted but in the unlikely event it does, I am concerned that I put an offer that is too high. The property needs lots of work because they were growing cannabis in the property and was not well maintained.

Has anybody got any experience or advice in buying repossessed properties and the cost involved?

Interestingly (or maybe not) my landlord used this as an excuse to put my rent up for the first time in three years- by about 5%. He reckoned it would cost him thousands per year. Hmm...

House prices fall but estate agent predicts soft landing

A leading estate agent in Northampton says the housing market is heading for a soft landing with property price growth continuing to level off.

Simon Bond, managing director of O'Riordan Bond, dismissed fears of a property price crash, saying house prices would continue to grow, only at a slower rate.

Mr Bond made the comments after Nationwide Building Society reported house prices had fallen by the biggest amount in 12 years. According to the mortgage lender the average cost of a home in Britain dropped by 0.8 per cent in November.

At the same time figures from the Bank of England showed the number of mortgages approved for people buying a home fell to their lowest level for nearly three years during October.

Just 88,000 home loans were approved for people moving during the month, the most subdued figure since February 2005 and well down on the recent monthly average of 109,000.

Fionnuala Earley, Nationwide's chief economist, said: "November's data confirms that the housing market is indeed cooling. Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market."

This month's fall, according to the mortgage lender, has reduced annual house price inflation from 9.7 per cent to 6.9 per cent, a lot lower than the double-digit growth of previous years, but still above inflation.

According to Mr Bond, the slow down in house price growth does not herald a crash but much-needed stability.

He said: "In real terms over the course of a year it's not about house prices going down, butthe rate of increases slowing down a bit."

Mr Bond added: "Over the next six to 12 months house price growth will slow down to about inflation, which I think is going to be good in the long term.

"In the last few years house prices have just gone up and up and as a result fewer people have been able to get on the housing ladder. If house price growth slows down the market will be far more sustainable."

The price fall reported by Nationwide is just one of a handful of recent surveys showing a slow down in the housing market.

Earlier this month Hometrack, a research group, said house prices in England and Wales had fallen in November for the second month. And the Land Registry reported house price growth in England and Wales dropped in October to just 0.1 per cent.

---------------------

So there we have it - no crash in Northampton just a soft landing and much-needed stability!

What do people think of the prices and value here? I'm new to buying so was looking for advice.

What struck me immediately is the list of "empty" properties being listed.

I've never seen that phenomenon before, in 10 years of looking.

Something has changed.

Go have a look, I'm not making it up.

Does anyone have any experience or view as to the state of the market for houses in Derby and surrounding areas?

My partner and I will be returning to the green hills* of Derby (*aka dirty damp town with horrid Westfield shopping centre & immigration issues etc ). We will be looking to buy and fortunately we have been able to save a good deposit from working abroad for 2+ years.

We are 30 and first time buyers so this will be quite exciting!

Any thoughts are welcome!

cheers

Does anyone know if Milton Keynes a place worth investing at the moment?

A 2 bed flat £140,000 has a rental income of £700.

Thanks.

For example this one £409,950 to £250,000'

http://www.rightmove.co.uk/property-for-sale/property-26078305.html

13 October 2010 20:59:54

* Price changed: from '£275,000' to 'Offers in Region of £250,000' [Found by n/a]

22 September 2010 10:17:47

* Price changed: from '£274,950' to '£275,000' [Found by n/a]

20 September 2010 17:29:23

* Price changed: from '£290,000' to '£274,950' [Found by n/a]

09 September 2010 17:30:10

* Price changed: from '£280,000' to '£290,000' [Found by n/a]

07 September 2010 18:54:30

* Price changed: from 'Offers in Excess of £320,000' to '£280,000' [Found by n/a]

21 July 2010 19:52:31

* Price changed: from 'Offers in Region of £350,000' to 'Offers in Excess of £320,000' [Found by n/a]

06 July 2010 17:30:34

* Price changed: from 'Offers in Region of £370,000' to 'Offers in Region of £350,000' [Found by n/a]

03 June 2010 21:06:53

* Price changed: from '£409,950' to 'Offers in Region of £370,000' [Found by n/a]

25 May 2010 16:47:21

* Price found: £409,950 [Found by n/a]

While the area looks a bit dreary it doesn't look too bad (not on a sink estate level), however, I've never been there so would appreciate it if anyone has any local info? I'm looking to move out of London with a small family (me, one wife, one baby), so the small cheap terrace's look ideal - nice alternative to buying a flat with the associated service charges etc.

http://www.zoopla.co.uk/for-sale/details/27436301?search_identifier=33e593051501d72c13f72e250866875a

The price hasn't been changed yet on the websites.

That's quite a drop, one off or start of a trend?

Cunning plan to pay someones mortgage off?

It appears that there is a massive difference between what I think a house is worth and the asking price. For example, there is a house that I am interested in, which was bought for 51000 in January 2001 for 64,300. Based on the HPI change since then; I value the property at approximately 121,000. It is being marketed for 150,000 and the vendor wants an offer close to the asking price. I asked what work was done to the property since the vendor moved in and it has had a damp proof course only. It needs a new kitchen; bathroom and central heating, plus replastering the lounge and general redecoration.

The estate agent argues that the property is in a good location and this commands the extra, but then it was in a good location when the vendor bought it for 51000 in January 2001 (uphill Lincoln).

Am I being unrealistic? Is there a formula that valuers use when calculating an asking price e.g. figure out how much the house is worth now based on HPI increase and add 30% to this figure?

Redecoration

New bathroom

New kitchen

central heating

Plastering in lounge

Damp proof course

I realise that Zoopla is often innaccurate but how can there be a 25K difference?

There is no information yet on Zoopla (even though some apartments in the block were sold one-two months ago).

New to posting, but been an avid HPCer for a while now and while I don't have the wit and skills to post in the main forums, I thought I'd put a feeler out for some specific help area wise. Currently renting "down south" have been for years. When houses were vaguely affordable I didn't have the money / job to "buy" and as they started to soar the thought of owing all that money just didn't make sense, so like many here I'm hoping they will adjust to sensible levels. Thinking hard about a career and life change and moving to Derbyshire. I have some cash rotting away under the low IR from an inheritance and will buy outright if possible. I know Derbyshire a little coming from South Yorks but specific town areas are an unknown. Any advice, thoughts, places to avoid, and the general flavour out there? One anecdotal from a friend of a friend says that there are a lot of repos in Matlock - but how true this is I dont know. TBH I'm pretty green to all this business - having been priced out for so long and switching off each time a friend starts rattling on about when they "bought their house" I've missed the main travails of the purchasing aspect. Needless to say such friends have now gone very quiet. Anyway, any help would be great

Pennywise

I kept notes today on my Rightmove / Property Bee trawl of Worksop + 1/4 Mile, thought it might be of interest

2 Weeks since last trawl...

491 Properties found

43 New Listings (10 were a new development of flats)

26 Price Drops

5 Gone Sold STC

3 Price Increases (All on a major new development)

2 Gone Under Offer

2 Back to Available from Sold STC

The update from this fortnight

495 Properties found

30 New Listings

20 Price Drops

10 Gone Sold STC

1 Price Increase

0 Gone Under Offer

2 Back to Available from Sold STC

Thought I'd also post links to a couple of houses that caught my eye, last time it was a half million quid McMansion, this time it's two reasonably priced newly listed houses that I expect to sell quickly.

3 Bed Semi for 85k

http://www.rightmove.co.uk/property-for-sa...y-12823221.html

3 Bed Semi for 145k

http://www.rightmove.co.uk/property-for-sa...y-26382290.html

Not entirely sure about the £100k price tag frankly.

"property requires reconstruction/replacement" - o rly?

The house looks like nothing has ever been done and has air heating and a miss mash of double glazing and non double glazing with some of the double glazed units blown or old aliminum type. The house looks structally sound but may also need re-wiring.

Now my Reasearch How much to offer

Around the corner thier is a comparble house in size but with UPVC double glazing and GCH and the finish is remarkable priced at £130,000 which has not sold

Going to the next village just a mile away a house sold for £120,000 again with UPVC double glazing, GCH and another remarkable finish.

So dose that put the actual market value of this house below £120,000

Thier has been two houses that have sold on this street in June 2008 one for £145,000 which does have double glazing and GCH and another for £131,000 which is repectivly a simular condition to this on im viewing

Putting these prices though nationwides value calculator the come to £130,000 and £116,000 respectivly

The closes house that i can find that has been sold recently was november 2008 two road over for £121,000 with double glazing and air heating.

Now the hard part what to offer bering in mind it need work and prices around the area.

Should i come in at £106,000 and aim to finish at £112,000 or is that too cheeky

Any help

I am thinking to buy a property in Birmingham for investment purpose. I am living in London and don't know much about Birmingham.

What I found is that the city centre properties are generally cheaper than some other areas about Birmingham, like Edgbaston. New flats (two-bed) are generally asked for £120K - £150K. However, new properties in Edgbaston or Aston are somewhere around £180K.

Can someone let me know where is the best area in Birmingham?

Many thanks,

Regards,

Kevin