Katy has summed this up
“Prices have gone down but are they really bargains…a while ago everything was over-inflated and were developer led.”
Now if you paid an over inflated price then your property value will fall against those that did not.( because you paid over the top and not its supposed value)
Say I paid say 10% over the top but not as much as my neighbours 30% so say he looses 30% and I loose 10%( example only)
Not exactly rocket science is it and a stupid question to ask unless it quantified and particular in this World credit thingy.
Sounds just like someone trying to get anything negative to sell news with only parts that sells and is typical of news reporters.
I have an illegal property so it worth X ( f—ck all really)so I loose 100%
If its legalised tomorrow it may be worth Y
If buyers cant get mortgages then I cant sell and they cant buy so its standstill.
If I have something to sell and someone wants it and we agree a price then thats the start of any value.
That will take some time to develop then the question can really be answered.
Its a buyers market for most things at the moment so the situation from a sellers maket to a buyers market can easily go to extremes of scale.
You have a buyer that expects something for nothing and you have sellers that need to get real ( Who is setting the reality of property values) neither moves then no sell.
Same as the stock markets at the moment everyones in panic trying to find value.
As we see this is changing by a massive scale almost everyday so lets give up on the forums expert opinions shall we and admit we can only begin to guess.
Noted that its a buyers market due to the exchange rate ?
Just Frank 8)