Any views on buying a house with the economy the way it is , is the pound going to recover or do take the plunge and change sterling over to euros now ?? 😕

well sterling is weak againts the Euro , hold off price are falling so hold off and keep looking around , estate agents ... look around as there lot good deals out there and becareful off over charging

Obviously this depends on your personal circumstances but I?d wait for sterling to pick up.  Obviously I don?t know if it?s going to but I suspect, or at least I hope, it will.  One thing that you could do, if you haven?t done so already, is to bring your cash over Spain in sterling so that you can react more effectively to any positive changes in the exchange rate.

I think that you will find sellers have adjusted their prices down enough to discount the exchange rate. i do not think that you will ever buy cheaper than now.

over all , watching the market , prices have dropping , but have slow down in last few months , this due to the summer months when thinks picked up , now in the winter again in nov you see them drop again , not much but some , there bargain found be found somewhere , just keep your eyes open out there
jurdy

update on last post , home sales where down by 3pc in Q2 of 2011 say spanish land Registry ,

this was email to me early on to day by one of the banks

“After 3 consecutive quarters of growth, home sales fell by 3pc over 12
months to the end of June, according to the Land Registry.

There were 85,161 home sales in Q2, a fall of 32pc compared to Q1, and
the lowest level of quarterly sales since they starting publishing
this data series.

The quarterly fall can be largely explained by fiscal changes that
pushed forward sales into last year: Now it is payback time.

On a rolling 12-month basis there were just over 400,000 sales to the
end of Q2, a far cry from the 1 million sales over 12 months to the
end of Q1 2006, as illustrated in the chart above. The market has
shrunk 60pc since then.

?The trend shows continuity towards a deterioration in real estate
activity in the last quarter, as we warned in previous quarters,?
explains the the latest report from the registrars. “

Idealista House Price Index -6.1pc

Asking prices are down 6.1pc over 12 months to the end of Q3 according
to idealista, one of Spain?s leading property portals.

On a quarterly basis, asking price barely budged, down just 0.5pc
between June and September.

?Although there was a reduction in price falls during the third
quarter, there are no signs to suggest a possible recovery in the
market,? said Fernando Encinar, head of research at Idealista. ?The
medium and long term trend will continue down.?

By region, aking prices rose the most on a quarterly basis in The
Canaries (+1.1pc), followed by Valencia (+1pc) and Asturias (+0.9pc).
Prices fell the most in Aragon (-3pc), La Rioja (-2.5pc), and
Andalucia (-1.6pc).

this is what going on all over the EU zone

firesale are be come big thinks now adys with bank off loading real estate to get there own book back in the red ...

Jurdy

We have houses for sale at really ridiculous prices, people desperate to get back to the UK. I wish I was buying now!!!

We have just over 150 properties on the Costa Blanca South listed at ?100000 or below. This number has been steady for some time and takes into consideration the properties sold which are replaced by new properties listed for sale amd those which have been reduced to below ?100000.

What we are noticing is the reduction in the number of properties at the lower end, those below ?40000 a few months ago there were a good number of them, now few and far between the base is now looking to be in the mid ?40000 range. So like has been said earlier, now id the time to jump into the market to get the real bargins.

As far as the exchange rate is concerned, the GBP was today trading at 1.17 up 0.03 on recent times.

From what I can see from this article, it is investment as a whole that has increased and not investment in property which I understand was down 0.7%. I would imagine that investment in Spain has increased due to the long term infastructure development that is going on with the new highspeed rail link from Valencia to Malaga, the airport for Murcia just to mention a couple.

The investment by people who are willing to pay money now to make the move and buy a property are still lower than they were, though people are still buying property. The number of low priced properties are getting few and far between and there are now very few below ?40000 on CBS that do not require a full rebuid or refurbishment. With the reduction in low cost properties being available then the average price of a property will obviously go up, this will give the impression that the price of a property in Spain has risen, but it is just that the price differential is not as wide.

There are still a few bargains out there if you look long and hard. We are finding that it is the mid range houses which are now dropping in price. We recently had a 3 bedroom villa drop by ?40000 to ?120000 in CBN and a 7 bed villa with sea view drop by ?50000 in Costa Brava, so it is now reaching the upper range of properties, though the decrease in prices is slowing.

if you can wait, wait. prices will come back up soon enough. it’s a bad time to sell.

Hi all,

It is a bad time to sell if you have not had the place many years. What many of those who are trying to sell are looking at the euro price they paid and not thinking about the exchange rate they used. in 2006 the exchange rate could have been 1.45 and now it is around 1.16. So you need to take into consideration that you will get ?86000 for every ?100000 selling price.

I think if my figures are right, then if you paid ?146000 in 2006 it would have cost you ?100000 so if you sold now at ?146000 you would pick up ?125000 a profit of ?25000 for no increase in price. The difficult part for those selling is if they have a mortgage and they owe more than they can get for it. I know people who bought for ?124000 and it is now worth ?70000 and have a mortgage of ?98000, so if they sold now they would be down ?24000.

It may be a bad time to sell, but one hell of a time to buy.

One area down the road has houses that sold in the millions back in 2000 -2008 and now selling at halfprice , open day there is fun , now we get see how some people did live ..  it like that only just moved out yesterday ... with some banks having fire sales discounting property up two 50%
now with the Euro’s in trouble is this World melted down .

my landloard bought an Appartement back in 94 for 58,000 euros and still it holding it price , now worth 75.000 euros ...
now what are people payying on rent ? i open new Thread in the news and Spanish Financial area

We sold a 2 bed bungalow this weekend for under ?50000 and also have a couple for under ?40000 but they will not be around long.

Chantell,

Is that not the case no matter where you are in the world, things keep changing and in most cases the builder does not want to know once he has your money, so I do not think it is a reason to be put off buying in Spain.

Dave