How long does it take until 100k property is worth 50k?

Question

I was thinking about buying a house that is currently 100k...in the South of England. How long will I need to wait until I can get it for 50k? I have heard the property in the UK is overvalued by a great factor, so it should sooner or later go back to a fraction of what it costs now.

Answer 1

You make an offer at 50K, and then if rejected you leave it open for them to come back when they change their minds.

If you get it for 50K, it will take between 0-2 years.  If you do not get it for 50K then you will not get it.

Answer 2

House prices vary according to the local market.  It could take years or it might never happen if the local market isn't losing jobs and people don't need to sell at whatever price they can get.  

Answer 3

It won't lose 50 k, maybe 10k-20k.  

Answer 4

dreamer.....

dont think it will go that low unless somebody knocks half of it down?

sorry but just re read your question and i dont think your living in the real world so i will leave you to it.

Answer 5

Most people will say property prices will not tumble that much, but i wonder. People have short memories. About 20 years ago from memory, we were in a mortgage free house and due to an inheritence decided to buy a bungalow and rent out the house. at the time we moved prices were at the top of an upward spiral where nearly every householder was mentally counting their profit each month. At the time of moving we could have sold the house for 76k.  3 years later due to ill health we needed to sell it - almost as soon as we had moved home the house market had started dropping, we were lucky to get 46k for it!  Not quite the drop you are talking about but not too far off it.   Incidentally, the Bungalow that we bought was bought at the top of the market for 105k. we lived in it for 9 years and sold it for 105k. Five years later the guy who bought it sold it for 224k !!!!!!!!

To say i was gutted would have been an understatement.

Answer 6

difficult to predict the housing market at the best of times. i doubt very much if prices will come down that much though. although the economy looks like its in a state, there is still a high demand for housing