How low will the housing market go?

I'm in the lucky position of buying in this housing market. I say lucky as in more lucky that others who have seen there expensive houses quickly de-value over the last year. But there is little I can do about that, I'm very sorry to say. So flats in Manchester are coming down in price pretty quickly, Some of the flats which were on the market for 180-200k are now down to 125k and sometimes less. Currently if your looking at a two bedroom and two bathroom place in central Manchester it will set you back anywhere between 95k – 145k depending on location and size. These are also guide prices so you can easily put in offers well below these prices.

I have seen a few places I like and a couple I love but only recently have considered putting in offers on one. But if you were in my position what would you do so? I do have a time limit of a year for reasons best not discussed here. A lot of people have said, wait it out it will go down even more. Some have even been brave enough to attempt to put a date when things will get so low. I've recently been doing some research into this and found Home.co.uk quite useful if a little behind on its real time stats.

Flat Sale Prices in Manchester in December 2008: 150 flats, with a average price of £124,021 and a median price of £106,500. Current asking prices is also quite interesting. But going by this information Manchester will keep a reasonable price for its property no matter what happens?

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Author: Ianforrester

Senior firestarter at BBC R&D, emergent technology expert and serial social geek event organiser.