Friday, Aug 22, 2008
Mortgages are back to 2007 levels .... so where are the BUYERS?
BBC News: Mortgage rates 'at 2007 levels'
Mortgage rates are back to where they were in August 2007 at the onset of the credit crunch, according to research by price comparison website Moneyfacts.
Seeing how things are back to normal .... why isn't everybody running out to buy one of the many "property bargains"? Roll up ..... small pokey flat (executive suite) for ONLY £275,000 .... last few remaining :-)
Posted by battle of the bulge @ 09:35 AM (619 views) Add Comment
7 Comments
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1. Eyes_wide_open said...
They are trying to save a 25% deposit as inflation destroys their savings and disposable income.
2. peter_2008 said...
Ditto. My own experience is that average good honest people can save about 5% for value of the house they want to buy. And they should be able to pay off their mortgage in 15 to 20 years time. We see a lot of 30, 35, even 40 year mortgage these days, becasue the market is insane.
An average deposit increased from 10% to 25% means that the market will remain quiet for the next 3 years and then we will be back to the norm. But my bet, like everyone else, is it will overshoot.
3. str 2007 said...
Surprised they claim that they're back to August 2007 levels.
I was quoted 5.89% self cert which must have carried a premium, this figure shot up to 6.09% overnight when NR happened.
Also I note from the article that 2 lenders are offering 100% mortgages !
4. mark wadsworth said...
The buyers are still there, they're just sitting pretty for a few years while prices tumble!
5. inbreda said...
3. str 2007 said...
Also I note from the article that 2 lenders are offering 100% mortgages !
Yes, but I imagine tehy will be employing some seriously pessimistic valuers. Swings and roundabouts.
6. Cheekie Charlie said...
Now things are stabilizing just need to get the recession over with and we'll be allright.
7. crash bandicoot said...
Everyone who posts on here knew the score last year - even the bulls - why else would you even be looking for housepricecrash on the internet. We just need to give the public at large time to catch up, which they seem to be doing admirably.