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House Price Crash Forum


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About goldenbear

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  1. fofp, when do you expect your update will be ready and uploaded? i'm looking forward to reading it.
  2. That made a very interesting read. Looking forward to the update. Cheers.
  3. Well, I am have gone off the idea of purchasing that flat now, the shared ownership was a concern, along with other factors. But I will hold off from making a final decision until I need to, so I can see what happens over the coming months.
  4. http://cecollect.com/ve/ZZMU27B9283B2731Pa27 Knight Frank Residential Newsletter Focus on 2008 Forecast - December 2007 UK prices to rise by 6% during 2007 and by 3% in 2008 The UK market has seen a significant shift in confidence and activity in the third quarter of 2007. Central London prices to end 2007 32% higher, but annual growth will fall to 3% in 2008.The seller's market, has been replaced very quickly by a buyer's market. With the initial impact of the credit crunch being felt by the City economy, the UK market is likely to enter a weaker phase and over the next 12 months we believe that prices will rise by 3% and sales volumes will fall. Despite this, buy to let activity has remained high with UK rents to rise 7% in 2007 and 6% in 2008. Northern Ireland, southern England and the prime residential markets are likely to perform better than the mainstream markets. Vendors of the very best properties will still be able to name their own price (almost).
  5. I'm just going to bide my time now, not exchanging on property and to be quite honest, the shared ownership element was a worry but at the time I did think it was my only way to get on the ladder. Hopefully if property does fall by a decent amount I will have a chance to buy 100% of somewhere with help from the bank/building society that is - that's if they will lend me the money then and I still have a job!
  6. And how do you suppose they suggest 'we' do that?
  7. Thanks for all the posts guys, its really helped to hear what you've had to say. The 'gazundering' suggestion is interesting, tho I'm not sure the housing association would go for that as they are not the actual developer. They have pretty much said that the developer finishes the apartment to their spec (I have no say at all) and then they hand it over to the housing association who then sell to me at the valued price - there was no moving on price initially. Maybe things are different now or in a few months time they will be - who knows. I would be interested if anyone else has bought a shared ownership property and negotiated a reduction. In relation to getting my holding fee back, it wasnt a great amount and i'm sure there was probably something in the paperwork to say it was an estimated date. I'd rather lose that and the solicitors fees etc, then to exchange or worse still complete and then prices drop 50% and thinking I could of waited and bought 100% of a property for the same price as my 50% share of this flat. I know nobody knows for sure what will happen, and as someone said, I did expect the sort of answers i got on a 'house price crash' forum. It's just good to hear other people are thinking there could be a crash, several of the people I know and have spoken to about it dont see a crash being likely at all. They just say it was level out for a while and then slowly climb again. And in reply to Mr Parry, I'm not young enough to be a beach bum, i've left it quite late to get on the property ladder (i'm 34). I do want to own a home for myself but just dont want to make a big mistake by doing it at the worse possible time.
  8. Hi all, just came across this site today and have enjoyed reading the varioius topics. Right, here is my situation which I'd like to hear your views on. I have been wanting to buy my first home for 3 or so years, prices have been so high I never quite got anywhere and in the last year that I've been looking I couldnt really afford anything I'd want to live in. So then I see a shared ownership flat in Milton Keynes, not my ideal location but fine for my needs and still close enough to work etc. The flat is part of a new build development and prices were high, but only buying half and paying rent on the other half, it would be just about affordable. So I chose one, paid a small holding fee, got a mortgage sorted and instructed a solicitor. Anyway, that was almost six months ago, I had paid the solicitors the deposit and fees and signed all the paperwork a couple of months back so thought it had exchanged since (although completion was not due until Dec/Jan08). I then heard that the property wouldnt be ready until Apr/Jun08 (estimated), which obviously I wasnt happy about. But then I heard from my solicitors to say they were ready to exchange on the flat, so it hadnt actually taken place as I had thought. This has lead to me telling them not to exchange till I instruct them to do so, which I will hold off on for as long as possible. If I do go ahead, I will not do so until a couple of months before a definate completion date. But I just feel lucky that I am still in this position as I have been waiting for a crash in prices for years and never thought it would happen - it still might not but at least I have a bit longer to see. I'd rather pull out now and loss some money, then to of pulled out after exchange of contracts and lost some money and the 10% of the flat price, or worst still, to have completed and then prices crash and being stuck with NE in a little flat for the next 20 years. I realise the developers could sell to someone else until we exchange but with loads more still to sell i dont think it's that likely. I guess I just want some opinions from people to my situation. I did see this as my only way of getting on the housing ladder as prices were just going up and up but do you think there really will be a crash. All the 'experts' are saying that the housing market will just slow down/stagnate in 2008 but then they would say that. I have also read comments on here from back in 2005 talking of a crash and to hold on for a year, its now been two, I wouldnt want to pull out of this purchase only for there not to be a crash soon and left waiting for one to happen indefinately before I can purchase my own home.
  9. I can't download the jpeg, its not working and i'm dying to see the lovely place.
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