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House Price Crash Forum

davidmc08

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About davidmc08

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  1. Thanks! To be honest, I'll admit I am in no way a financial expert... What I do know is that if the interest rate cut is passed on to me, then I will be saving a a couple of hundred pounds a month on my mortgage which'll do me nicely.
  2. Why not? Look at "all that has happened" lately... and what do we now have - lower IRs than ever! I am not saying that this is a good or bad thing..but it goes to show that whoever is running out financial institutions (not Gordon Brown, but whoever controls him) will simply never let this cosumer bubble collapse... And as someone said earlier 10% IRs would be a death sentence for the property market and therefore consumer spending.
  3. I very much doubt it - OK so I see you point about 6 times earnings etc... But I do feel the 3 times salary has restricted alot of people from buying someting affordable...maybe 4.5 times income is the answer?! By the way..i must add that even tho IRs are getting lower, I am sure that property prices will still fall over the next 6 months..I was looking into buying something larger and the best deals all require at least 25% deposit now! Not many FTBs have £50k burning a hole for a deposit..
  4. Why do you assume I must be struggling?? At the time I applied for the mortgage I could only prove an income of £20,000. My actual income is in excess of £100,000 pa... so please dont jump to conclusions. My mortgage is infact a repayment mortgage.... So please explain to me why the 3 times salary is proven?? This is what it was generally set at when IRs where above 10%. Now we have has sub 5% IRs for the best part of a decade...surely the 3 times salary indicator is no longer necesarry.
  5. I'm absolutely with you on this one.... alot of folk on here are people who wisely 'called the top' and got out before things went bad - they now have massive cash lump sums and want to see capital values fall so they get more for their money...in other words interest rates dont effect them!! For most FTBs on the other hand - a massive drop in interest rates is I feel great news... if the cuts are reflected in lower monthly repayments then this cut is going to make some houses almost affordable... Which brings me to another point...why are some people so concerned about " 3 times salary" factor? For example, I have a mortgage of £100,000...I had to take out a Self Cert/Liar Loan in order to qualify for this as my wages at that time would only have allowed me to borrow £60,000 via a bank.. However, If i can meet the repayments (which I can do quite easily), why the big concern over "3 times salary"??
  6. I definitely agree - it is coming down - as we speak people are getting squeezed tighter and tighter (petrol, food, energy etc). And I do think that some properties will fall 50%. However, in my opinion, those that can will hold onto what they've got - they will not want to "lose" 50% of their homes value - even if in 10 years time a £250k is still worth £250k, to the ordinary man on the street, it will appear as if nothing has been lost, even tho it will have been devalued by inflation. So what I'm trying to say is, although there maybe massive losses, it may be over an extended period of time....I just cant see 50% nominal drops in the next year or two.
  7. I agree with OP.....I reckon 10% drop over next 12 months...with 2 years of nil growth to follow after that. After that who knows? The truth is nobody knows what is likely to happen. I do think, that if anything that this will give 'confidence' to the ordinary person looking to sell their house. They may well now believe the old 'it'll never fall - they wont allow it to fall' line of thinking. Meaning that those that are not forced sellers may simply ride out the next 18-24 months until the banks have recouped their losses and the whole thing begins again... However, another 10% down, along with the 15% this past 12 months is still good going, especially if you have a vested interest in seeing prices fall. In my opinion tho - 50% falls is off. Anyone care to reason (sensibly) why 50% will definitely still happen? edit: add word 'falls'
  8. Can I just say one thing...Are you actually insane?! Is there a reason why you are looking at Greenock? I've got a feeling you mite be taking the piss! Let me tell you..I moved to Greenock when I was 8 years old, having been born and raised in a leafy part of Hertfordshire. I've been here for 16 years now, and I'm just waiting for prices down south to dip a little more and them I'm offski! Greenock is perhaps the most scummy, disgusting place I've been to in the whole of the UK......have a walk through the Oak Mall before you move here - if your still intent on living here after that, then god help you! And if you think knife crime is bad in London, just wait till you move here - most cases go unreported right enuff, but there isnt a Saturday night that goes by without someone getting bottled or beaten up. My advice is stay away from Greenock - if you must move to Inverclyde (for work reasons), then please for your own sake look at Gourock or Inverkip, which are I have to admit are a fair bit nicer. Thanks David Edit - Spelling
  9. I for one have no interest in seeing people lose their livelihoods - however that is what will happen if they dont start selling houses.
  10. What the hell is goin on in Gourock? Just checked Rightmove, and bunch of overpriced properties that I hav been tracking for months are all now sold!?? They had been sitting there for months, place such as Albert Road, Ashburn Gardens and Kempock Street.. all were over £120k and all are now sold - well they have the "Sold STCM" sticker on them anyway! Things had been nice and quiet for weeks, with nothing selling I thought a major price reduction was round the corner - thoughts? Btw, AD Mole - how many properties for sale in Inverclyde today - and how do you calculate it? Thanks
  11. Living with in-laws, Saving up to buy any in Inverclyde so i've got time on my hands.

  12. I actually bought about 12 months ago - not sure if that was top of market, but certainly over-inflated.

    I would like to buy something else - but wont be doing so for another 12 months or however long it takes for prices to come down 20%.

    What bout you, whats ur situation?

  13. I actually bought about 12 months ago - not sure if that was top of market, but certainly over-inflated.

    I would like to buy something else - but wont be doing so for another 12 months or however long it takes for prices to come down 20%.

    What bout you, whats ur situation?

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