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House Price Crash Forum


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  1. It's certainly very frustrating if you have any savings. Hopefully after the election, reality will hit. I doubt it though - the media seem to be against any fall in house prices too and will paint any news as good. We're being massively stitched up. How long can it last?
  2. Yep, couldn't find anything decent to rent, let alone buy, so have officially moved out of B & H. Bit gutted because we're leaving behind alot of good friends but only ten miles out, so it shouldn't be too difficult to pop back for beers. Saving atleast £600pcm on comparable houses - may as well be in my pocket than Mr BTL. It's a crazy place at the moment - Mate of mine has a 5 bed detached house (valued at £600k) and is paying £250 pcm interest only mortgage. He can't believe his luck and has so much spare cash (which he is saving!) He was paying £2300 repayment mortgage last year.... He does feel slightly guilty that the receptionist in his office is renting a one bed flat with her daughter (single parent) and paying £850pcm rent which is most of her take home pay..... F@cked up UK!
  3. It's been a crazy year for sure. Next my savings will be inflated away and there goes the deposit.... ******! Roll on the GE, so we can get on with sorting this mess out - Hopefully
  4. But with a 20% deposit, the best I can get is probably 4.9%.... And that's with a base rate of 0.5! As your RM example shows, I would need to borrow lots of dosh to buy anything half decent (in B&H.) What happens when IR's go up? Isn't worth having a house and no life. Plus things abit dodge at work - looks like 130 redundancies in the new year. I should be ok... this time. But there won't be pay rises for some time. Planning on renting until the GE then re-evaluate. I imagine we'll leave the area though - shame because lots of friends here. How long can it continue like this - cant' buy 'cos it's too expensive but can't rent either! Annoying or what!?
  5. Funnily enough am looking for a new rental as we speak. Nightmare..... It's looking increasing likely that we'll be moving in with the in-laws! Atleast we have that option. Baby number 2 due in March so hoping for a nice (or neutral/modern) 3-4 bed house with easy parking. We're paying £1500 for a 3 bed at the moment (I thought that was alot!) but the town house layout doesn't suit our new arrival. Very little about and lots of people looking for similar property. It seems £1500-1800pcm doesn't get you much.... & It's alot for us to pay especially as the wife isn't working Brighton & Hove.... f*ckin ridiculous!
  6. Er, surely it's the vendors who are greedy?! Bought for £250k a couple of years ago... Must be worth £600K now. £700k if you've painted it!! Trouble is, if you do earn a good wage and you do have a decent deposit then a 5 x salary mortgage will just about get you a load of TAT! That's why there's a correction going on - we'll see what the LR stats show next year. I'm not being greedy, I just want a decent place to raise my family. Happy to pay for it just not happy to be ripped off!
  7. How do you know how much the falls are? Land registry data not out yet for houses sold this summer?? Most of the 500k+ houses for sale on RM at the beginning of the year are still for sale on RM! Below 250k seems to be shifting but that's understandable..... Never thought we'd get a 50% drop but certainly more than we have. Lets see what happens this winter and after the GE.
  8. I totally agree... BUT if IR stay low then what's going to force the change? My friends IO mortgage is 50p a month! He's never had so much disposable.... Drove through Oxshott, Esher at the wknd and SOLD boards everywhere! Lots of buying going on. Quite a few SOLD boards in Hove lately on places which I thought were totally overpriced. Overheard some Mum in the park discussing their move down from forest hill too - still lots of money out there it seems?!
  9. Thanks - need to do some research......
  10. Couldn't contemplate leaving B&H until recently but now Worthing, Shoreham etc do seem more attractive. Not only price wise but schools, parking, council tax, traffic....Might rent in somewhere like that for 6 months and see how we get on. The large family homes don't seem to have fallen much at all but I suppose there's no need for people to sell while IR's are so low! Maybe now the recession is over we will see the IR go up......
  11. My family also increasing in size! Cant' find anywhere suitable or affordable to buy so will need to rent somewhere bigger end of the year/early next year.... WTF has happened to rents!? Who can afford this sh*t...?! :angry: Actually made an offer on a place in Worthing (yep - even willing to move away to get a decent sized house!) It's been on the market for a YEAR at £600k. Worthing prices, according to land registry, dropped 14% last year. I offered 20% off asking price - which still seemed expensive to me .... Big fat NO! Hmmmmm
  12. Spoke to a couple this week who decided that, as they were getting married, they needed a house. They own a flat but the stairs are no good for the future kids. Obviously can't sell the flat 'cos it's only worth what they paid for it..... Anyway, they found a house but had to sell the car and get a £20K loan (at 6%!!) for the deposit. Now they own a rental flat and a house. 2 mortgages and a Loan.... When I questioned their utter insanity they said house prices will go up 10% next year so no probs. WTF?!?!?
  13. Anyone had a look in this weeks latest homes? Still lots of overpriced tat but was surprised by the pages and pages of rental stuff. Can't sell it so rent it out....
  14. It makes no sense. House prices are still decreasing by over 1% each month. So if you buy now for £300k your losing atleast £3000 a month, £600k = £6000pm! Madness.... That's with interest rates at the lowest in history. Imagine what's going to happen when rates start going up.......
  15. Actually I have no choice but to wait! I have a similar deposit and earn a pretty decent salary for B&H. If I get a sensible mortgage (which I can repay) I would also have to shoe horn the family in. We need to buy a house that we can grow into - with the fees involved these days it wouldn't be viable to move again within the next 10 years! Ideally I'd like to buy a family house which we don't have to move from again.... maybe that's dreaming! So I'm waiting and I'm confident that prices will continue to fall. Yeah EA's are busy but how much of it is curious people, potential buyers realising it's still not value for money or can't get the finance? Some stuff is selling no doubt but we have no idea what it's going for in relation to asking price.... There's also tons of stuff on RM that has been there since last year. Might start looking again in 6 months. It's also a pretty good feeling having no debt and money in the bank in these "difficult times" Absolutely nothing to lose by waiting and all to gain
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