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House Price Crash Forum

Toastie

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  1. Well I have waited and waited for a crash, or correction, and well it hasn't happened yet. I have just found a house, £152,500 3 double bedrooms, semi detached, good sized lounge, dining room and kitchen in a nice rural area 20 mins from work. So i have bitten the bullet, had £150,000 accepted and am putting down a £37,000 deposit. I can manage with the mortgage payments and even if i lost my job and got a minimum wage job i can still afford the repayments, so long as they don't go above 10% I think i have taken everything into consideration but with a third child on the way i need to buy now rather than later. Whats everyones opinions? Have i made the right decision, from my point of view? Its not like i am buying the house to make a load of money due to HPI, it is a house i will be staying in for at least the next 20 years so i think i'm going to be alright.
  2. Ok, I'm no finanical expert, far from it, but i have been reading posts on here and some are saying the the correction in house prices will no longer happen, all because the bank of England bailed out the northern rock. I thought the housing correction was going to be due to credit tightening, which after the northern rock debacle is sure to tighten further. Am I wrong in thinking this? I would like to know as i have a reasonable deposit and need a house but due to the recent news i'm putting it off for 6 months to a year to see what happens. Any advice would be appreciated. Thanks Richard
  3. Ok, I'm no finanical expert, far from it, but i have been reading posts on here and some are saying the the correction in house prices will no longer happen, all because the bank of England bailed out the northern rock. I thought the housing correction was going to be due to credit tightening, which after the northern rock debacle is sure to tighten further. Am I wrong in thinking this? I would like to know as i have a reasonable deposit and need a house but due to the recent news i'm putting it off for 6 months to a year to see what happens. Any advice would be appreciated. Thanks Richard
  4. Rightmove also noted a drop in London's asking prices. 0.1%. To be honest I would have expected this months to he higher than last month for most areas, all those 4 bedroomed house owners wanting to get their house on the market before the HIP deadline, pushing up the average price.
  5. Personally I dont think HIP's will do much for a HPC as everyone on here seems to think. As it is related to houses Bears have assumed it will cause a crash and Bulls say it won't. I think the reason more houses are going on the market is simply that interest rates are getting higher, as are mortgages, the negative press of late is making people wo have bought properties to let out are getting more uncertain about house prices and have decided that rather than take a chance they are going to sell up and maximise their profits. Will this cause a house price crash? good question. I do think all the negative publicity house prices are getting coupled with higher interest rates and the real possibility of more interest rates, expecially as the price of a barrel of oil is going up will eventually cause a house price crash, probably in the next 6 months at most. I know for one that due to the higher cost of oil, and thus the products we manufacture at work, the sales department have already being discussing a 5% increase in prices. Not because they have the confidence to do so, but becuase if they don't people will have to be laid off!
  6. I will simply be happy once house prices are lowe enough for me to buy a house, if they go down after that then fine, but at least I will have a house for my family and I to live in and one that is not stretching me to the absolute limit finacially. Yes it will probably be more expensive than now, with higher interest rates but it is better than buying a house now, stuggling, and then IR going up and not being able to pay the mortgage.
  7. You will find that it is a £200 fine per offence, calculated daily. Thus you market your house for 10 days before you find a buyer, you will be charged £2000. 10 offences (10 days). I found this out from my local EA
  8. I think its a load of rubbish. HIP's will not cause a crash. I believe that there will be a crash, due to credit tightening, over inflated house prices, more and more about crashes and bursting bubbles in the media, increased interest rates, etc etc. HIP's will just get the blame. Having something to blame other than themselves for biting off more than they can chew and believing that house prices will not crash will make them feel better. They will all say, well there was nothing we could do about it. The government is to blame (which they are, but not because of HIP's). In my opinion it is the BoE's fault coupled with people buying houses to let, trying to make fast cash, living beyond their means by releasing far too much equity in their houses etc etc.
  9. There will be alot to do with the type of house sold etc. Some houses will make more than others etc etc. Just becuase the average is say 50%, that could mean one particular house went up 99% and another 1%, the average would still be 50%. I find it hard that people believe because the average increase (or decrease) means that thei house should also change by this value
  10. North Somerset -32.5 (quarter) and -29.4 (yearly)
  11. My Area is down Jan to March and it was slightly up the previous 3 months. Do people honestly believe that all areas will drop at the same time? I doubt it, it will be a steady decline before a much bigger drop, thus some places will increase significantly and other won't. If some places increased by over 100% in the last year and the average is +5.85% then surely it shows that prices are in decline. The big rises are making a smaller and smaller difference to the overall yearly rise, until eventually it will be negative
  12. Here the house price info from January to March 2007. 7 Regions out of 12 had a drop in prices (quarterly) Thats nearly 60% of the country. http://news.bbc.co.uk/1/shared/spl/hi/in_d...ml/houses.stm?q
  13. An Interesting Read http://business.scotsman.com/index.cfm?id=776932007 " Registers of Scotland data revealed that the average price for a residential property in Scotland decreased by 2.2 per cent in the last quarter (January to March 2007) to £139,836. This compares with a figure of £143,055 in the previous quarter (October to December 2006). " A pretty big drop for 3 months.
  14. Another little bit to read http://www.aboutproperty.co.uk/news/buying...#036;473656.htm It seems everyone these days says there is going to be a crash.
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