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House Price Crash Forum

stu2006

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  1. I'm in a very similar position and bought 12 months ago after renting a few places over the years. I ended up getting a decent house around 30% off peak prices based on 2006 sale from next door but 2 (smaller house). I was lucky that the right house came along for me but it could of been very easy just to keep waiting and waiting and waiting, essentially wasting your life or at least some will be..maybe for the very few who can afford to rent and save enough to buy outright in the future it may work out,, but in this economy, with salaries dwindling I don't see many people in that position
  2. maybe its not but it comes down to having to sell, if people are not forced then the houses aren't reduced ..with low interest rates people aren't forced unless they start losing their jobs. I am actually seeing an upturn in the distribution industry after a difficult period with cost cutting measures being relaxed along with recruitment bans being relaxed although it is still tight. The young ones who cant afford a deposit are turning to renting and it wont surprise me if this is the way it goes for the forseeable future. Low interest rates and low wages so the people who have houses will just keep them and the younger generation will rent. It's only my opinion after watching the housing market for the last 8-9 years waiting for the right time to take the plunge. There are far smarter people on here who will have a different opinion and there will also be the optimists like I was who are waiting for that 70% drop which i just cant see happening now as that kind of drop will only occur through a massive amount of forced sales that will bankrupt the country. My opinion maybe wrong at the end of the day no one really knows what will happen because if we did we'd all be millionaires
  3. Yes, but again this will be a minority, ive never heard of any neighbours asking to borrow money to pay their mortgage..but again i agree with you about the crash which is why i said it has already happened.. i was holding out for a 50% crash but settled on the 20% i actually got off the current price or 34% I got from 2005-6 prices which was at peak
  4. Pretty sure that they are of the minority. As far as a crash comes im pretty sure we have seen it already 2 years ago. I managed to land a 3 bed semi for 20% off original price,(Borderline repo) house next door but 2 went for 40k more than i paid in 2005-2006 and next door 20k in around 2009. I paid 80k it was originally on the market for 100k. in 2011..Im moving in with my girlfriend and have no intention of selling as rent demand is high in the area and will cover the mortgage (fixed at 5% until jan 14) and then some, had 3 offers already for renting but im still renovating till January..I suppose my point being there are plenty of people in good positions who do not need to sell
  5. I'll be soon one of these renting a room out when i have finished my refurb in january. Mortgage 420, room 400 a month and have a loger ready to go. Both my partner and I have our own houses and I spend a lot of time at hers and also at work so makes complete sense until i rent it out fully
  6. Some people i here must be on serious money if they can afford to rent and save a deposit. However I fear they are in a minority especially the further north you get. I earn slightly above the national average (25k the last time i checked) and it was an impossibility to save and rent with rents starting at 400 per month for a 2 bed terraced house. I flitted from house to house renting and also to my parents for a 12 month on and off spell just to get some money. I posted on here in january as i completed on a 3 bed semi that needed some work with a mortgage of 420 a month.. There is no way on earth id be able to rent anything like that for the money so made complete sense. As for kitting it out approx 2-3 grand in building work,appliances and decoration. I guess my point is renting suits a lot of people, renting is forced on a lot of people and it seems the lucky ones get to buy ( a house that is affordable). Now I know a lot of people will say how is someone lucky having a 25 year long debt but I guess those people will either have a ton of money or just never buy. I used to be in the same mind frame. However there is still nothing like walking into your own home, doing what you like to it and knowing , as long as you pay your mortgage you cant be kicked out.
  7. Thanks again all for the support and sorry for the typos I was frantically typing in between meetings at work . One thing I decided to do is I chose a house that needs a little work I reckon about 4-6 months with what I want to do. Kitchen diner, knock through bathroom, plastering etc. The next 6 months will be expensive but I thought it would be better spending a bit more now than looking for a house that will cost be another 50-100 quid each month for the next 25 years. The mortgage is also just less than 3X my salary and with an approx rental value of 500-550 pcm should anything nasty happen, not that I foresee that, but if it did I wouldn't necessarily loose my home and potentially be able to cover the mortgage. Anyway this is my home or will be once the works done you are all invited to the BBQ in summer providing you follow the rule of men bring the beer ladies the food Thanks again
  8. I thought i'd just come on here and say thank you for the information i have received on this forum over the many years I have been visiting, but hardly posting. I have just completed on a house as a 34 year old FTB after years of renting in various locations in the North West ( Leigh, Wigan and Liverpool). A saw a house around 18 months ago on the same lane for 110, 000 and viewed it. it was a small 3 bed semi although the third bedroom was hardly a bedroom. After reading this forum I decided against it as it looked over priced for the size of it. Last year around may a saw a bigger house come on the market on the same lane, 3 bed semi but much bigger rooms and a drive etc. It was on for 100,000. In September it was reduced again ( I learned the buyer was in trouble) to 96,000 and then again to 90,000 and desperate to sell. I put in an offer of 80,000 and a sale was agreed. This did not the owners mortgage but with agreement with his bank he was allowed to sell if it was completed quickly. It has gone through and Im paying less on my mortgage than i was on a 2 bed terrace renting thanks again
  9. Hi All, I've been a reader of these forums for many years and have picked up tons of useful information. I've been holding out yet longing for my own place for years and have become tired of renting and house sharing etc. However I wouldn't do it until it made financial sense as in it was as cheap as renting for a decent sized house for myself. Well I have now made an offer on a house that has been accepted I got about 10% knocked off and with a 10%, deposit the mortgage is 20 quid a month more than my rent. The house is on a no chain I get the impression its borderline repo and needs quite a bit of work but I don't mind that. Total mortgage is 2.6 times my salary which isn't too bad. Anyway thanks for all the useful information you have all provided over the years
  10. There are 3 bed houses like that going for the similar price where I am, close to Wigan, but they are terrible areas
  11. I don't see the point of doing a degree now unless you are in the top 5% and doing a degree that pays really well. Off top of my head I'm not sure what that is but working in manufacturing I can see robotic coming through more and more some of the technology is actually frighetning on one of our plants and reminds me of Skynet early days as seen on Terminator. On another note is it possible for education to become a bubble? I don't know anything about this but obviously the fees have gone up masively. What would happen if one year the majority just didnt go?
  12. I'm 34 earn slight above the national average wage working in HS&E for a large company. I have a small deposit around 10% for a 100K house and live in lancs. I'm resigned to thinking I'll never own my own home as the ones in my price range are utter crap. I suppose I could go for a more expensive house in time but I'm not sure I want 100K+ of debt on my own
  13. From my personal point of view im 33 almost 34. I earn just above average salary, based on 25,000, and have almost 10 grand in savings (would of been around 16-17K but was left with around 6K debt when I split from my ex wife...dont ask) Im currently renting now after moving back home to sort out my finances for a while. Ok so now Im left with a couple of options Ideally Id like an average 3 bed semi as there just me with a bit of a garden. The ones in my price range approx 90k are in totally rubbish areas. So Im stuck between renting for ever or buying a house Id probably either never sell or be stuck in a life of unhappiness. So if there is a property crash in the next 2 years, im praying for about 20% as that would make the nicer ones around here affordable, Id be around 36-37 How depressing! Saying that with the recent warnings from the PM about the economy and its based on HPI etc etc then I dont think 20% is unachievable. Not that I know about economics just common sense really
  14. http://www.rightmove.co.uk/property-for-sale/property-32001320.html/svr/3102;jsessionid=21EA8135DF71BD70281C9A47EF3865AC 49K - backing onto a train line it looks like and rumours that Osama bin Laden lives next door but 1
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