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House Price Crash Forum


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About starnett

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    Lancashire, UK
  1. Thanks for the info, I've got it on my Sky+ planner! Perhaps now we will see some of the properties these greedy b*****ds have swallowed up return to the market :-) And hopefully at half the price!! **evil chuckle**
  2. I believe we are going to tread very carefully. We are still going to apply to the scheme and see if we are accepted, then take our time looking for a house as suggested. I think this way, we are keeping our options open to buy, whilst allowing things to develop a further 4-6 months to see if the prices do take a steep downward turn. During the last crash, half the drop happened in the first 2 years, so if it's happening again now, things should pick up pace very soon. I would like again to thank everyone for the kind advice. Andy
  3. Hello everyone, I would just like to thank those who replied with genuine advice. It's given me something to think about. Genuine point about it sounding like I'd changed my mind about buying since my previous post. I guess we just feel all over the place at the moment and I just wanted some clarity from people with similar experiences. If I'd know my question would result in some very rude and arrogant b*****ds replying, I would not have looked at this forum for advice. I have looked up the term TROLL and I find that extremely insulting to be honest. For those narrow minded people out there, here is a definition of the word, as it appears to me these people are using the term very loosely: 'An Internet troll, or simply troll in Internet slang, is someone who posts controversial and usually irrelevant or off-topic messages in an online community, such as an online discussion forum, with the intention of baiting other users into an emotional response or to generally disrupt normal on-topic discussion' I asked a very reasonable question and as it was on the topic of the housing market and it's possible decline, I believe posting my message on HPC was very appropriate. I apologise for not trawling through all the other posts to find a topic relevant to me, I just believed my question was a little more specific that a general 'Should we buy or not?' and i also had better things to do with my time. Unlike those the guys who find it necessary to call everyone Trolls, the housing market and internet message boards are not the be all and end all of my life. It's just something I'm experiencing at this moment in time. Thanks again to those of you who gave me advice - i really appreciate it. To the the other rude people - get a life! Andy
  4. Hi everyone, We're looking to buy our first home at the moment. We've had a run of bad luck with this for the past few years (changes in circumstances etc) that has stopped us on a few occasions proceeding with a sale. This happened again recently, when our 100% mortgage in principle was withdrawn - the lender is now only lending up to 80% LTV - chuffing ridiculous in my opinion!!! We're experiencing problems getting a 100% mortgage now but we have a 95% mortgage in place but need that elusive 5% deposit (hopefully we can negotiate this with a seller). However, we have recently found a new scheme which will allow us to buy house at a more affordable monthly repayment and would make the above unnecessary. We qualify for the scheme as we are FTBers, my partner is a key worker and our joint income is less that 6oK p.a. We have to raise a mortgage for 60-80% of the homes value, and they give you an equity loan for the other 20-40% - this is at 0% interest for 5 years, then 1.75% interest for 5 years then 3.75% interest for the rest of the term. We have to go through the whole application process, but if accepted, it would allow us to look at houses up to 200K - our current budget is 140K. As you can imagine, this is very tempting for us as we would be able to buy a far better property and the figures are comparable to what we are paying for our rental property now. My question is, does anyone think this is a good idea and should we take the plunge and buy now? I've read a lot of messages on this forum about decreasing prices - even a crash - many of which I think may be true, but we are worried about waiting. The problem is, I am 27 and my partner is 35. Our concern is that the longer we wait, the less the term on our mortgage will be, which will push our monthly repayments up anyway even if the prices drop. The way we see it is we may end up paying the same per month anyway in the end. I would really appreciate any advice that anyone can give us - it's a really hard choice to make. Thanks in advance... Andy
  5. Hi all, I've lived in Bamber Bridge, Preston for a year now. We're renting at the moment but we had intended to buy after a 6 month trial period in the area. However, we've noticed prices dropping considerably since we moved here. Some examples: 2 Bed Apartment (with Double Garage and Additional Room to Ground Floor) Sold late 2005 by Barratt Homes - £192,000 Repossessed in summer 2006 On market for over 1 year at £159,950 Sold at Auction for £130,000, Sept 2007 Back on market now £195,000 down to £189,950 down to £159,950....still not sold! 3 Bed Detached with Integral Garage, Conservatory. On market at £189,950 down to £179,950 down to £159,950 offers around. 3 Bed, 3 Storey Semi-detached Sold by Barratt Homes for £210,000 Repossesed in summer 2007 Sold for £145,000 late 2007 The above highlights only a few cases but most houses in this and surrounding areas have been on the market for ages and are dropping in price. The level of repossessions has been very high, particularly on our estate (Chestnut Gardens - built by Barratt Homes). We've witnessed 2 neighbours pack their bags and abandon their homes in March 2007, along with another 9 on the estate during the past 12 months. All in all, this makes us very scared to buy. We're gonna stay put and ride this one out. We'll jump on housing market train when its going UP the hill, not down! How have things been in your area?
  6. I find it really interesting that houses have 'vanished' off Property Snake for my area. I'm renting on a Barratt estate in Preston, Lancs. It's shocking to see so many people trying to sell. Houses around here are just not moving and repossesions are rising. There have been 11 on my street in the last 5 months. I looked at Property Snake only a few weeks ago and it showed many houses in my street and surrounding streets falling. eg. The house next door to me sold in Nov 05 for £210,000 (3 Bed 3 Storey Semi). Reposessed 9mths later and back on market for £202,000. During course of this year has since dropped to £185,000, £175000 and is now £165,000!!! Many other houses on the estate are the same but they no longer show on Property Snake. Hmmm? Find that a tad suspicious really.
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