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Falling Market Has 'helped' Us, Apparently

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New homeowners: 'Falling market has helped us'

Sam Dunn The Guardian, Tuesday 25 August 2009

First-time buyers Nada and John McCormack moved into their first property this week – a two-bedroom, £290,000 flat in Hackney, east London – spurred on in part by fears that house prices may be about to take off again.

The couple, both 29, have saved patiently for five years to afford the large deposits currently demanded by mortgage lenders. Nada, a graphic designer, said the falling market had been a blessing as it had brought many more properties into their price range, but she thought that waiting any longer would not make sense.

"We were worried about the credit crunch and the recession, but the falling housing market has actually helped us since we ended up being able to afford more for our money, and managed to get a good 10% off the asking price," she said.

"We were also anxious that, if we waited any longer, then the right time to buy would have passed for us and we'd have ended up chasing after rising house prices."

The couple built up a deposit of £72,500, enabling them to bag a competitive fixed-rate mortgage deal at 3.89% with Abbey.

"Although we're worried about markets falling further, and are terrified of being in negative equity, we should be fine as our loan is just 75% of the property's value.

"And we don't plan to move for at least four to five years so – fingers crossed – we should be fine."

Oh dear......................

Edited by Buffer Bear

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Guest DissipatedYouthIsValuable
Oh dear......................

£72k deposit?

For a flat?

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Guest DissipatedYouthIsValuable

Both 29 with a £72k deposit.

Clearly not university material.

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http://www.dailyexpress.co.uk/posts/view/70748

Wednesday November 12,2008 Same name, right age, same city, same job...... <_<

Designer Nada McCormack, 28, has had her one-bedroom London flat on the market for nearly a year and has now dropped the price from £250,000 to £220,000. But a serious buyer is yet to be enticed through the door.

“It’s been a nightmare trying to sell,†she says. “Buyers are few and far between and, when they do emerge, they get close to an offer, then change their minds. It is very frustrating.â€

Her flat was bought for £185,000 in 2004 so a further drop in price could be on the cards, she concedes. “Much depends on how low.

Eh?

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So have you entered your comment on today's article?

Wonder what she does to keep getting in the papers?

Entered it where?

She's probably just a media tart who likes to tell porkies. :huh:

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http://www.dailyexpress.co.uk/posts/view/70748

Wednesday November 12,2008 Same name, right age, same city, same job...... <_<

Eh?

I used to share a flat with a couple of junior journalists, so knew them and a few of their colleagues quite well.

They did use to make up articles entirely, using photos of their friends quite often. Even themselves!

Seriously, seen that one happen twice.

Not all articles, of course, but I was surprised at how often they did.

Which is why i wouldn't be entirely surprised to find both of those are entirely fictitious.

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£72k deposit?

For a flat?

yeah, but they arent worried about negative equity. :lol:

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I'm not 'oop North,' only half-way in the Midlands, but blimey, those London prices still.

You can buy a 1 bed flat with a garage in a block nearby round here for that deposit money. Admittedly, with only 70 yrs to run on the lease.

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So have you entered your comment on today's article?

Wonder what she does to keep getting in the papers?

Why does the Guardian article clearly say she is a FTB?

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13 Feb 2009 Flat 18 Westpoint, Northumberland Street, Darlington, Darlington DL3 7HB Flat £117,000

13 Jul 2007 Flat 18 Westpoint, Northumberland Street, Darlington, Darlington DL3 7HB Flat Leasehold £219,000

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