kman Posted August 18, 2006 Share Posted August 18, 2006 Started looking in Banbury about 2weeks since I was offered a key worker 50k interest free loan. Unfortunately the house that fitted my needs had only just come on the market so I could only negotiate a small token reduction - anyway I have agreed to buy it SC. Other properties I looked at in the 180k range just before the rate rise have been slashed 5-6k already. I think it's starting to bite. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 18, 2006 Share Posted August 18, 2006 So why don't you consider holding off? Quote Link to comment Share on other sites More sharing options...
kman Posted August 19, 2006 Author Share Posted August 19, 2006 (edited) So why don't you consider holding off? I've been told that the scheme is being phased out so there won't be as good an opportunity. I've been applying for 2ys previously and the funding was never available then. Edited August 19, 2006 by kman Quote Link to comment Share on other sites More sharing options...
adibrown Posted August 19, 2006 Share Posted August 19, 2006 I've been told that the scheme is being phased out so there won't be as good an opportunity. I've been applying for 2ys previously and the funding was never available then. I wouldnt worry too much £5-£6k reductions is hardly sign of a crash. Buy now you wont lose. Dont listen to the doom and gloom merchants on this site. The people knocking 5-6k off were probably over priced by £10k anyway. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 19, 2006 Share Posted August 19, 2006 (edited) I've been told that the scheme is being phased out so there won't be as good an opportunity. I've been applying for 2ys previously and the funding was never available then. Interesting. I have heard the take up is poor and the 'right' people are not benefiting. I am eligible for both Keyworker loan and Homebuy but feel that at this point in the market, there are no real benefits from getting one. If we do apply for one in future, it would only be to use it as a deposit, while our down deposit would continue be invested / saved until we chose to pay the money back, hopefully having increased in value. My personal view is that, as we cannot afford to purchase a home without such initiatives at present, we shouldn't be buying. However, my confidence grows each day as I see better quality housing coming into our reach. Edited August 19, 2006 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
kman Posted August 19, 2006 Author Share Posted August 19, 2006 Interesting. I have heard the take up is poor and the 'right' people are not benefiting. I am eligible for both Keyworker loan and Homebuy but feel that at this point in the market, there are no real benefits from getting one. If we do apply for one in future, it would only be to use it as a deposit, while our down deposit would continue be invested / saved until we chose to pay the money back, hopefully having increased in value. My personal view is that, as we cannot afford to purchase a home without such initiatives at present, we shouldn't be buying. However, my confidence grows each day as I see better quality housing coming into our reach. I've been told in future it won't be an interest free loan - so time to jump aboard. Quote Link to comment Share on other sites More sharing options...
grey shark Posted August 19, 2006 Share Posted August 19, 2006 I've been told in future it won't be an interest free loan - so time to jump aboard. And go down with the ship , when it can't take any more sheeple " jumping aboard " , good luck . Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 20, 2006 Share Posted August 20, 2006 (edited) I've been told in future it won't be an interest free loan - so time to jump aboard. But it is not interest free. You pay back a percentage depending on the valuation of the property at the time of sale. I won't be jumping in. Cheaper homes are around the corner and a government loan will not be needed to buy. Patience is a virtue. Edited August 20, 2006 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
AteMoose Posted August 22, 2006 Share Posted August 22, 2006 use home.co.uk and houseprices.co.uk to see how much above the selling price this still is. If your buying negotiate and get a silly offer accepted... Quote Link to comment Share on other sites More sharing options...
coolaftershave Posted August 25, 2006 Share Posted August 25, 2006 Arggggggg, I have had this talk with a mate. He is about to jump on a propery, admits its too expensive but the benefit package from his work will expire soon and if he does not by now he will lose out. I tried to give him the following formula Will (Benefits gained from employer) >= (Benefits of buying same propery at much cheaper price later) ? All seem to be public workers getting this... Orders from the top? Scare the remaing sheep (the last lot who are directly influenced?) to jump on board? He wont listen. CAS. Quote Link to comment Share on other sites More sharing options...
kman Posted August 26, 2006 Author Share Posted August 26, 2006 Arggggggg, I have had this talk with a mate. He is about to jump on a propery, admits its too expensive but the benefit package from his work will expire soon and if he does not by now he will lose out. I tried to give him the following formula Will (Benefits gained from employer) >= (Benefits of buying same propery at much cheaper price later) ? All seem to be public workers getting this... Orders from the top? Scare the remaing sheep (the last lot who are directly influenced?) to jump on board? He wont listen. CAS. Things getting worse quickly - two of the properties I viewed have been slashed another 5k this week, so that's 10k in about 3/4 weeks! This feels like the momentum of the market is waning. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 27, 2006 Share Posted August 27, 2006 Every reason not to buy! Quote Link to comment Share on other sites More sharing options...
kman Posted August 27, 2006 Author Share Posted August 27, 2006 Every reason not to buy! I have to buy, I've waited long enough with the homebuy loan I can afford to buy. I need to get out of the scummy sh1t hole council estate i'm living in Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 27, 2006 Share Posted August 27, 2006 At any cost? Quote Link to comment Share on other sites More sharing options...
sun n sea Posted August 28, 2006 Share Posted August 28, 2006 Why not buy now? if the sums stack up for you then why not buy yourself a nice place to live in? I really do think that a lot of doom and gloom on this site is counter productive. Sitting around worrying about hyperinflation, depressions, the UK being a 3rd world country is all well and good if you believe it- and like anything it's all opinion and for every negative opinion there is a positive opinion. I don't buy a lot of what is posted as cold hard fact- i know a few business people in the states who haven't noticed the much vaunted and highlighted "fact" that the US economy in on it's ar$e. If China's imports rise it may well impact inflation- on the other hand it may well stimulate the sourcing of more products from domestic UK suppliers which is a positive. Aside from the US the eurozone is one of our biggest trading markets which is experiencing growth. You could sit around all day digging up horror stories and reasons to crawl into a hole in the ground and hide- but that isn't going to change diddly squat in your day to day life. Everyone said the Y2K bug was going to be apocolyptical- and it wan't. Bird flu was going to do for all of us- and it hasn't. The recent hizbolla vs isreal thing was going to kick of WW3- but it didn't. I'm a priced out FTB'er but as soon as I can afford somewhere to live which I like I'm doing it- sheeple, lemmings and whatever else- if buying a home that I like and which is affordable to me becomes a possibility I won't hesitate for a moment. Life really is what you make it Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 28, 2006 Share Posted August 28, 2006 I'm a priced out FTB'er but as soon as I can afford somewhere to live which I like I'm doing it- sheeple, lemmings and whatever else- if buying a home that I like and which is affordable to me becomes a possibility I won't hesitate for a moment. Life really is what you make it That is why you will end up in a flat in a dodgy area, and I will end up in a house in a reasonable area. Let's compare mortgages in 2 or 3 years as that is the minimum time I will be waiting before buying. Quote Link to comment Share on other sites More sharing options...
Bathsheba Everdene Posted August 29, 2006 Share Posted August 29, 2006 Why not buy now? if the sums stack up for you then why not buy yourself a nice place to live in? I really do think that a lot of doom and gloom on this site is counter productive. ... I'm a priced out FTB'er but as soon as I can afford somewhere to live which I like I'm doing it- sheeple, lemmings and whatever else- if buying a home that I like and which is affordable to me becomes a possibility I won't hesitate for a moment. Life really is what you make it sun n sea, how old are you, if you don't mind me asking? I'm wondering whether you/your mates are too young to have been hit by the last crash, and that's why you're willing to go ahead now, or whether you're just optimistic by nature, as the end of your post suggests. BE Quote Link to comment Share on other sites More sharing options...
grey shark Posted August 29, 2006 Share Posted August 29, 2006 sun n sea, how old are you, if you don't mind me asking? I'm wondering whether you/your mates are too young to have been hit by the last crash, and that's why you're willing to go ahead now, or whether you're just optimistic by nature, as the end of your post suggests. BE SUN N SEA , he's a FTB , who hates outsiders moving into Dorset , he had a pointless debate running through the Dorset - snapping up quickly thread in the " house prices in your area " topic section , he ran away in the end as he got in to a mess with all his contradictions and miss understanding of the wider picture of the housing market , and here he is giving advice to people Quote Link to comment Share on other sites More sharing options...
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