Monday, June 30, 2008

More spin suggesting now as a good time for FTB to jump in

Credit Crunch 'Could Help First-Time Buyers on to Ladder'

There is the usual bluster that things are different this time as IRs are lower and employment is lower. But I am heartened by the admission by the surveyor Stephen Morris of 10-15% falls since their peak last year. Even the worst statistics from the lenders don't reflect that (yet). More worryingly, it says of Richard Pullin, of Pullin Knight "His firm has teamed up with mortgage broker Network Mortgages to launch the Gifted Deposit Scheme, in which vendors can opt to pay up to five per cent of their buyer's deposit." Is this not identical to the allegedly fraudulent incentives offered by big property developers? Does it not amount to a 100% mortgage that the lender would be most interested in hearing about in these days of strict lending criteria?

Posted by s2rjul07 @ 10:16 PM (1029 views)
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3 thoughts on “More spin suggesting now as a good time for FTB to jump in

  • crash n burn says:

    Bath is an incredibly interesting market. Funnily enough, I was looking around this weekend at houses there to see if I could get any cheeky bids in. However, having watched the market there, the prices are not slumping in the way I would like. After speaking with my brother-in-law, who happens to be an EA for some of the quality homes there – he is still selling some homes above the asking price although the volume has dropped considerably. The Bath market does seem to be a bit of a skew compared to the rest of the country as it appears a lot of the money is inherited wealth and people moving to the country from London; the shops assistants etc have never had a chance to live in Bath (except Twerton perhaps – but who the heck wants to live there?!).

    I am going to sit out for another 2 years, watching and praying it all comes down before making my move… If Bath bucks the trend, which according to most economic theories seems unlikely, I guess I will have to settle for something round the outskirts if I hope of any chance to go mortgage free.

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  • @crash n burn

    I agree that Bath is unique. There will likely always be a demand for the highly sought after areas of Lansdown and the crescents. But there are plenty of regular family homes that won’t appeal to the uber wealthy. And these appear to be sitting on the market not selling. I’ve been following various houses and many have been on the market for many months, sometimes over a year, and are not selling even though they have been reduced. Once they do start to sell, then I believe the falls will really start to register in Bath. Best of luck with your hunt and I agree that a couple of years will likely widen the field of options considerably.

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  • crash n burn says:

    Thanks s2rjul07… Good luck to you too – seems we are probably after a similar sort of thing. Been checking out stuff in Bradford on Avon also but all the cheep-os seem to have defects like concrete cancer or asbestos walls. Oh well – at the moment of pure and utter dispear / capitulation will be the time to jump in… Let’s hope the Bath market does retreat!

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