The Times Newspaper Reports Property Will Not Drop Any Lower

pickledpink

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4509303.ece

Seems that property has reached a floor. Best buy now before you miss the boat again....................:money:

budget_counsellor_shaz

In my humble opinion........

Sorry Pickled Pink I don't agree.:o

We bought our house last month although the prices may still be falling. We had had enough of not having our own home, after not having our own home for 1 year.

For those that can cope with renting should try to hang on a bit longer especially the FTB.

The house prices in the UK are still pretty high compared to other countries.

mizzbiz

This article bases the house price decline on a lack of available products in the market!!! This is absurd, to say the least. What about inflation, unemployment (or the looming shadow thereof), under-inflation wage increases for those lucky enough to keep their jobs, a sudden realisation that many people can no longer afford the products they did buy when the market was inundated, banks almost going bust, the drastic slide in the stock market and associated investments? Shall I go on...?

Why on earth do they say such things without any evidence at all? Even a bullish economist working for Bradford & Bingley wouldn't be that optimistic.

Sheesh... words fail me!

Edit: Also, the majority of poeple suffering from a lack of availability in the market seem to be remortgagers coming off fixed deals and therefore not potential buyers at all.

ginvzt

budget_counsellor_shaz wrote: »

We bought our house last month although the prices may still be falling. We had had enough of not having our own home, after not having our own home for 1 year.

We have been renting for just 3 months, but we already had enough!!!! I want my own house, where I can have the walls not magnolia, put the picture hooks in them and have the rubbish bin in the kitchen (no space in this place!!!!). And also I want a garden where I can go out an enjoy British weather (well, maybe not today...) :rolleyes:

Maisie11

Glad to see someone who doesnt say that renting is the best thing since sliced bread.... I have never rented but we intend to put our house on the market shortly (God help us!) and will rent if required. However lots of downsides to renting, ie asking permission to have a dog and also probably the most important one - the house is not yours. Someone recently said that they knew that their landlord did not have keys to their place - my SIL's landlord would let himself in to do maintenance etc. He said he was passing, tried to call and realised she was at work so came in anyway!

Of course your landlord has keys to the place - it is his property.

dudleyboy

pickledpink wrote: »

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4509303.ece

Seems that property has reached a floor. Best buy now before you miss the boat again....................:money:

I'll take my chances... :rolleyes:

moanymoany

There have been many posts on this part of the forum giving links to economic forecasts that completely fly in the face of this news report.

The shortage of houses is a factor that crops up again and again. The shortage is not in property to buy but in affordable, secure, rented housing.

The set up of the banks' borrowing to lend will continue to cause a mortgage famine for at least three years. The reasonably priced mortgages that are available are not being dished out to all and sundry! They are being given to those with a proven payment record and 3 x their income (proved income). Those lenders who did not get involved with sub prime are also cutting down on their lending and trying to get their reserves up the a more sustainable level. That is why they are only lending on 'certainties' - too many 'outsiders' have fallen out of the race. It costs money to re-possess and they prefer someone who is going to pay regularly through to the end!

The most recent statistics say that there are the lowest sales for 30 years. That completely eclipses the 1989 -1996 crash. Back in the 1970's you needed to have had a savings account for a prescribed time with the building society you want to borrow from. It was also 2.5 one income or 3 x joint income that you could borrow.

sympatex

RICS fail to say the one thing thats true. House prices are too high.

ricey_23000

As an estate agent for 38 years I would advise anyone not to buy yet. The market has still another 15% drop making a total fall of 25%. The market has bben driven buy investors taking up stupid mortgage offers and fraudulent purchases particularly of new build properties with builders offering as much as 25% cashback. I sold my property and I am in rented accommodation and intend to stay here for at least 12 months. I advise everyone else o do the same.

dudleyboy

ricey_23000 wrote: »

As an estate agent for 38 years I would advise anyone not to buy yet. The market has still another 15% drop making a total fall of 25%. The market has bben driven buy investors taking up stupid mortgage offers and fraudulent purchases particularly of new build properties with builders offering as much as 25% cashback. I sold my property and I am in rented accommodation and intend to stay here for at least 12 months. I advise everyone else o do the same.

Ricey, if you are a real estate agent then I would like to applaud you on your honesty and integrity!
:T

After 38 years of experience I imagine you've weathered the storm more than once and will do so again. I would be interested to learn more about your experience and predictions, especially the extent and lengths that individuals have gone in overstretching themselves and submitting fraudulent applications. I think only then will we have a clearer picture of just how bad the next few years will be - and how far prices are likely to fall.

pickledpink

ricey_23000 wrote: »

As an estate agent for 38 years I would advise anyone not to buy yet. The market has still another 15% drop making a total fall of 25%. The market has bben driven buy investors taking up stupid mortgage offers and fraudulent purchases particularly of new build properties with builders offering as much as 25% cashback. I sold my property and I am in rented accommodation and intend to stay here for at least 12 months. I advise everyone else o do the same.

Why d'you want to buy again in 12 months time? You're heading towards your 70's!!!!!!!! Seems like a waste to me...........................but you obviously want to put your money back into bricks and mortar.

By the way, have you informed the Bank of England that prices are set to drop 15%?:D

Even if you really are an estate agent (you could be making it up!) how comes YOU know what no-one else knows for sure? Not even the Bank of England?