FTB's and buying now..

justpurchased

wymondham wrote: »

sorry I worded that badly, I meant in this cycle ...

At the end of it, When they have dropped upto 30% perhaps. personaly start of 2010.
But the only way to get 30% off a house at the moment is ironicly a newbuild. Here come the knives:rotfl:

justpurchased

toocan wrote: »

as a FTB it raises some interesting points some of which i hadnt considered.. However my philosphy as i presume some other FTB is (right or wrong) is to buy now and use the falling market to negotiate a hefty discount (of around 20% on the property i want.

On a house that was 180k if i can get it for 145k i figure it wouldnt fall below this in a reasonable area

As the current problem is driven by supply and demand i.e. no one being approved for mortages and those that are with smaller multipliers of salarys i figure 145k will be the bottom line esp on a property that came in at 200k in the boom.

I dont see how this could be a bad thing for a FTB

Exactly you could of purchased last year no discount. Perhaps £200K

wymondham

justpurchased wrote: »

Exactly you could of purchased last year no discount. Perhaps £200K

What will it be worth in 6-12 months?

justpurchased

wymondham wrote: »

What will it be worth in 6-12 months?

If you dont have to sell (which the majority won't) you will never know as it is your home not a savings account.
What will gold be worth,
what will oil be worth,
what will shares be worth.

In an economic down turn there are no safe short term investment, but we are not talking of just an investemnt are we?

wymondham

justpurchased wrote: »

If you dont have to sell (which the majority won't) you will never know as it is your house not a savings account.

True, but you're paying that extra each month ....

Chris2685

What does it matter?

Who buys a house with the expectation to sell it in less than 5 years?

I think this thread sums me up pretty well

Gangstabird

The only problem I can see at the moment is job security.

If you work for the 'guvvament' you are ok, police, nhs,fire service, mp etc.

If you work anywhere else, you are taking rather a big risk in case you lose your job.

I know this sounds terribly doom & gloom, but it's true. If you work in a factory making patio furniture at the moment for instance and you take on a mortgage, you have GOT to think about the future, especially if you are going into a deal with little deposit.

Are people really going to be spending on patio furniture if the sh it hits the proverbial fan...............

I think you all know what I mean.

toocan

wymondham wrote: »

What will it be worth in 6-12 months?

i believe property prices will only fall as to take them into the price region that is accesable for the average person and what the banks are now going to start lending after the crazy days of handing out credit and mortages at silly multipliers.

no doubt house prices will fall over the next 6 - 12 months and possibly beyong but if that is factored into the price Today then i do not see the problem?

justpurchased

Gangstabird wrote: »

The only problem I can see at the moment is job security.

If you work for the 'guvvament' you are ok, police, nhs,fire service, mp etc.

If you work anywhere else, you are taking rather a big risk in case you lose your job.

I know this sounds terribly doom & gloom, but it's true. If you work in a factory making patio furniture at the moment for instance and you take on a mortgage, you have GOT to think about the future, especially if you are going into a deal with little deposit.

Are people really going to be spending on patio furniture if the sh it hits the proverbial fan...............

I think you all know what I mean.

5% unenployment max So if you do lose your job you will still be in a minority.
But I felt insecure in my job I would not buy but some jobs are fairly secure.

Gangstabird

toocan wrote: »

i believe property prices will only fall as to take them into the price region that is accesable for the average person and what the banks are now going to start lending after the crazy days of handing out credit and mortages at silly multipliers.

no doubt house prices will fall over the next 6 - 12 months and possibly beyong but if that is factored into the price Today then i do not see the problem?

So what will stop the banks lending again at silly multiples, even if only to regain their losses. Banks are not stupid, allegedly, but they will claw it back and let's face it, they are all bl()ody freemasons anyway. The interest rates will go up and the men at the top including Govt/Lords will all still sit there eating swans and drinking port until they are very ruddy because it's a closed club

Mark my words, it's the proles who will suffer; you & I.......