Should we pull out of house buy

Austin_Allegro

pinkshoes wrote: »

Besides, aren't we all going to die tomorrow when they turn on the LHC and try and recreate the big bang?

Yes, the planet will be sucked into a black hole and the entire universe will disappear in the opposite of the Big Bang.

But don't worry, the UK economy is well placed to weather the storm. Sound fundamentals will see us through. Gordon is getting on with the job!

flea72

on a basic level, and perhaps im being a bit mad, but if everyone waits for the market to totally bottom out, and then decide its the right time to buy, wont that then push prices up quickly again, due to there being too many buyers and not enough houses, and well be back to square one in tens years time?

Flea

JayZed

Austin_Allegro wrote: »

Yes, the planet will be sucked into a black hole and the entire universe will disappear in the opposite of the Big Bang.

I can already see tomorrow's Daily Express headline:
END OF UNIVERSE SENDS HOUSE PRICES CRASHING

or possibly:
DID MI5 SCIENTISTS CAUSE ARMAGEDDON TO COVER UP DIANA MURDER?

Chris2685

flea72 wrote: »

on a basic level, and perhaps im being a bit mad, but if everyone waits for the market to totally bottom out, and then decide its the right time to buy, wont that then push prices up quickly again, due to there being too many buyers and not enough houses, and well be back to square one in tens years time?

Flea

Yup, that is exactly what will happen as far as I can see!

ad44downey

Mutton_Geoff wrote: »

Nationwide now expect house prices to fall 25%

1. Several posts on here seem to read that they have another 25% to go. What he actually said to the BBC was they'd fall 25% from their peak. We're already more than half way there according to the popular indices.

2. I'd be very surprised if some banker could predict the bottom of the market in this way.

Yeah but Nationwide, Halifax,etc. have a vested interest. If they say house prices will fall 25% then you could be sure they really believe they'll fall about 50%

ad44downey

flea72 wrote: »

on a basic level, and perhaps im being a bit mad, but if everyone waits for the market to totally bottom out, and then decide its the right time to buy, wont that then push prices up quickly again, due to there being too many buyers and not enough houses, and well be back to square one in tens years time?

Flea

That might happen if the banks returned to lending irresponsibly. But that won't happen, they've learnt their lesson the hard way.

Chris2685

If banks have such a vested interest, they won't let prices drop that much. If they provide lending to people, then people will buy. That in turn means property prices will remain affordable (by that I don't mean REALLY affordable, but affordable as in people can get the money so they will).

GDB2222

flea72 wrote: »

on a basic level, and perhaps im being a bit mad, but if everyone waits for the market to totally bottom out, and then decide its the right time to buy, wont that then push prices up quickly again, due to there being too many buyers and not enough houses, and well be back to square one in tens years time?

Flea

It won't happen soon. Straight after the market has fallen, people do not have the confidence to buy into the market. At least, that's what happened last time. However, we are now in the internet age, with far more information around. So, maybe the bottom of the house price curve will be more V-shaped than it was last time around.

GDB2222

Chris2685 wrote: »

If banks have such a vested interest, they won't let prices drop that much. If they provide lending to people, then people will buy. That in turn means property prices will remain affordable (by that I don't mean REALLY affordable, but affordable as in people can get the money so they will).

If prices keep dropping for a bit longer, would people buy then? Isn't it all ruled by sentiment?

Zelie

Frankly it sounds an awful deal. I'm currently monitoring houses on the edge of greater London. Three-bed semis are going for 180-200. Why buy an expensive flat for the same money when you would just be moving in four or five years? Buy a decently sized property to begin with and then you don't ever have to move.

My advice would be to ditch the dodgy deal and wait and SAVE a deposit.