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Should we pull out of house buy

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Comments

  • Chris2685
    Chris2685 Posts: 1,212 Forumite
    GDB2222 wrote: »
    If prices keep dropping for a bit longer, would people buy then? Isn't it all ruled by sentiment?
    To be honest I don't know, all I know is that most people want to own their own home if they can...
  • flea72
    flea72 Posts: 5,392 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ad44downey wrote: »
    That might happen if the banks returned to lending irresponsibly. But that won't happen, they've learnt their lesson the hard way.

    no i dont think they have. they are still lending 4x+ income, as they have to, otherwise there would be no buyers. with the average (ambigous usage) house price being £160k, it would mean the only people who can afford to buy are those with an income twice the national average (see above usage). Which means there are very few people able to get mortgages, and the whole housing market totally stagnates.

    I also think that those who have STL are compounding the problem, as they will increase the deposit levels neeeded to buy a house shortterm, but long term, prices will rise, to take account of the fact people have larger deposits, and can then add their full mortgage entitlement (3x min) on top

    Flea
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    pinkshoes wrote: »
    How very pessimistic! If everyone lived their lives by "what ifs", then no would actually bother living. Life is about taking risks, having fun, and being happy.

    My friend would have bought a new car if he knew he was going to die of cancer a year later.

    And if me and my OH hadn't bought just because we might split up, then we wouldn't have shared the last amazing 18 months together in our own home.

    Sh*t happens. Deal with it IF and WHEN it happens. I'm sure the OP has thought these things through if they're planning a home for at least 5 years!


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

    Whilst true, only people who have not experienced the pain of being in negative equity make these comments. Negative equity is avoidable if you look how things are going, other things are not.
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    pinkshoes wrote: »
    How very pessimistic! If everyone lived their lives by "what ifs", then no would actually bother living. Life is about taking risks, having fun, and being happy

    Yeah because being a young couple trapped in a negative equity 2 bed flat for a decade is all about fun and happiness.
  • napoleon
    napoleon Posts: 611 Forumite
    flea72 wrote: »
    no i dont think they have. they are still lending 4x+ income, as they have to, otherwise there would be no buyers. with the average (ambigous usage) house price being £160k, it would mean the only people who can afford to buy are those with an income twice the national average (see above usage). Which means there are very few people able to get mortgages, and the whole housing market totally stagnates.



    Flea
    Hold on. you must be watching a different news to me. because that's what the headlines arealmost everyday - No Buyers.

    Also there is more than one income into most households so you're not taking that into account when you say 3xaverage wage
  • geoffky
    geoffky Posts: 6,835 Forumite
    your sellers must think its christmas getting only 3% off their price..pull out just think paying over the odds will cost you over 25 years
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • geoffky
    geoffky Posts: 6,835 Forumite
    Sazzyukrafc wrote: »
    We bought our first house two months ago and don't really care about all this tbh...we plan to be in the house for quite a few years, so we don't see the problem for us.
    you soon will find out what a bad idea it was..when your in negative equity and have to go on a high rate of SVR because of ltv
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • geoffky
    geoffky Posts: 6,835 Forumite
    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).

    :rotfl::rotfl::rotfl::rotfl:as if banks can stop the market falling!!! think before you post
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • Chris2685
    Chris2685 Posts: 1,212 Forumite
    Of course they can stop the market falling. They made it rise didn't they?
  • geoffky
    geoffky Posts: 6,835 Forumite
    please tell me how you stop a market falling/..like fanny and fanny? has not stopped the falls in prices....i await your wisdom...i am off on the school run so you should have time for your reply...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
This discussion has been closed.
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