Buying a house

latecomer

And what has happened to the number of mortgage applications?
If they have remained the same then its a valid comparison, otherwise its of no relevance.

The banks are still lending they are just being more cautious.

GDB2222

The 98% figure is a red herring, because it's a misunderstanding of the stats. It's based on the net difference between new mortgages and redemptions. There were loads of mortgages taken out in August, and the correct reduction year on year is around 60%, which is still pretty scaring.

As for house price drops, it's early to say whether 50% peak to trough is over the top. House prices are dropping like a stone at the moment, and it's daft financially to buy now. House purchase is too big a decision to be based on emotion alone. Let your head rule your heart.

donna1975

owner wrote: »

If it's my house the answer is yes, anyone else's and it's no.

HTH.

lmao

how long have you had yours on the market for?

neverdespairgirl

Northants_Simon wrote: »

:rotfl:
I can buy a 4 bed detached in a nice area for under £200k, but you can also buy an ex council house on a council estate for £175k. On a 25yr mortgage there is not much difference each month between the two.

You'd need to earn an extra £75k to pay off the mortgage on a £200k place over a £175k place.

lyndasharp

I've just put in an offer on a house, and I'm going ahead with the purchase despite all the worries about the economy. I've given it a lot of thought about whether it's a good idea or not... and I've decided that for me, it is. I'll have a £65k mortgage with repayments of £430 per month. I'm in a shared house at the moment and I'm paying £400 a month for a room. For an extra £30 I'd rather have my own place. If I was to rent a house similar to the one I'm buying I'd be paying about £650 a month for it!

Yes, sure, maybe the prices will drop lower, but i'm buying a home not an investment. I know that it's affordable and if I need to I'll rent out a bedroom to raise some extra money.

Just becuase it's the right time for me doesn't mean it's right for someone else, but if it's what you want and you can afford it then just go for it.

brit1234

latecomer wrote: »

While there is no doubt that prices are falling, how do you know they are going to fall 50%? You dont so please stop scaremongering.

Sorry but I do. Basic economics, cycles and risk management. Sorry its not me revising my price predictions it is all the property vested interest groups. They have been wrong each time and keep increasing the falls. CDOs are dead, so banks have to rely on savings which means limited funds hence the return to 3.5 times lending which they were giving out berfore CDOs.

Haven't you been paying attention to any of the news. I'm not scaremongering i'm being realistic you just in dream land or dare I say a bit s~mple.;)