Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

IveSeenTheLight

dopester wrote: »

Well all those who feasted on easy credit and fuelled HPI over the past 20 years are going to hand those imaginary gains back as we enter deflation and a very long L shaped depression.

And banking/mortgages looks like going back to the the old-world, where you need a good deposit, you've got a good credit history or the lender knows you as a customer, and you have a steady and secure income with good prospects.

All of which means it will be harder to get a mortgage.

If all those who feasted on easy credit and HPI, then they may find that their credit rating is not good enough to get the mortgage

IveSeenTheLight

artfuld0dger wrote: »

True! And I don't claim that I won't be able to buy in my lifetime, I'm sure I will, but I don't believe that it's simply a case of 'earning a good wage and saving a bit - what's the problem?', as Dan suggested. I've been doing this for 8 years, have a good degree, consider myself sensible with cash, and domestic bliss is still no more a reality. Maybe I have rich friends :undecided. More likely:

- High house prices = increased mortgage repayments = less money to save for deposit I presume this is for upgrading, cause you wouldn't be needing a deposit if you are already paying a mortgage
- Cheap deals have slipped away from the market.Yep, easy credit is going. Its going to be harder
- Buyers require £27k+ as a deposit for anything affordable Possibly, but would depend where you live and what size you are looking for. 27k can in some areas be a substantial deposit (easily 20%). Of course in other areas not so much

My point really I guess, is that £27k would buy you a house when I was a nipper (not so long ago!), which is more a shake of the fist and grumble at the world at large, especially when people looked shocked when I tell them I rent! But you wouldn't have been on the same wages when houses were £27k [/quote]

Regarding the £27k deposit thing, yes it seems a lot, but for every property I have bought (excluding my first flat) I put down a larger deposit than this. This was because the higher deposit I interest rate I could get.
Even now, £27k as a 10% deposit could get you a 5 bed house in my area

http://www.aspc.co.uk/cgi-bin/public/SINGLE?ID=260683
or
http://www.aspc.co.uk/cgi-bin/public/SINGLE?ID=261817

Not exactly a FTB property is it?

Hell even as a 20% deposit, it can almost get you a 4 bed property
http://www.aspc.co.uk/cgi-bin/public/SINGLE?ID=258687

P.S. there are 50, 3 bed or above homes around Aberdeen for between £125k and £150k so it really depends on the property area.

Chris2685

Dithering_Dad wrote: »

Blimmin heck, just out of Uni and he's on £35k. When I bought my first house in '95 for 40k, my salary was £17k. With a £35k income and just 3.5xsalary multiple (which is what we used in my day), dodger could get a mortgage for £122,500. He'd have to save up a 10% deposit for safety, so £12k.

It's hardly a life-times work to save 12k, especially if he has a partner.

Where I live you can get a nice stone cottage for £120k. Tsk, kids these days, they expect a 5 bed mansion as a starter home :rolleyes:

If he is on 35k a year out of uni, he is highly unlikely (although not impossible of course) to be living anywhere other than London or nearby. You can get eff all for 120k.

dopester

IveSeenTheLight wrote: »

All of which means it will be harder to get a mortgage.

If all those who feasted on easy credit and HPI, then they may find that their credit rating is not good enough to get the mortgage

Exactly right. Which means the crash will be even harder as those forced to sell because of many different circumstances, and repossessed properties at auction, will have to accept whatever prices the market can raise - which includes cash-ready buyers like myself.

blisk

It's anarchy out there.

Fear grips global stock markets

THis is only the start.

Get ready for next week, governments have done all they can really.
Now anything they do will be seen as desperate.

Sell, sell, sell, get out now.

Property prices will still continue to Crash.

moanymoany

On Bloomberg today they were suggesting that the worlds stockmarkets might get together and stop trading.

Or that the US stockmarket might suspend trading - doesn't sound great does it!

blisk

Crisis meetings in America this weekend.

The governments thought they could control & influence the slide, but they can't, the markets, toxic debts & uncertainty are too big.

Peeps batten down hatches, get in your bunkers, big trouble next week !!!

ess0two

blisk wrote: »

Crisis meetings in America this weekend.

The governments thought they could control & influence the slide, but they can't, the markets, toxic debts & uncertainty are too big.

Peeps batten down hatches, get in your bunkers, big trouble next week !!!

You !!!!!ed like mad about horseinhatman,yet your last 2 posts are complete crap.
About time they boot your !!!! out.

blisk

ess0two wrote: »

You !!!!!ed like mad about horseinhatman,yet your last 2 posts are complete crap.
About time they boot your !!!! out.

Dont tell me I told you, just keep reading this thread as the Crash unfolds.

You can thank me later.

globalds

It is becoming a buyers market ..
Oh and it must be the weekend ...Looks like the kids are being allowed to stay up late