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Debate House Prices
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Halifax -2.6% in November
Comments
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That's another 7K this month saved off the prices of houses I'd be looking to buy. Rather more than my rent.
Very moneysaving.
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That's another 7K this month saved off the prices of houses I'd be looking to buy. Rather more than my rent.
Very moneysaving.
I suppose it depends who you mortgage with
Welcome back Carol :T'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Hmmm, there's nothing bad in contemplating buying at the moment. If you can get a decent mortgage rate, and find a bargain flat/house then why not. Especially as you'll be able to push the seller down on the price quite a bit.
Personally I'm still waiting a while though. I'm saving a nice amount each month, plus prices are dropping quite fast still (so that's saving me money too). Also the Bank look set to drop interest rates so borrowing will be cheaper in the coming months once the lenders respond to the drop.
I still don't think I'll buy for another year. Mainly because I doubt I'll be able to afford to at a decent rate until then.
Yep - disappointing though the IR cuts are for my savings, it just means that they aren't increasing as fast as I would like. However, the item that they are destined to purchase is falling in price like a stone right now.
In fact, now I'm even considering taking a small mortgage out to buy a better place than I otherwise would have done (i.e. detached vs semi). If I can fix longer term with these mad rates I'll be quids in when inflation hits.
Still thinking early 2010 to buy but all these panic measures must bite sooner or later so it pays to be vigilant on what is happening on the market.
I feel sorry for people depending on savings interest though. The actual real-world cost of living is falling at nothing like the rate that savings interest is. So they are being screwed over to bail out people who over-borrowed.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
The next few months will be very interesting, as least as far as the Halifax figures go.
Halifax had +1.1, 0.0 and -0.4 for Dec 07, Jan 08 and Feb 08. Assuming more falls (nothing to suggest otherwise), the YoY will drop even further.
People are saying that we are back to July 05 levels, but the first half of 2005 had basically no growth, so in fact we are back to January 05. See here: http://www.housepricecrash.co.uk/indices-halifax-national.php
The second half of 2004 also had very little growth, so we'll be back to July 04 before you know it - very possibly next month.
2003 and the first half of 2004 had high growth though, so the "going back in time" will slow down a lot there.0 -
In fact, now I'm even considering taking a small mortgage out to buy a better place than I otherwise would have done (i.e. detached vs semi). If I can fix longer term with these mad rates I'll be quids in when inflation hits.
How are you going to get a mortgage without a place to buy?0 -
How are you going to get a mortgage without a place to buy?
If prices are coming down so fast, why will he need a mortgage when he didn't before, I don't see the big green eyed Greed Monster do I 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
How are you going to get a mortgage without a place to buy?
What on earth are you on about?
When the price is right I find a place I'm interested in.
I go to the bank and ask for a mortgage at maybe 1x salary and 20-25% LTV. 10 year fixed.
Somehow I don't think I'll have a problem either finding a place to buy or getting a mortgage. Or are you anticipating that housing availability is going to disappear or something?--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
What on earth are you on about?
When the price is right I find a place I'm interested in.
I go to the bank and ask for a mortgage at maybe 1x salary and 20-25% LTV. 10 year fixed.
Somehow I don't think I'll have a problem either finding a place to buy or getting a mortgage. Or are you anticipating that housing availability is going to disappear or something?
Don't get you knickers in a twist
you said
Quote:
Originally Posted by !!!!!!?
In fact, now I'm even considering taking a small mortgage out to buy a better place than I otherwise would have done (i.e. detached vs semi). If I can fix longer term with these mad rates I'll be quids in when inflation hits.
I presumed from that you were trying to arrange a mortgage now
If you wait a year you might not get such a good rate.:D0 -
His best quotes are written by Mark Twain!
Two more Buffetisms...
"Derivatives are like sex. It's not who you're sleeping with, it's who they're sleeping with that's the problem."
"Cash combined with courage in a crisis is priceless."'In nature, there are neither rewards nor punishments - there are Consequences.'0
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