my view!

dboy1985

minimoocow wrote: »

As well as needing a deposit you also have to consider future expectations of the market - in 2006/7 people expected the market to keep going up so it did as they kept buying. By the end of 2010 people may be in a position to buy however they will have heard about negative equity and seen repossessions prehaps of friends and family and understand the dangers of this.

Why would anyone want to buy if they think the market is going down and by simply waiting 6 months - 1 year they could save £10k, £20k or possibly more?

thats true, however you also need to consider that in 2 years time the bottom of the market will be a lot closer to where we are now, and I honestly believe that a lot of people who have been saving their money (considering they arent going to be getting much interest by the looks of it) will probably jump in!

poppy10_2

dboy1985 wrote: »

unless you are lucky enough to live at home or not need a mortgage you will be paying rent, or you could at this point (18 months in the future for the sake of argument) be probably paying around the same but actually owning your house...

Traditionally mortgages have been cheaper than paying rent. The only reason why everyone just didn't buy instead of rent was that not everyone had the means to buy - you had to save up a hefty deposit, whilst paying rent each month (hence the term "the rental trap") and even then you had to be approved personally by the local bank manager. Building societies used to have waiting lists for mortgages - you would have to open up a savings account with them and wait for ages whilst you proved your credit-worthiness before they would open up their purse-strings. My dad had to have a proper sit-down job-style interview before he got approved for his mortgage, despite having an impeccable credit history.

We may not get back to those dark times, but the days of flinging 100% mortgages at anyone with a pulse have gone at least for a generation. The fact that mortgages will work out cheaper than paying rent will not change the fact that many people simply won't be able to buy, no matter how much they want to.

As I said, pent-up demand is worthless without the means to buy.

geoffky

HERE A COUPLE THAT ARE DOWN 50% PLENTY MORE IN THE LATE 40S ON THE SNAKE

clover drive TS26 0RL
£100,000 (DOWN 56%)
Spring Vale North, DA1 - 4 bed hous DA1 2LL
£58,750 (DOWN 50%)

dboy1985

geoffky wrote: »

HERE A COUPLE THAT ARE DOWN 50% PLENTY MORE IN THE LATE 40S ON THE SNAKE

clover drive TS26 0RL
£100,000 (DOWN 56%)
Spring Vale North, DA1 - 4 bed hous DA1 2LL
£58,750 (DOWN 50%)

Offered on a shared ownership basis via Moat housing. Shares from 25% at £58,750.

doesnt look right to me? I think lots of people are being duped into using data amalgamating websites to draw their conclusions and believing everything they say, but in this case its not a true representation...

http://www.zoomf.com/detail/spring-vale-north_da1_house_buy/NTUxMzkwNA../

mbga9pgf

dboy1985 wrote: »

doesnt look right to me? I think lots of people are being duped into using data amalgamating websites to draw their conclusions and believing everything they say, but in this case its not a true representation...

http://www.zoomf.com/detail/spring-vale-north_da1_house_buy/NTUxMzkwNA../

Check this badboy out on property bee then!

Saturday, December 06, 2008 9:17:14 AM

• Subtitle changed: 3 bedroom semi-detached house [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Friday, October 31, 2008 6:37:30 PM

• Agents Address found: 31 High Street, Wootton Bassett, SN4 7AF
• Detailed Description found: A super oppportunity for the local builder or prospective buyer searching for a large rear garden and plot with plentiful parking with proved planning permission from the local council for the constru...

Sunday, August 31, 2008 2:54:25 PM

• Agents Location found: Wootton Bassett
• Agents Telephone found: 08452490151

Friday, August 22, 2008 10:37:54 PM

• Price changed: from '£350,000' to '£259,950' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Monday, April 28, 2008 9:31:14 PM

• Brief Description found: A super oppportunity for the local builder or prospective buyer searching for a large rear garden and plot with plentiful parking with proved planning permission from the local council for the constru... [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Price found: £350,000 [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

and it still wont sell! Props like this will be going for 200K in a years time!!! :rotfl::rotfl:

dboy1985

mbga9pgf wrote: »

Check this badboy out on property bee then!



and it still wont sell! Props like this will be going for 200K in a years time!!! :rotfl::rotfl:

without a link to do more investigation theres not much I can say but 25k drop month on month sounds like there was something wrong with it in the first place. when it says for the local builder that really makes it sound like the place needs a complete fresh start which is likely to cost thousands. again I would think that this property was either mispised from the get go (100k off in 4 months?!?! thats unrealistic surely) or is a total bombsite no one wants to take on (including builders!)

mbga9pgf

dboy1985 wrote: »

without a link to do more investigation theres not much I can say but 25k drop month on month sounds like there was something wrong with it in the first place. when it says for the local builder that really makes it sound like the place needs a complete fresh start which is likely to cost thousands. again I would think that this property was either mispised from the get go (100k off in 4 months?!?! thats unrealistic surely) or is a total bombsite no one wants to take on (including builders!)

http://www.rightmove.co.uk/property-for-sale/property-21005093.html?

dboy1985

mbga9pgf wrote: »

http://www.rightmove.co.uk/property-for-sale/property-21005093.html?

wow, that is a big plot of land!

looks good

checking out the area on mouseprice seems that most of the houses on in that area go for about 160k though, so that one must be something special!

mbga9pgf

dboy1985 wrote: »

wow, that is a big plot of land!

looks good

checking out the area on mouseprice seems that most of the houses on in that area go for about 160k though, so that one must be something special!

Its still overpriced by about 50K

obsessed_saver

Are you talking about first time buyers? Or people who already own trading up to a bigger property?

As you say, there will be first time buyers who think they just have to buy for a growing family, or some other reason.

When mortgage repayments are less than rent, then there will be more incentive for first time buyers to buy. I believe this is about 2004 prices, but it could well be 2005/2006 prices with the lower interest rates now. On the other hand, to base repayments and affordability on the historically low interest rates we have right now would be really short-sighted, especially if the mortgage is going to be for 25 years!

I think most people will wait, take their time, and pick the best properties available. There won't be the mad rush of viewing a property, and trying to out bid stupid offers from cash-rich BTL buyers. Which I witnessed first hand when I went along to a few viewings back in 2004, and again in 2006.

If there's anyone buying out there at the moment, it would be first time buyers. I doubt any amateur BTL will be doing any buying at the moment. Not with falling prices plastered all over the news.

The "distressed" sales have not really begun en masse yet. I think we need this capitulation before we can say the property market has "corrected" itself, and can move forward again. The government is doing everything it can to stop this from happening, but there will come a point when there's nothing more they can do. They are delaying the inevitable, at the cost of billions and billions of pounds, on the fear of being seen to be "doing nothing".