Is it time to Buy property, bargains?

IveSeenTheLight

macaque wrote: »

Sircharles

When it comes to house sales, it takes 3 to tango.

1. Property sellers are still holding out for bubble market prices
2. Would be buyers are sitting on their hands
3. Lenders are factoring in further falls of 40% in their offers (see below from a well know lender)

Prices are falling slowly because sellers cannot accept what buyers and lenders are telling them. Time will solve this problem.

You say lenders are factoring in further 40% drops :rotfl: (sorry had to laugh) because you chose a mortgage with a good interest due to LTV ratio

Well, here is some offering 100% mortgages
http://www.abbey.com/csgs/Satellite?c=GSInformacion&cid=1157700517388&pagename=Abbey%2FGSInformacion%2FGS_ResumenHipotecas

http://www.endsleigh.co.uk/100percent-mortgages.html

Does that mean they do not believe house prices will drop any further? :rolleyes:

You are right in one way, the market will adjust and prices will reflect the current market. Everyday, the market moves in different ways

IveSeenTheLight

Conrad wrote: »

Even the best areas will be impacted to a degree, as they were last time round.
If you think you can disprove me, pick anywhere you like AND I'LL PROVE IT.

Your right, everywhere is affected but the point is to different levels.

I choose Edinburgh.
Last time, there was house price drops, but the price drops recovered each year.
and I can prove that

Glen0000

IveSeenTheLight wrote: »

You say lenders are factoring in further 40% drops :rotfl: (sorry had to laugh) because you chose a mortgage with a good interest due to LTV ratio

Well, here is some offering 100% mortgages
http://www.abbey.com/csgs/Satellite?c=GSInformacion&cid=1157700517388&pagename=Abbey%2FGSInformacion%2FGS_ResumenHipotecas

http://www.endsleigh.co.uk/100percent-mortgages.html

Does that mean they do not believe house prices will drop any further? :rolleyes:

You are right in one way, the market will adjust and prices will reflect the current market. Everyday, the market moves in different ways

What are you on about? These are out of date pages

The second one even states "Currently this product is not available."

No one is offerening a 100% mortgage at the moment.

IveSeenTheLight

Wookster wrote: »

My money says the only areas that won't be affected are those where property prices remain reasonable (<4X average salaries) to the area's salaries.

No community will be unaffected by the coming storm.

While on Abbey's website, I played with their mortgage calculator and it appeared they were calculating a 4.2 x joint income average as affordable

http://www.abbey.com/csgs/Satellite?pagename=Abbey/GSProducto/GS_SubcategoriaP&cid=1127562735659

stevetodd

neverdespairgirl wrote: »

If it's going for £80k to £100k, it's valued by the market at that price, not £150k

I think he phrased it badly he meant to say "Properties that had previously been valued (at the top of the market) at 150k" Of course someone later added that just because it's dropped that far doesn't mean it's a bargain (as further drops are inevitable).

In your bottom of the market poll (or was it first rise? I forget) I think I am now torn from late next Spring (my previous vote) to being 50/50 between that and Spring 2011

IveSeenTheLight

Glen0000 wrote: »

What are you on about? These are out of date pages

The second one even states "Currently this product is not available."

No one is offerening a 100% mortgage at the moment.

Fair enough.
I do recall reading a thread and checking the links recently about the return of 100% mortgages albeit only at the time to existing mortgage holders

the point was that the OP was referring a high deposit mortgage option as a statement of fact that lenders were factoring in furhter 40% drops when that simply is not the case.
These deals are offerring lower risks to the lenders thus they tend to be the better deals on offer

LesleyBarrett

geoffky wrote: »

les i dont know if you know of this website but here is where all the price reductions are listed so if you put in a area it tells you what houses are up for sale with discounts upto 50% off the lunatic prices of last year ect... use it well http://www.propertysnake.co.uk/

Thanks Geoff, will have a peruse.. Great site and thanks for being helpful..

Les