Wake up...... IT'S OVER

davidb881

Ron2256 wrote: »

Yes you can. And that's a brilliant idea, especially at a time when interest rate is at an all time low.
I suggest you head to the bank on monday and get a huge mortgage, preferably interest only of course and a loan on top to buy a new car + new furniture.

I am just saying.. the banks do not look like they are running scared.

davidb881

mewbie wrote: »

Not sure how to put this without sounding a bit rude. Um. I don't give a stuff what you do mate.

eeerrr. not to say it at all... and then what you said. If you need anymore help, just ask.

mewbie_2

davidb881 wrote: »

eeerrr. not to say it at all... and then what you said. If you need anymore help, just ask.

Without wishing to be rude, or question your parentage or sexual preference - it's not me that needs the help matey.

davidb881

mewbie wrote: »

Without wishing to be rude, or question your parentage or sexual preference - it's not me that needs the help matey.

Thanks, thats the first time today I have laughed.

michaels

I agree with OP re very little property available and a lot sold.

Also agree that it may only apply to 3+ bed properties

I think it is a sellers strike forcing any one who needs to buy to pick from the few available properties with no more coming on.

sabretoothtigger

Not even RBS would mortgage a house to a sock puppet

Doom_and_Gloom

There is a reason that house prices are going down and why we are going through a recession.
For example the area I want to buy a house in has an average asking price of over 150k for a 3 bedroom house. My parents area it is in the high region of 200k for the average asking price of a 3 bedroom house.
My parents first house was a 2/3 bedroom house very normal for the time and cost around 20k and the same house around 30 years later now could cost over 100k (the lowest in this area I‘ve found is around 75K for the same kind of house). The house they have now that is a relatively spacious 3 bed house was mid 80k in 1994 and for the same kind of house now, just 15 years later would cost over 200k easy.

Yes a majority of people have better paying jobs now than years ago. HOWEVER prices have gone up with everything since. Houses more so than most which brought in horrendously high wage multipliers for mortgages. There is no way that house prices would have or even could have rocketed the way that they have if we had stayed on the old way of getting a mortgage. It is simple greed that has caused this from bankers and then developers alike. That is my veiw and it's likely to stay that way until we have more reasonable house prices.

pioneer

http://www.youtube.com/watch?v=azxNL-T3IFQ&feature=related




http://www.youtube.com/watch?v=XadrF1A9N5E

wolfman

davidb881 wrote: »

I agree, it would be fantastic.
If only a normal amount of houses had been built in the last 20 years then demand would not have out stripped supply.
You see… We can not go back. You are suggesting 10 years of growth be wiped of the property market. Millions and millions would be in negative equity. It will not be allowed to happen. It would completely destroy our economy.

Since when has there been a shortage of houses? The BBC have actually reported on the number of uninhabited properties around the UK, especially state owned ones.

Also how would millions and millions be in negative equity?
Prices are now just reaching 2005 levels.

1) That means people that bought after that period are at most risk.

2) It doesn't mean they are in negative equity, as they will have most likely put down a first payment, and been contributing to their mortgage.

3) Negative equity is only a problem when you sell your property, or can't keep up with payments. If you can then negative equity just means you've lost money on an investment.

A lot of people aren't in negative equity. It's a minority that are. Reports say that around 1.7 million will be. Not quite "millions and millions", and as mentioned it's not a problem unless you can't keep up payments.

To add to this, many banks are on the brink of collapse or have already been rescued. And... we're now in a recession.

The age of borrowing unrealistic amounts is over. People can now only borrow reasonable amounts, and this will go on for quite some time. Because of this, house prices will continue to drop until they reach an affordable level.

You can spout your experiences with little evidence or information, but I can bet there are plenty more people that can spout the opposite in this current climate.

When will people realise cheaper houses benefit everyone.

bluejake

As soon as interest rates start going up again there will be more properties available for sale. The unprecedented low interest rates are giving many homeowners a breathing space but they will surely rise again. Especially when you consider the government has been spending like a drunken sailor. I think they are just doing anything they can, regardless of the cost to taxpayers, to limp through to the next general election.