1000's of cheap homes coming onto the market very soon

prowla

The bottom line is that all of the people who have contributed to the housing market for the past decade have been conned.
The whole thing was a bubble that was based around:
(a) Historically low interest rates.
(b) Freely available finance above and beyond the value of the item.
(c) Freely available finance given regardless of ability to pay.
(d) An apparent need to buy houses.
(e) Careful managing of supply and demand.
(f) A belief that prices would continue to rise indefinitely.
Sadly, it was unsustainable, and the wheels have fallen off the wagon.

If you bought high and need to sell, then you are going to lose.
If you are buying now you shouldn't be too smug, because prices are still inflated.

bing0

Some people can't face up too real life problems ? Deal with it, they don't go away...

If you are angry about my first post, then please explain to us all why.I started looking for houses upto £175,000 with my offer not exceeding £150,000,but with indications of larger falls predicted,I,m now aiming for properties upto £225,000.

So hopefully it will be a massive thankyou to some fool who overstretched themselves.

GonzoAston

bing0 wrote: »

What you can't face up too real life problems ? Deal with it, they don't go away..........

Is that post supposed to mean anything?

Davesnave

hearts wrote: »

Maybe just me but I find something very distasteful about this post :cool:

I see it as just the rantings of someone desperate to buy, but scared sh!-less at the prospect.

Get over yourself, OP. If you don't like things as they are, stay out of the market.;)

Really2

bing0 wrote: »

Some people can't face up too real life problems ? Deal with it, they don't go away...

If you are angry about my first post, then please explain to us all why.I started looking for houses upto £175,000 with my offer not exceeding £150,000,but with indications of larger falls predicted,I,m now aiming for properties upto £225,000.

So hopefully it will be a massive thankyou to some fool who overstretched themselves.

Wow a 34% drop, I got 27% off last august and paid 6% off my mortgage so far (due to very low IR).. So are you saying you have timed it a bit wrong as your mortgage now will have a substantially higher interest rate meaning it will cost you more in "real terms" (Eg after interest)?

If you are aiming at people in NE you are going to be so disappointed.

a) they cant sell below their loan value unless they can pay the balance
b) they are the least likely to be able to afford a drop.

If you were clever you would be aiming at people with lots of equity who can afford to drop the price.

But for some reason you want to target the worst people to buy off!

I don't like the tone of your post as you seem to be one of those people who have a right and saw it all coming:rolleyes:.
Very bitter against your fellow kind, I presume your situation makes you immune from redundancy, most with your attitude believe so, bu as we know a lot with that attitude on this site have had a rude wake up call.

Life is a great leveler and I always belive what you wish for will al ways bit you on your @ss. So I would expect you to go through a similar situation to those who are in trouble now at some point.

See if you face up to "Real Life Problems" then.
Good luck, by the sounds if it you will need it.

mitchaa

bing0 wrote: »

It's now only a matter of time before buyers with negative equity start realising they're in a no win situation.A sad situation that I wouldn't want to be in..............BUT

I do hope through all this I find a property at a bargain price !

A bit of a strange post, a weak fishing attempt i think,

BUT, How can they sell if they are in negative equity? Surely the majorities will have no choice but to stay put meaning the only bargains you may be hoping for are from repo'd/inherited properties

You are hardly going to be able to sell your home for less than you are owe your lender in simple terms meaning from your initial post that you need to do your homework a bit better.:p

silvercar

bing0 wrote: »

Some people can't face up too real life problems ? Deal with it, they don't go away...

If you are angry about my first post, then please explain to us all why.I started looking for houses upto £175,000 with my offer not exceeding £150,000,but with indications of larger falls predicted,I,m now aiming for properties upto £225,000.

So hopefully it will be a massive thankyou to some fool who overstretched themselves.

All this post shows is that so far your offers have failed, so now you are raising a bar you couldn't reach.

System

Topic title = What someone wishes will happen presented as fact.

Seen a lot of that lately.

Wig

Graham_Devon wrote: »

So all the people who needed a home and couldnt wait, who have been caught out, are simply idiots?

They couldn't rent?

Yes, they are idiots, no one forced them to buy.

The only exception being those who knew prices were high and they knew they can afford to buy at the price and they would not get into trouble, and they were prepared to buy at the inflated prices and take the short term loss, hoping that in 10 - 15 years prices will be the same if not more than their buy price.

In my case, I could afford to buy at the inflated prices, but I was not prepared to make a short term loss, I wanted to buy at the right price, so that if there was a crash I could still sell early (in an emergency) and not make a loss. Of course no such house was available for the last 3 years, hence I waited.

Austin_Allegro

ukcarper wrote: »

If you are happy where you are and can afford the mortgage but are in negative equity why would you want to sell.

Could the OP be talking about second homes and BTL?

Even with first homes, some bearish people may think its time to cut their losses and sell rather than risk repossession, but given the lack of financial foresight of most people in the UK I agree it's unlikely...