Property crash soon???

ManAtHome

meanmachine wrote:

Just look at the endowments "scandal". No scandal. You didn't want a repayment mortgage cos it cost more, so you took a risk and you lost.

Well it's us 'sensible' ones who actually read the agreements and had a think before signing who lost out - turned out to be the best 'heads-I-win tails-you-lose' bet ever...

enajaluap

The way I see it is...

There has to be some sort of property slump soon. First-time buyers are finding it increasingly difficult to get on the property ladder (not interested in the argument "its always been hard for first time buyers" I don't think its ever been this hard) and without first-time buyers no one else can move up the chain.

On a slightly different note, people in the last 20 years in my area were able to buy their 4 bed council houses for like £20k and they are selling for LOTS more now. There is a waiting list for a council house here of over 5 years. What choice do young people have of eventually moving out of their parents house? Other than paying rent to the greedy yet financially smart/lucky BTL peeps who are helping to make buying your first house unaffordable.

chaos5678

Five and a half years ago, I sold my house and moved into a tiny rented cottage on a farm.
I have owned houses all my life up till then.

I have to say, I have never been happier than I am now, the relief from all those years of worrying about house prices and interest rates is enormous.

Loubeelou_3

Mmmmm - an interesting debate.

As a single person in my 30's I am still renting in the hope that I can save and save for a deposit on a house. The maximum mortgage I can get (times my salary by 4) is just over £110k.

I'm quite fortunate in that I don't have credit cards but... I do have a student loan that I'm still paying off and I have from an employer an interest free loan - I know this is an enviable position to be in compared to some but.... I still can't afford my own little place!

I've gone through the credit card stage and now I am VERY frugal as I've realised what my priorities are!

I want there to be a slump in the market so that I can afford somewhere - maybe I will have saved enough by then to do it as I am not prepared to do a 100% mortgage 9costs are too high) and even these part buy schemes want £3.5k in the bank to do it!

I also don't have ANY furniture so I have to factor that cost in as well - all in all I figure I need nearly £10k saved before I can consider buying a place and in all honesty in this present market I can only afford a studio and they are £100k where I live!!

Bring on the property slump!