Nationwide Tomorrow what do we think.

chucky

Thrugelmir wrote: »

Over 1%. Shortage of quality housing has driven up prices in the peak months of the year, with people looking for homes in good catchment areas, for the start of the new school year being a major influence. Particularly as private school education is too expensive for many to afford.

i can't see that being the school catchment are being the case for August - by the time you buy a house from mortgage offer, exchange then to completion can be anywhere between 4 weeks and 2 months.

that could have justified June/July's numbers but not these.

Thrugelmir

Up more than 1%

chucky wrote: »

i can't see that being the school catchment are being the case for August - by the time you buy a house from mortgage offer, exchange then to completion can be anywhere between 4 weeks and 2 months.

that could have justified June/July's numbers but not these.

Four weeks is very fast for a chain to come together. Read the mortgage board, its taking the Co-op up to 6 weeks just to process a mortgage application!

chucky

Thrugelmir wrote: »

Four weeks is very fast for a chain to come together. Read the mortgage board, its taking the Co-op up to 6 weeks just to process a mortgage application!

that was my point - there fore the August increase has very little to do with school catchment areas. maybe supply of quality property though.

i'm guessing 12 weeks offer to completion is optimistic in todays market.

Pete111

Up 0.5%-1%

homehunter wrote: »

Thanks muchly Pete111 - I'm an FTB and will be very pleased if all goes well with my new purchase! After much research, I feel it was realistically priced - it was put on market at a lower price than what it was valued at, and we offered/were accepted at less than that. We've been able to jump up a couple of rungs (purchasing a 3 bed detached to 'grow into') thanks to saving hard and holding out for some price drops and we can comfortably afford the repayments. Fixed for 5 years for security. No stamp duty. We got tired of renting and lining some landlord's pockets. Why not buy? Buying property at any time is a gamble. All we can do is make sure we can afford it and put down as big a deposit as possible.

I do love these threads, great debate.

Congrats mate - pleased to hear it is not all doom and gloom for FTB's! Hope you enjoy your new place (could be you have been able to buy at exactly the right time given the 1.6% increase today.)

The_White_Horse

its all nonsense. once silly season is over it will all start going into reverse come Sep, Oct etc...

There just isn't the money around to support it. I earn a very good wage, and I could barely afford to move into the house I live in already!!!! For first time buyers the game is nearly over. The few relying on savings and bank of mum and dad will have all bought and that will be that.

House prices are simply unsustainable. My house is at least twice as much as it should be. I don't really want a 50% crash as I would lose my equity, but hey ho. that is the way it goes.

With people coming off fixes, with interests going up (which they will eventually), with unemployment up, with a 1/3rd or more people on io mortgages with no repayment vehicle, it is all looking decidely BAD. Lets not forget all the other unsecured debt people have round their necks.

This period (before the election) the economy is being artificially held up by Clown and his cronies, in an attempt to get reelected. Once he has gone, the real trouble will start.

For 12 years of lefty madness, many generations will suffer. Britain will never be the same again. NuLabour have made sure of that. They have destroyed every element of this country that was decent.

Really2

Up 0%-0.5%

The_White_Horse wrote: »

with a 1/3rd or more people on io mortgages with no repayment vehicle,

Is that a fact?

Could you post the link that they have no repayment vehicle?

The_White_Horse

Really2 wrote: »

Is that a fact?

Could you post the link that they have no repayment vehicle?

its probably more like 2/3rd's of all people on io mortgages having no repayment vehicle.

some person was on here the other day saying that they only realised they were on io after 2 years, and was asking how the capital gets paid off at the end???!!!!!!

where is your link to say that most people on io mortgages have a repayment vehicle in place (and one that will actually repay the debt!). I look forward to reading it.

The_White_Horse

btw, here is a link, if it means that much to you...

http://www.metro.co.uk/help-and-advice/advice-banks/article.html?in_advicepage_id=97&in_article_id=42853&in_page_id=36

Dan:_4

Up more than 1%

The_White_Horse wrote: »

its probably more like 2/3rd's of all people on io mortgages having no repayment vehicle.

some person was on here the other day saying that they only realised they were on io after 2 years, and was asking how the capital gets paid off at the end???!!!!!!

where is your link to say that most people on io mortgages have a repayment vehicle in place (and one that will actually repay the debt!). I look forward to reading it.

If you don't have a repayment vehicle, then your just renting your house (with considerbale advanages).

As long as you plan to stay in the property long term (10 years or more) there is no problem in this, and the banks know it.

chucky

The_White_Horse wrote: »

btw, here is a link, if it means that much to you...

http://www.metro.co.uk/help-and-advice/advice-banks/article.html?in_advicepage_id=97&in_article_id=42853&in_page_id=36

you've read that wrong it's "15% of first-time buyers are taking out interest-only mortgages with no repayment vehicle, and 22% of home movers".

that's 37% of interest-only mortgages have no repayment vehicle not that 2/3rds of people with mortgages have no repayment vehicle... and it was only for 2006...

talk about stretching a story...