FTB advice - House Price Crash or Stagnation???

Arch-Angel

lynzpower wrote:

arch angel

some lenders minus your debt + times by three, and minus that from what they will lend you.

So - and I'm a FTB'er so I am thick! - if I have 10K worth of debt (for example) lenders would deduct 30K from what they would normally lend me?

lynzpower

thats pretty much what the halifax offered me. Not great is it? Although the Abbey didnt mind ad didnt do it, but it does cost me about a fiver a month more.

mdb99jh

seabiscuit wrote:

...i agree that i was incorrect in saying that the original figure was profit, however had we been stepping off the property ladder then it would have been profit

Yes but that's the point isn't it. You're NOT stepping off the ladder. Nor will you until you are old and grey and ready to move into a retirement home. I guess if you are happy to sell up and live in a cardboard box and have a massive bank balance you would be proving me wrong but somehow I don't think so :rolleyes:

wibble68_2

mdb99jh wrote:

Yes but that's the point isn't it. You're NOT stepping off the ladder. Nor will you until you are old and grey and ready to move into a retirement home. I guess if you are happy to sell up and live in a cardboard box and have a massive bank balance you would be proving me wrong but somehow I don't think so :rolleyes:

I've been trying to convince friends, family and colleagues that unless they downsize, or enter in to some dodgy equity release scheme, they will never see the equity in their house. But I'm wasting my time.

In fact for a lot of people the equity in their house will either end up paying for their nursing fees or go to their children possibly with 40% tax deducted.

So who are the winners of high house prices?

Personally I believe that the government are at fault.

They are quite happy for a social divide to occur in this country as long as the majority of people continue to vote Labour due to a delusion of wealth.

If house prices stay permanently high or go higher relative to incomes, I hope people look back in history and remember that this was the legacy of Tony Blair.

Rant over.

See you next month.

Wibble

Zannie

I think a lot depends on where you live. I am currently trying to sell 2 houses one in the North East and one the North West. The east one has been one the market for 10 Months ish with only 4 viewings and no interest. The West one for one month 4 offers and have accepted an offer £1k over the asking price. (Purely because it is in an area that landlords are buying into). I am told that ANY house will sell if the price is right (both have been house doctored) but I am not sure that this is true. Certainly half my experience suggests that there is no decline in the housing market. there are a lot of websites that show prices people have really paid etc and http://www.upmystreet.com/ is a very useful one as is the land registry itself which is on line.

brasso

Zannie wrote:

I think a lot depends on where you live. I am currently trying to sell 2 houses one in the North East and one the North West. The east one has been one the market for 10 Months ish with only 4 viewings and no interest. The West one for one month 4 offers and have accepted an offer £1k over the asking price. (Purely because it is in an area that landlords are buying into). I am told that ANY house will sell if the price is right (both have been house doctored) but I am not sure that this is true. Certainly half my experience suggests that there is no decline in the housing market. there are a lot of websites that show prices people have really paid etc and http://www.upmystreet.com/ is a very useful one as is the land registry itself which is on line.

Sounds like the one in the NE is not realistically priced while the one in the NW was. People in the NE are still buying property so can only presume that they are finding better value in other houses. It's a market -- drop the price till you find it matches people's expectations!