Halifax panic as the buyers dry up.

house123

http://news.bbc.co.uk/1/hi/uk/8438179.stm

My guess is the Halifax’s index has turned negative and they are cushioning the blow!

chucky

i thought the article was saying

Property is now affordable for first-time buyers in nearly four out of 10 areas of the UK, research indicates.

but you're probably right the Halifax index will be negative 32% for December.

1984ReturnsForReal_2

We have just been agreed a first time buyers mortgage by the Halifax, however we only have a 10% deposit so our interest payments are 6.99% fixed for two years. John, London, UK

Nice deal..........

HammerSmashedFace

house123 wrote: »

http://news.bbc.co.uk/1/hi/uk/8438179.stm

My guess is the Halifax’s index has turned negative and they are cushioning the blow!

Cash rich buyers and Bank of Mum & Dad is bound to dry up at some point, that's why I always thought that the rises in the indices didn't relate to a proper functioning housing market and therefore gave a false impression, it seemed quite obvious that with a 25% deposit req to get a half decent deal that buyers would eventually disappear.

To buy even a cardboard box was requiring 20k+ in deposit, with the massive personal debt floating about it was obvious that normal FTB'rs weren't buying.

ginandtonic1988

You buy with Homebuydirect that gives first time buyers the deposit they need (as long as you earn under 60k a year I think) I don't think the market would have kept increasing this year if it hadn't been partly for these schemes.

HammerSmashedFace

ginandtonic1988 wrote: »

You buy with Homebuydirect that gives first time buyers the deposit they need (as long as you earn under 60k a year I think) I don't think the market would have kept increasing this year if it hadn't been partly for these schemes.

Is Homebuydirect one of those rip off schemes that sole purpose was to keep prices high on the back of FTB'rs borrowing everything they could and still having to rent a portion of the house ?

If so, how can anyone in there right mind believe this is a good thing, apart from those who are already in the pyramid scheme hoping for more mugs in below them ?

1984ReturnsForReal_2

HammerSmashedFace wrote: »

Is Homebuydirect one of those rip off schemes that sole purpose was to keep prices high on the back of FTB'rs borrowing everything they could and still having to rent a portion of the house ?

If so, how can anyone in there right mind believe this is a good thing, apart from those who are already in the pyramid scheme hoping for more mugs in below them ?

Post of the year...

:rotfl:

Its spot on though. It is pretty much a pyramid scheme that would be classed as illegal in any other business sector...

:rotfl:

ginandtonic1988

Depends which scheme you go for. The new build one HBD give 15% and the builder give the other 15%. No rent payable you just pay back the 30% at a later point. Many moons ago when conservatives where in power there was a similar scheme that gave me my deposit for my house if it hadn't have been for that I probably wouldn't have got on the housing ladder/snake. From what I hear it sounds like HBD is here to stay to if so I can't see house prices going down much in the future.

nearlynew

1984ReturnsForReal wrote: »

Post of the year...

:rotfl:

Its spot on though. It is pretty much a pyramid scheme that would be classed as illegal in any other business sector...

:rotfl:

The bankers have got better names for their crimes though........

Ordinary criminals run activities called pyramid schemes, protection rackets and shell companies.

But when the crooks and liars in the city and on wall street run identical schemes they call them mortgage backed securities, credit default swaps and structured investment vehicles.

There is no difference.Apart from the name and whose gang you belong to.

The biggest bank robbery in history is taking place and it's the banks doing the robbing.

ginandtonic1988

Illegal? They are equate to 2nd and 3rd mortgages no different to someone taking a loan or two or three and securing them on their property.

Emy1501

ginandtonic1988 wrote: »

Depends which scheme you go for. The new build one HBD give 15% and the builder give the other 15%. No rent payable you just pay back the 30% at a later point. Many moons ago when conservatives where in power there was a similar scheme that gave me my deposit for my house if it hadn't have been for that I probably wouldn't have got on the housing ladder/snake. From what I hear it sounds like HBD is here to stay to if so I can't see house prices going down much in the future.

And how will you pay off the 30% in the future? Does it attract interest etc? If prices go up do you get 100% of profit etc? The properties offering these schemes round my way tend to be on roundabouts, main road etc and I suspect are being bought by people who could not afford to buy anywhere else. They are vastly overpriced and I suspect will be a real struggle to sell.

One round my has sign saying invest in your childs future. My thinking is only if you want to bankrupt yourself or the children