Halifax panic as the buyers dry up.

nembot

Anyone who truly believes the Haliblag and Nationlies rampant spin, is an idiot.

I believe in what I see and that's that....

:cool:

boomerangs

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.

The reality of these dopey schemes is that they artificially inflate the price of the property by say 20% and they give you a 10% deposit towards it. And the mugs who participate think they've got a great deal. They paid too much and are in even more debt. :snow_laug

nearlynew

And you were also guaranteed to make money because the price would always go up.

1984ReturnsForReal_2

nearlynew wrote: »

And you were also guaranteed to make money because the price would always go up.

And there is an unlimited amount of [STRIKE]mugs[/STRIKE] customers to ensure your asset will only increase in value...

wolvoman

nembot wrote: »

Anyone who truly believes the Haliblag and Nationlies rampant spin, is an idiot.

I believe in what I see and that's that....

:cool:

In Feb/Mar 2009 when they were saying house prices were falling at nearly 20% on an annualised basis, did you believe them then?

Blacksheep1979

wolvoman wrote: »

In Feb/Mar 2009 when they were saying house prices were falling at nearly 20% on an annualised basis, did you believe them then?

They had to do that for a couple of months to make the figures of the amazing recovery even in the slightest bit believable.

C_Mababejive

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!

40% of areas as affordable so they say but I'll bet that the affordable properties of which they speak are mostly overpriced sh*tholes.

CloudCuckooLand

It is affordability based on "average earnings" - so a FTB needs to be on average earnings to stand 40% of a chance, and had 6% of a chance in 2007.

By definition, shouldn't average earnings get you an average house, rather than a FTB one...?

And still some on here try to say its not "unaffordability" that is the problem.

Myopic, self-centered people mostly.

brit1234

We have record low interest rates and yet most areas are classed as unaffordable. Sounds like property is well overpriced and going to fall a lot when rates rise, euro crashes and parents savings run out.

LydiaJ

I was interested by this bit:

The average price of a property bought by a first-time buyer was £133,794 during 2009 - 10% lower than in 2008.
And first-time buyers borrowed an average of about £104,000 in 2009, putting down a deposit of £29,439.

Now does that 10% drop mean that prices for FTB houses have been falling during 2009 (even though the market as a whole has not)? Or does it mean that during 2009 FTBs have been buying only the very cheapest houses, leaving the slightly more expensive ones (that might previously have been bought by FTBs in 2008) to be bought by people selling to trade up?

Either way, it looks like a bearish statistic to me, and I certainly can't see any return to higher market volumes if FTBs are having to fork out nearly £30k in deposits.