An estate agent told me the market is falling.

nearlynew

Blacklight wrote: »

Not according to the Halifax.

Only a fool would believe those lying f*cking thieves.

chucky

nearlynew wrote: »

Only a fool would believe those lying f*cking thieves.

but we should believe the NearlyNew House Price Index... or even the DoireIcan'tAffordtoBuyaHouseSoIBlameEveryoneElseInstead society...

nearlynew

chucky wrote: »

but we should believe the NearlyNew House Price Index... or even the DoireIcan'tAffordtoBuyaHouseSoIBlameEveryoneElseInstead society...

Not sure about Doire's, but mine has been spot on so far.

phil_b_2

ruggedtoast wrote: »

I estimate that few 20 something couples on average salaries whose parents arent giong to give them a leg up will get to near 30 with more than £20k in savings. Even that is probably pretty optimistic if youve had student loans to pay off, and had a bit of fun as people in their 20s are wont to do.

That gives you an £80k mortgage, not enough to buy a flat in many places, at a time in your life when youre thinking about kids and settling down.

Isnt the average salary something like £25k? Lets say a couple have a joint income below that at £40k. If they do actually want to buy a house, between 25-30 they should really have saved at least £30k. Give them a 3X multiple of their wage and get £120k, so a £150k house, almost yer average house price.

doire wrote: »

As opposed to the doom of getting into massive debt just to own a home. Imagine working every hour God sends just to keep a roof over your head.

Glad i didn't do it.

My mortgage costs me nearly 50% less than renting did.

Blacklight

People earning £20k don't buy the average house Phil. That's the same as saying that people on the lowest incomes buy the lowest prices houses, they don't, they rent.

People on the average wage are at the bottom end of the buyers scale, just having got to the point where buying a house is viable option. They're the ones buying the lowest priced places.

phil_b_2

Blacklight wrote: »

People earning £20k don't buy the average house Phil. That's the same as saying that people on the lowest incomes buy the lowest prices houses, they don't, they rent.

People on the average wage are at the bottom end of the buyers scale, just having got to the point where buying a house is viable option. They're the ones buying the lowest priced places.

I did have 2 people in my example though (following on from a previous 2-person example). A joint income for 2 of say £40k, having saved a fair deposit could be within reach of the average priced house.

A single chap on £20k would rent, or get on the bottom rung maybe.

Ron2256

michaels wrote: »

I am wondering what it will take for the current fall in house prices to become 'perceived wisdom' for the population as a whole -

By the time the general populace accept that house prices are falling, the market will probably be on the up again.

Blacklight wrote: »

I never understood the 'I'm happy renting for the rest of my life' argument.

There is no such argument unless you live in a council house and are happy to stay there forever.

Most people on the forum want to buy for obvious reason. Timing is the issue here.

lemonjelly

YES!

a Doom Thread!

Do I start stockpiling baked beans now, or next week?:D

wherediditallgothen

lemonjelly wrote: »

YES!

a Doom Thread!

Do I start stockpiling baked beans now, or next week?:D

If you have to ask that question you're too late

henpecked1

and there was me thinking that a house was for living in.
You buy a car and the minute you drive off the forecourt you lose 17.5%.

It will come a point when sellers at the bottom of the pyramid will have so little equity they wont be able to sell and the market will dry up. Property becomes scarce and prices will rise.