3M homeowners wouldn't get mortgages today

Blacklight

There's been some good news around for people that don't work but want to buy a house like what mum and dad have as soon as they leave school for the equivalent of a bag of chips and a packet of fags. Apparently houses are now 0.1% less than they were a year ago. Shame none of them can borrow any money isn't it. Didn't see that one coming at all, no sir.

Oh well, fingers crossed for interest rate hikes eh, that'll make things so much better...

Graham_Devon

Blacklight wrote: »

There's been some good news around for people that don't work but want to buy a house like what mum and dad have as soon as they leave school for the equivalent of a bag of chips and a packet of fags. Apparently houses are now 0.1% less than they were a year ago. Shame none of them can borrow any money isn't it. Didn't see that one coming at all, no sir.

Oh well, fingers crossed for interest rate hikes eh, that'll make things so much better...

Bitter taste?

Blacklight

Graham_Devon wrote: »

Bitter taste?

No Graham, prices are stagnant just as everyone with any sense predicted about 12 months ago that they would be. Flatish. Where they should be.

Although I do accept we still have eight weeks until Christmas for them to fall by 50%.

Badger_Lady

I wouldn't be able to get a mortgage these days - I started off as a FTB with a 100% mortgage, and then bought my current house with a 90% mortgage that's probably back up to 100% again. I don't currently have any savings to speak of (having spent my emergency fund this year).

But the mortgage I do have is very easy for me to afford, much cheaper than the equivalent rent, and I have alternative sources of income should I need to tap them. So I think people like me should be able to get a mortgage if they want one!

Blacklight

Badger_Lady wrote: »

I wouldn't be able to get a mortgage these days - I started off as a FTB with a 100% mortgage, and then bought my current house with a 90% mortgage that's probably back up to 100% again. I don't currently have any savings to speak of (having spent my emergency fund this year).

But the mortgage I do have is very easy for me to afford, much cheaper than the equivalent rent, and I have alternative sources of income should I need to tap them. So I think people like me should be able to get a mortgage if they want one!

At the moment banks are asking for high deposits due to the uncertainty of prices. As soon as there's some evidence that prices are rising again they will loosen up as the risk evaporates.

That's when things will start to snowball again.

Graham_Devon

Blacklight wrote: »

No Graham, prices are stagnant just as everyone with any sense predicted about 12 months ago that they would be. Flatish. Where they should be.

Although I do accept we still have eight weeks until Christmas for them to fall by 50%.

Some nice smoke and mirror use there.

Prices may look flat over the year, but unfortunately, this was made up with rises at the start of the year and falls nearer the end.

As we all know, prices are now falling. Regardless of the dataset you use to show stagnation, or rises, or whatever else you wish to show.

Currently, prices are falling.

I find it rather strange that you can convince yourself enough to tell everyone else prices are stagnating currently when the last Halifax figures shocked everyone with the biggest falls on record, the last Nationwide figures shows falls increasing in pace, and todays figures show prices falling in every part of the country for the first time since last year.

You may have convinced yourself of this. But you won't convince everyone on here.

I know what stagnation means, I know why you wish to now look at the year as a whole instead of focusing on monthly data (as you did when prices were rising) and I know that, if you look at the year as a whole, you can prove stagnation.

I just don't see the point in looking BACK to describe whats CURRENT.

Graham_Devon

Blacklight wrote: »

At the moment banks are asking for high deposits due to the uncertainty of prices. As soon as there's some evidence that prices are rising again they will loosen up as the risk evaporates.

That's when things will start to snowball again.

That's what just happened. Price rises happened, loosening of credit happend (certainly better than 2008), and prices are now fallnig.

Not what you describe. Certainly didn't snowball.

Again, who is it you are trying to convince? I assume, its yourself?

PasturesNew

HAMISH_MCTAVISH wrote: »

True. But not everybody wants to be a 40 year old virgin.;)

*grins*
It's cheaper than renting though

Blacklight

Graham_Devon wrote: »

Currently, prices are falling.

I find it rather strange that you can convince yourself enough to tell everyone else prices are stagnating currently when the last Halifax figures shocked everyone with the biggest falls on record, the last Nationwide figures shows falls increasing in pace, and todays figures show prices falling in every part of the country for the first time since last year.

You may have convinced yourself of this. But you won't convince everyone on here.

I know what stagnation means, I know why you wish to now look at the year as a whole instead of focusing on monthly data (as you did when prices were rising) and I know that, if you look at the year as a whole, you can prove stagnation.

Wholly incorrect Graham.

chucky

Graham_Devon wrote: »

Prices may look flat over the year, but unfortunately, this was made up with rises at the start of the year and falls nearer the end.

oh dear... are you for real???

Graham_Devon wrote: »

As we all know, prices are now falling. Regardless of the dataset you use to show stagnation, or rises, or whatever else you wish to show.

depends on your interpretation of falling and as for the comment above it just shows you don't really understand too well...

never mind, chin up...