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Debate House Prices
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House prices fall as first-time buyer numbers plummet
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HAMISH_MCTAVISH wrote: »Base rates reached 5.75% in 2007.
The best widely available deals for FTB's were more like 6.5%.
So, today FTBs pay lower monthly payments on a like-for-like mortgage. In fact, a typical FTBer house/flat may well cost a bit less than it would have done 4 years ago, so that's even lower mortgage repayments. When you factor in higher deposit requirements, that lowers mortgage repayments even more. OK, FTBs need to save up (or borrow from parents) a bit more for their deposit, but it seems that FTBs should be in a buying frenzy at the moment. So where are they, I wonder ? Maybe they are keeping their powder dry, after all, they haven't got to worry about rampant HPI at the moment, so what's the hurry ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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