MSE News: Guest Comment - Glimmer of hope for first time buyers

Errata

A slight problem. There is an overall housing shortage which will become worse as builders such as Persimmon have drawn in their horns and say they will keep them drawn in and not listen to a government siren song for a second time and get their fingers burned.

Jimmy_31

HAMISH_MCTAVISH wrote: »

In Northern Ireland. Where you're from.

Prices are now rising again in the mainland UK.

Prices have dropped 20% in my area over the last 12 months and are still dropping, i live in the north west and i bet its not just my part of the north west were house prices are falling.

I can get a mortgage and buy a home quite easily due to saving a 40% deposit but it would be a very stupid thing to do as house prices are still too high so im just waiting for them to drop to a price that somewhat resembles value for money.

No point buying now when the prices are falling is there hamish.


Wouldnt touch the government scheme with a barge pole, if something is so expensive that you have to resort to a scheme such as this then its simply just too expensive to buy.

Jimmy_31

HAMISH_MCTAVISH wrote: »

So your 'solution' to some people being priced out of the market, is to prevent even more people being able to buy through refusing to give them mortgages.

Genius.

I am very happy that the banks have stopped lending people way more than they should do to buy a house, very happy indeed:).

I presume your solution is to let the banks start giving people lots of money again so that they can buy an over priced home.

FTBs dont want schemes to help them buy a house, they just want house prices to be back to a level that isnt 6,7,8 times their annual salary.

Turnbull2000

Jimmy_31 wrote: »

FTBs dont want schemes to help them buy a house, they just want house prices to be back to a level that isnt 6,7,8 times their annual salary.

But they're not going to get that, are they. This government has been clear in it's intention to promote shared-ownership and buy-to-let investment - both which are contrary to lower prices. The choice is either pay these prices, take shared-ownership or rent.

HAMISH_MCTAVISH

Jimmy_31 wrote: »

Prices have dropped 20% in my area over the last 12 months and are still dropping, i live in the north west and i bet its not just my part of the north west were house prices are falling..

Sure they did......

The biggest annual fall in prices occurred in Northern Ireland (-10.8%), followed by the north-west (-3.7%) and Yorkshire and the Humber (-3.6%). Annual price falls were also recorded in Wales, the north-east, the east Midlands and the south-west.

In London, the average home rose in value by 5.5%, and in the east by 1.4%. Annual gains were also recorded in the south-east and the West Midlands.

http://www.guardian.co.uk/money/2011/apr/12/house-prices-up-february

cashbackproblems

Iv been following the market for yrs as looking to get on property market next yr and in key areas eg South prices have not fallen hardly at all, they just dont sell as quick as they used to, but prices are not dropping by more than 10%.

Im going to be getting a joint mortgage with my dad to borrow the full amount and iv checked the monthly repayments and they are still v affordable. Better than shared ownership etc where u end up paying alot more

jamesd

Jimmy_31 wrote: »

No point buying now when the prices are falling is there hamish.

Depends on how much you're paying in rent, how much you would be paying in mortgage and how much prices fall. Around here at the moment you can save 4-5% or so of the property value in rent payments each year, after interest only residential mortgage costs.

You can do better than that if you buy a place that needs work and do it up.

oakhouse13

http://www.nytimes.com/2011/04/23/business/economy/23housing.html?_r=1&hp

The view from America - "four out of 10 sales of existing homes are foreclosures or otherwise distressed properties"

(BTW, these guest articles need to be titled Advertorial in my view)

System

HAMISH_MCTAVISH wrote: »

Sure they did......


http://www.guardian.co.uk/money/2011/apr/12/house-prices-up-february

You are just quoting average price fluctuations on a regional basis. It is perfectly reasonable for a type of property in an area more specific than you have quoted to have fallen by more than you are quoting.

poppy10_2

Hamish/Jimmy et al - can you take your tiresome debate about whether house prices are going up or down to the Debate board. This thread is about how sh1te the guest column was. Thank you.