Do you get fed up with the spin?

immoral_angeluk

Mrs_Sparkle wrote:

5-10% although there are 100% (and more) mortgages available. Generally the more deposit you have the better rates you'll be able to get.

:eek: EEEK! Best buy a bigger penny jar!

Broken_hearted

I'd say at least 10% if possible. You should do fine, think of all the money you can save once the debts gone.

Tr@cker

The sh*t has already hit the fan for some people with a couple of interest rate rises this year and their huge mortgages.
Sad to see so many people busting their guts to own a place and first time buyers, particularly lower income just cant get there.

sanfrancisco

There is no way me and my family will be taking on the MASSIVE amount of debt that this country expects you to take on just to get a bog standard family house. No way. I want to have a happy, varied and stress free life, without waking up at night, thinking about my massive mortgage.

If the housing market is not on its way to correcting two years from now, I will be off to Europe. Holland and Germany are both appealing. It is a shame as all my family and friends are here, but you have to weigh up everything when assessing "quality of life."

I always enjoy your posts Pobby. Keep them going.

HokeyCokey_3

They have been saying for years that there would be a crash, but we are all still waiting. I'm beginnining to think it will never happen.

With the levels of immigrants (also looking to buy) and lack of housing available, I predict house prices will continue to rise for quite a few years to come.

Actually this 'pay as you go' idea the government have put forward, may be a blessing in disguise. Let the government charge us £1.34 for every mile we drive and I expect estate agents will be innundated with people putting their house on the market and emmigrating abroad!!

Zulu_Dawn

rog2 wrote:

The bubble just HAS to burst - my daughter has just paid £140k for a 'starter home' which has a similar footprint to my garage. :mad: :mad:

I hope you don't mind me asking but I thought you were bankrupt. How do you manage to have such a big house?

ZTD

HokeyCokey wrote:

They have been saying for years that there would be a crash, but we are all still waiting. I'm beginnining to think it will never happen.

Things like this always go too slowly. Until they start going too quickly.

Disasters never happen at the right speed. It's part of their contract.

Millionare

Im stuck as im a first time buyer and WAS looking for a house but prices are too high. people say if you rent your lining other peoples pockets. i used to think that but dont anymore when you sit down and do the MATH. renting in current situation is best.

a freind of mine brought a house similiar to what im renting a few months ago and is paying £520 interest only mortgage per month. then on top is life insurance, contents insurance, council tax, building insurance etc etc and if any repairs are required he has to fork out bucket loads. so hes over 700 quid and its all going to someone else not him.

Our Household pay less then 525 with council tax and repairs are done by landlord in no time.

so why even bother with a house at current prices? not worth it. also there WILL be a crash, just a matter of time, the warnings signs are appearing

unemployement is up
bankrupts are up and rising at alarmings rates
interst rates going up further
1 in 5 companies moving business or part of business abroad.
house prices in the past have never been sustained at this high level in the past in comparison to wages. this is a fact. every time there has been a crash.

also anther thing is the FSA about a week or 2 ago told banks to be able survive upto a 40% house price crash in the near future.

Yes generally house prices will go up due to inflation but unmaintable high increases always have a history of correcting themselves.

Pobby

Well hang on a moment.As an older member of the board I will throw in a couple of points.Firstly when I first bought a house inflation was pretty rampant.However that also went for wages as well----so houses went up and so did ya wages.most of the time during this period it was possible for a single person to buy a home.And I am talking the south east.So let`s say 1980,2 bed terrace in Reading about £20k.Income{in my case}£10k a years ,very affordable.I had friends earning around £7k a year,still affordable.Same property now around £170k.So with a ``normal`` 25 year mortgage the single person would need to be on around £50k a year.Pretty stupid I would say.

Marry that to ever increasing taxes and none of this adds up.There are also lots of other negative factors that go into this equation but which ever way you consider this sustainability looks fairly unlikely.

kebl0826

HokeyCokey wrote:

With the levels of immigrants (also looking to buy) and lack of housing available, I predict house prices will continue to rise for quite a few years to come.

Yes mate. I went to Ikea (Croydon) this afternoon and you were hard-pushed to find anyone in that store actually speaking English!!! Unbelieveable!! I'd say the majority were eastern europeans.