Land Registry Prediction

wotsthat

MFW_10YRS wrote: »

I'm guessing that it's unchanged nationally.

Yes me too. I predict 0.0% nationally.

Percy1983

Any predictions after the event don't really count.

As it is I was wrong, locally its +0.1% for me.

Still 20% down from peak nevermind what that drop is in real terms.

DervProf

Percy1983 wrote: »

Any predictions after the event don't really count.

As it is I was wrong, locally its +0.1% for me.

Still 20% down from peak nevermind what that drop is in real terms.

Who said house price falls were bad news ?

Percy, I take it that you are wanting to buy a place of your own at some point in the future, therefore you'll be wanting (and it looks like you are getting) lower prices. For those that say that lower prices are a bad thing, I'm wondering why ? Percy (and many other potential FTBers) might benefit, and from what I hear, there aren't loads of repo's, so lower prices aren't exactly causing too much pain, apart from those who worship their equity.

I think a good outcome would be to have continuing gentle falls in prices for a year or three, accompanied by a gentle increase in interest rates and slowly improved lending from the banks. In other words, not the return to boom that some seem to wish for, and not a sudden crash that others want.

Percy1983

You would be correct I am looking at buying next year (watch my deposit figure in my sig over the next year).

Well yes it certainly is looking good for me and as you say many aren't hurt by it, my parents bought there house for £25k it peaked in value at around £145k and is now worth around £120k, so yes they may have lost £25k they never had, but they have gained £95k they never earned, not too painful.

I will say personally NE doesn't worry me, I am going to buy as soon as I can so my life can continue, with that my plan is to go straight to the family home to which being 'trapped' there wouldn't be a problem as there will be no need to move.

Yes there will be those saying us young ones expect everything on a plate, I can assure you we have worked hard to get where we are and are you all so against the young (ie the future of this country) having a little life beyond mortgage payments.

DervProf

Percy1983 wrote: »

You would be correct I am looking at buying next year (watch my deposit figure in my sig over the next year).

Well yes it certainly is looking good for me and as you say many aren't hurt by it, my parents bought there house for £25k it peaked in value at around £145k and is now worth around £120k, so yes they may have lost £25k they never had, but they have gained £95k they never earned, not too painful.

I will say personally NE doesn't worry me, I am going to buy as soon as I can so my life can continue, with that my plan is to go straight to the family home to which being 'trapped' there wouldn't be a problem as there will be no need to move.

Yes there will be those saying us young ones expect everything on a plate, I can assure you we have worked hard to get where we are and are you all so against the young (ie the future of this country) having a little life beyond mortgage payments.

I certainly am not against the young having a life beyond mortgage payments. I`ve been lucky enough to have a mortgage and a life, and I see no reason why you and others shouldn't get the chance**, even it if means that my pile of equity shrinks. Like you say, your parent's have "lost" £25K that they never had or really earned, same with my parents, I guess their house is fallen in value by around the same amount. I haven't got a clue how much my house has "lost", or even a good idea what it is worth now. I'm more concerned with paying the bills, earning a living, and hoping that the wider economy improves for everyone.


** Actually, I do see reasons why your chances are becoming more limited, but there are ways to enhance your chances (not just by a return to a lending frenzy).

MFW_10YRS_4

Percy1983 wrote: »

You would be correct I am looking at buying next year (watch my deposit figure in my sig over the next year).

Good luck with saving up your deposit and your house purchase next year.

You might get some hassle about your sig though, especially if your deposit starts to build up significantly. However, it's a good way to keep motivated and to allow people (who don't see other people's success as threat) to see how well you are doing. I'll be keeping an eye out for your sig and will cheer you all the way .

Percy1983

Thanks, glad to see others cheering on the hard workers, I started the sig after a few too many HPI cheerleaders gloating, the big difference is I have every right to gloat as every penny will be earned, unlike HPI.

As you may see my current figure is a joke (but true) and my july and august updates won't be much, but after that stage 2 of my plan kicks in and the deposit magically appears.

MFW_10YRS_4

Percy1983 wrote: »

Thanks, glad to see others cheering on the hard workers, I started the sig after a few too many HPI cheerleaders gloating, the big difference is I have every right to gloat as every penny will be earned, unlike HPI.

As you may see my current figure is a joke (but true) and my july and august updates won't be much, but after that stage 2 of my plan kicks in and the deposit magically appears.

No probs. Respect to anyone starting out these days, the size of deposit required these days must be a really daunting prospect to try top achieve. Good luck with it.

What happens in State 2, have you got some investments maturing?

DervProf

Percy1983 wrote: »

Thanks, glad to see others cheering on the hard workers, I started the sig after a few too many HPI cheerleaders gloating, the big difference is I have every right to gloat as every penny will be earned, unlike HPI.

As you may see my current figure is a joke (but true) and my july and august updates won't be much, but after that stage 2 of my plan kicks in and the deposit magically appears.

I'd advise that you don't rely on low interest rates, or getting a really "cheap" mortgage deal too much. I don't think this would happen at the moment anyway, as I hear that the banks are being quite cautious in their lending practices. Maybe, by the time you have your deposit saved, there will be more "fancy" mortgage offers around, which will look tempting. Certainly look for a good deal, but watch our for the small print and factor in possible interest rate rises. If you are in a position where your mortgage payments will allow you to save a little (or a lot sometimes), then I can highly recommend an offset mortgage. It might be that offset mortgages are a bit limited at the moment, and might not offer such good deals, but the flexibility they offer is a great advantage, so long as you can use that flexibility at some point. The price you pay for that flexibility is often a slightly higher interest rate. Offsetting worked well for me, as I am self employed, so my income can vary a lot. I also had some savings, so by offsetting, my savings were invested well.

BTW. I know you probably will anyway, but when you do get a place, practice what you preach - no gloating ! You know now that HPI could price you out of the market, so no wishing for it if/when you get a place of your own !

Percy1983

Well the sums currently say we will be in a position to save but at first this will just mean spare cash to get everything for the house (or absorb rate rises). So the current plan is a repayment mortgage and maybe overpay, but after that an offset mortgage does sound a good plan. As you say I will have to see whats around once I have a deposit.

As for stages nothing nothing amazing, stage 1, clear debts, stage 2, save deposit. The main thing is with a good income and a tight budget we have cleared debts fast and will save fast the actual target is £15k to start with.

Don't worry there will be no HPI cheerleading or gloating from me, I don't want prices to rise more than inflation. All I want is a home, not an investment.