A big house price correction appears to have started.

vax2002

With 4500 + people a day setting foot here for the first time prices wont be falling that quickly, supply and demand

Get-real-buy-real

vax2002 wrote: »

With 4500 + people a day setting foot here for the first time prices wont be falling that quickly, supply and demand

It matters not how many would like to live in a certain house all that matters is how many can raise the funds...........

IveSeenTheLight

Get-real-buy-real wrote: »

What if ................

Meanwhile, back in the real world.

P.S. My point is there is a need for housing.
There is no need for a car, it's a luxury (especially a Ferrari)

Get-real-buy-real

ukcarper wrote: »

I agree that lack of high LTV mortgages are not the only thing holding prices down but contrary to what people will tell you it’s lack of deposit not salary multiples that is stopping people buying. I’m not sure the governments plan will make much difference as it seems like it will only apply to new build and as the banks have limited funds to lend they will find another way of limiting lending.

What kind of crack have you been smoking? "holding prices down" :rotfl:

Everything is holding prices up they have not come down yet.

We still have easy, cheap lending compared to what things will be like soon.

ukcarper

Get-real-buy-real wrote: »

What kind of crack have you been smoking? "holding prices down" :rotfl:

Everything is holding prices up they have not come down yet.

We still have easy, cheap lending compared to what things will be like soon.

You should try reading things in context we were talking about if high LTV mortgages became readily available what would happen if you read my later post you will see that I don’t think they will happen. So if they did what do you think would happen, I suppose you think prices would fall but then you are just as blinkered as sibley only in a different way

Get-real-buy-real

ukcarper wrote: »

You should try reading things in context we were talking about if high LTV mortgages became readily available what would happen if you read my later post you will see that I don’t think they will happen. So if they did what do you think would happen, I suppose you think prices would fall but then you are just as blinkered as sibley only in a different way

And you are not at all blinkered thinking prices are going up from here?

joguest

claire16c wrote: »

Do they really still do mortgages on salary multiples though, I thought they looked more at what you could afford to pay each month?

The whole point of salary multiples is that the loan is based on the ability to pay each month (and for typical interest rates throughout the term of the mortgage) rather than on a percentage of a dodgy 'value'.

Pimperne1

joguest wrote: »

The whole point of salary multiples is that the loan is based on the ability to pay each month (and for typical interest rates throughout the term of the mortgage) rather than on a percentage of a dodgy 'value'.

Some would say that proving what you can afford to pay each month would be more appropriate than them simply multiplying your income by 4 and ignoring the fact that you have significant other outgoings.

geneer

IveSeenTheLight wrote: »

While some may desire a Ferrari it's not a necessity.

A roof over your families head either to buy or rent is pretty much a fundamental.

I'm happy to enlighten you geneer, but your car comparison is not a good similie

Buy or rent.

Ferrari or scooter.


Desire means nothing.

ukcarper

Get-real-buy-real wrote: »

And you are not at all blinkered thinking prices are going up from here?

I don’t think I have ever said I think house prices are going up in fact I have no real idea what they will do. But if large LTV mortgages became readily available I think it would put upward pressure on prices that doesn’t mean I think they will become readily available.