Land Registry MoM -0.9 % YoY - 3.2 %

neverdespairgirl

Pimperne1 wrote: »

Oh, I think I get you, prices are way down in "real" terms.

Prices are down 1.4% in actual terms. Which isn't really "doing well" to my mind.

Add in inflation, and in real terms, they are indeed down more.

robmatic

mcc100 wrote: »

The majority of mortgages are interest only ...... in a falling market there is a larger risk in buying than renting.

1) Most new mortgages taken out in the last 3 years have been repayment.

2) How are you quantifying this risk?

ukcarper

neverdespairgirl wrote: »

I just don't get this idea that renting is "putting your life on hold".

OH and I have bought our first place this year. We're pleased we've done so. But the time we've spent renting has been just as much part of our lives as the time now we've bought is.

If you don't want to buy i don't see renting as putting your life on hold but i think putting off buying if you want to in the hope that you might save a couple of grand is.

noodle_doodle

neverdespairgirl wrote: »

Prices are down 1.4% in actual terms. Which isn't really "doing well" to my mind.

Add in inflation, and in real terms, they are indeed down more.

But as has been pointed out (is that english? It is now!), inflation makes !!!!!! all difference to house price affordability unless your wages are going up in line with it. 5% inflation just means you'll be spending more of your wages on fuel and food and you'll have less money left over to cover a mortgage, even if house prices aren't going up.

IveSeenTheLight

neverdespairgirl wrote: »

Prices are down 1.4% in actual terms. Which isn't really "doing well" to my mind.

Prices down 1.4% in a year really isn't that much to be concerned with when taken in context of house prices or how they have previously performed.

Your talking about a £206k average now being circa £203k

crash123

EXTERMINATE_THE_GHUOLS wrote: »

As for this index, I prefer to listen to what I'm seeing and hearing on the street level, and that is that houses are selling, achieving pretty much asking prices.

Yes I look at houses for sale in my local area and the majority are not selling. In fact there are 5 for sale near where I live. 1 has been on the market for 18 months and the majority of the others about 6 - 8 months, all have been reduced. Have a look at
https://www.home.co.uk and you can see how much houses have been reduced and how long they have been on the market.

RenovationMan

neverdespairgirl wrote: »

Add in inflation, and in real terms, they are indeed down more.

I never understand this statement. In real terms what are they down against?

RenovationMan

crash123 wrote: »

I could have bought in 1989 but I knew houses were over priced and waited until 1993, not quite the bottom but the right time for me.
Now is not the right time if you are a FTB.

That depends surely upon the individual FTB, their motivations and cirumstances?

If the FTB's circumstances are such that they can bag a bargain that may or may not already be below the eventual 'bottom' (as my first purchase was) and they intend staying in their first house sufficien to arrange a low 10 year fix, then surely they are better buying now rather than waiting for rates to rise?

I simply don't understand the sort of 'one size fits all' approach and the herd mentality prevalent on this particular board. Sorry.

chewmylegoff

RenovationMan wrote: »

I never understand this statement. In real terms what are they down against?

don't know about you, but every month, instead of paying me, my employer sends me a basket of the goods which are measured in the RPI calculation.

geneer

RenovationMan wrote: »

I simply don't understand the sort of 'one size fits all' approach and the herd mentality prevalent on this particular board. Sorry.

Says the man who advised that people should "just buy as soon as they can" and that it makes no difference whether that is 2007 or 2009.