How many people pulling out?

Mrs_Pepperpot_2

Several people we know have pulled out of buying a house in the last week - just wondering how many people are either reconsidering or holding off buying to "see what happens"?

Doozergirl

I don't know anyone buying a house - let alone several!

I'm looking but I think may do something else with my money this time. Not sure.

dolce_vita

Anyone with any sense will hold off from buying now.

That alone would be enough to drive prices down.

Libra1975

Mrs_Pepperpot wrote: »

Several people we know have pulled out of buying a house in the last week - just wondering how many people are either reconsidering or holding off buying to "see what happens"?

Not reconsidering at all, whilst I acknowledge the fact this probably isn't the greatest time to buy a house I also have on my side the fact I want a home not an "investment", the fact the mortgage we will take on is easily coverable by one salary (but yes will still be slightly more expensive than renting) and the fact there is a difference between the market stagnating and the market crashing - personally I feel we are about to enter a period of the former rather the later (I need to qualify that by saying I know NOTHING about economics).

Saying that I wouldn't advise anyone to over-stretch themselves at the moment.

Nenen

:wave: Yes... hands up from me... we are going to stay in rented for a bit longer.... I think... although terrified I might be making a collosal mistake!

Lisa45

I'm also going to keep going with my new purchase at the moment. Hope I'm not making a big mistake either, but I know someone well in the money industry and they say - in their opinion - not to worry !!!!!!

gilly41

We are moving on Thursday. I have no worries at all as the house I am living in now has been my home for the last 19 years so I dont think i will be moving again for several years.We can manage to pay the mortgage on my OHs salary so we havent overstretched ourselves.I personally have no worries about moving! It will be the best thing i have done for year !!!!!x

jollyanna

My nephew is 24 and has shelved ideas to buy for the time-being. He's got a good deposit inspite of student debt, but decided to hold off until the new year at the earliest.

gemma.zhang

We are buying !! .and gonna exchange next Friday(fingers crossed - if everything ready) -- exciting and nervous !!! our first home/nest !!!

It is scaring time, however, I do believe in UK's economy - low unemployment rate, low inflation, which are NOT the climate for 'crush'..

It is unstable time to buy, as you can't see clearly what's gonna happen in a few months' time.. they predict 10% chance of market falls by 10% in London.. well, which means, if we drop out now and wait for a yr to buy, considering the rent lost + buying cost, the market will need to drop by 5% to worth the wait.. which I don't think it's likely to happen in west london.. - well.. have placed my bets, can only hope/pray for the best.

TTMCMschine

If I were you I'd definitely wait. It isn't just a matter of people deciding now is not the time to buy, its a matter of the banks & building societies not being able to borrow the money themselves, in order that they can loan it to you as a mortgage.

You might have noticed that Northern Rock had already pulled their risky mortgages weeks before this latest fiasco, that is because of a credit crunch in the money markets, which mean't they could no longer make any money from mortgages. Now its worse - there is no money available in the money markets, period.

If you have anything other than a szieable deposit & an excellent credit rating, with probably no other debts, then you have zero chance of getting a mortgage until the markets free up more cash - & that may take 18 months to considerably longer.

No money to loan as mortgages = no mortgages = nobody buying = collapsing housing prices - it is absolutely guaranteed to happen, 50% falls will be a reality.

I had this argument with a bank manager on the Bradford & Bingley thread on advfn about 2 months ago when the share price was £4.20. He was insistent I was talking rubbish, & he's now lost a significant amount of money.

It is so simple its obvious, & no amount of fluffy bunny wishful thinking will change the facts.

nelly_2

Wasnt it a stock/money market thing that triggered the last crash 15 years ago?