How many people pulling out?

Taadaa

TTMCMschine wrote: »

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.

I disagree with that. We don't have a sizeable deposit because we are using our equity to pay off a loan. We have had not problems getting a mortgage.

Like others, I want a home rather than an investment, and in my head I have already moved. I've no intentions of pulling out now, after wanting this for so long!

granville_2

my OH and I pulled out of a purchase last week - mainly due to the results of a structural survey.

however, with the financial markets blowing-up, it has made us think twice about looking for other property. we are going to wait 6 months and see what's the state of the market is then.

i really do think we are at the peak of property prices.

ymmv.

izzybusy23

granville wrote: »

i really do think we are at the peak of property prices.

ymmv.

Not at the peak, well and truly over it. There has been numerous threads indicating that people cannot sell their houses and asking advice on this forum how to 'tart' it up to look more sellable. Simple fact is that most are overpriced but the vendor refuses to acknowledge the fact.

Sheeple just aren't prepared to pay a pretty penny for a sub standard property anymore and thats been the case for months now. The peak was well before the 'summer'.

Doozergirl

izzybusy23 wrote: »

Not at the peak, well and truly over it. There has been numerous threads indicating that people cannot sell their houses and asking advice on this forum how to 'tart' it up to look more sellable. Simple fact is that most are overpriced but the vendor refuses to acknowledge the fact.

I hate to point it out, but that is very much part of what this forum is about. People have been doing that for years now. Also, if my house isn't overpriced, I'm hardly going to need any advice on where I'm going wrong on here now, am I?

izzybusy23 wrote: »

Sheeple just aren't prepared to pay a pretty penny for a sub standard property anymore and thats been the case for months now. The peak was well before the 'summer'.

Prices have hardly risen in three years where I live. Barely in line with inflation I'd say. Also, what is sub-standard? Houses may be expensive, but substandard? I guess you must be talking about yourself and your experience of the very bottom end of the market

ashcarrot

I'm in the process of buying and from a money point of view its probabily is a mistake but again im buying a home (unfortuntly i can;t get my head around renting and it would be a bit tricky with work) but I've got a healthy deposit (37% of the house value 250,000) I dont mind if i lose most of that (well I can live with losing it) I just hope i dont get to a point where i enter negative equity or close, I've got a very well paid job so finding something similar in the area would be hard so thats my main fear. If i had a small deposit i wouldn't be doing it. I was almost sick when i did the offer, what gave me the kick was when the CPI dropped to 1.9% at that point i didn't think interest rates would rise (or the government was doing a good job fixing the figures) so things were no longer straightforward witht he house market collapsing.

If things go meltdown today how long is it going to take for the houses to drop (unfortuntly it takes years rather than days like the stock market) and i've gotta get on with my life, if it takes 5 years i'll be 31 and having a house is gonna be much less fun. The house is pretty much the best i could hope for and i've been looking for almost a year so if the market was to collapse would i be able to get easily something equivilant.

I've also committed to buying so I believe in not messing people about (having said that if they dropped significantly in the meantime I may reconsider)

vikingaero

TTMCMschine wrote: »

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.

Abbey launched a 125% mortgage in the wake of the Northern Rock debacle.

Pepstar_2

We are completely torn about what to do - we are meant to be exchanging in the near future but it looks like there are loads more properties at much cheaper prices coming onto the market, in the same area.

Out of curiosity how many people are trying to renegotiate the price of the place they have under offer - or do you think this is being too cheeky?

dolce_vita

If you aren't in a hurry to move you'd be better off waiting.

Don't worry about being cheeky, pay what you think is a fair price even if it means re-negotiating.

Rampant HPI is over - it's a buyers' market now

Doozergirl

Pepstar wrote: »

We are completely torn about what to do - we are meant to be exchanging in the near future but it looks like there are loads more properties at much cheaper prices coming onto the market, in the same area.

Out of curiosity how many people are trying to renegotiate the price of the place they have under offer - or do you think this is being too cheeky?

Cheaper prices are likely to be your imagination playing tricks now that you are going through with a purchase or the fact that you were paying too much in the first place. Vendors will not come to the market at cheaper prices if others have sold for more - it's fair to say that most people want the best price and they will only drop in response to few or no viewings or simply pull the house from the market altogether.

I think it is bad to renegotiate based on not wanting to pay any more (why offer in the first place?).

izzybusy23

Doozergirl wrote: »

I hate to point it out, but that is very much part of what this forum is about. People have been doing that for years now. Also, if my house isn't overpriced, I'm hardly going to need any advice on where I'm going wrong on here now, am I?


Prices have hardly risen in three years where I live. Barely in line with inflation I'd say. Also, what is sub-standard? Houses may be expensive, but substandard? I guess you must be talking about yourself and your experience of the very bottom end of the market

I think you've completely missed the sarcasm in my post. :rolleyes:

I am a tenant actually and I am looking at the mess from the sidelines. Sorry, but people ARE coming on here with overpriced tat, asking if a lick of paint or different photo's is going to sell it, and completely over look the fact that its the price why its failing to sell.

Are you worried about a HPC then as your comments were rather picky to my perfectly honest reply.