House Price Crash Discussion Thread

carolt

Chill, Snafflepants (bad name - sorry - difficult to offer serious advice after that!).

I'm certainly no bull, but you sound like on 1.5 above average salaries, you should be able to manage a mortgage of the size of yours fairly easily, even if you were to lose your job. Also, you'd save on nursery fees, even if you couldn't get another job. And don't forget, once your DD turns 3 (or 2 in some parts of the country, I think?) you will get a free part-time nursery place for her.

So, whilst panic seems quite a logical reaction to current financial events, you seem better able to weather the storm than most...

PaulB

Here's an interesting scenario for you - very interested what you thing we should do...

We are thinking of buying our first house. I am 40, partner is 36 and expecting our first kid (one of the reasons I started looking into this).
We earn about £50k pa between us. Have about £35k saved. Were thinking could put £20k as a deposit.
We are currently private renting and paying £925 a month.
We live in North London where prices are apparently still rising (or so the estate agent told me - of course you can't trust what they say).

We have seen some OK 2 bed flats for about £180k.

Using a calculator we reckon we would pay roughly the same monthly repayments on mortgage as for rent if we fix for 2-3 years.

What do you reckon?

Reading through this thread most people's advice seems to be wait. However, if I leave it much longer and being 40 already am worried no one will give me a 25 year mortgage (if not missed the boat already).

Not too keen on keeping paying full market private rents for the rest of my life as you can imagine.

Thanks in advance for any advice...

mr.broderick

PaulB wrote: »

Here's an interesting scenario for you - very interested what you thing we should do...

We are thinking of buying our first house. I am 40, partner is 36 and expecting our first kid (one of the reasons I started looking into this).
We earn about £50k pa between us. Have about £35k saved. Were thinking could put £20k as a deposit.
We are currently private renting and paying £925 a month.
We live in North London where prices are apparently still rising (or so the estate agent told me - of course you can't trust what they say).

We have seen some OK 2 bed flats for about £180k.

Using a calculator we reckon we would pay roughly the same monthly repayments on mortgage as for rent if we fix for 2-3 years.

What do you reckon?

Reading through this thread most people's advice seems to be wait. However, if I leave it much longer and being 40 already am worried no one will give me a 25 year mortgage (if not missed the boat already).

Not too keen on keeping paying full market private rents for the rest of my life as you can imagine.

Thanks in advance for any advice...

Definitely wouldn't buy a flat at the moment unless it was going CHEAP.

nelly_2

mr.broderick wrote: »

Definitely wouldn't buy a flat at the moment unless it was going CHEAP.

Insert bad squashed budgie joke here

Ive never seen the point in having a budgie...parrots yeah you can teach them to tell the misses has a fat @rse but budgies are rubbish

mr.broderick

nelly wrote: »

Insert bad squashed budgie joke here

Ive never seen the point in having a budgie...parrots yeah you can teach them to tell the misses has a fat @rse but budgies are rubbish

Just when i thought things were going pear shaped up pops nelly to confirm this :rotfl:

owitemisermusa

!!!!!!? wrote: »

That's coming soon ... As plenty of us have been warning for the last six months.

Let's hope enough MSE readers saw the warnings and held off sinking lots of money into property, despite some fools on these boards who tried (and succeeded) to limit talk of house price crashes to this thread.:rolleyes:

I ask again, what about those who already have property? Will anyone have sympathy on them - not everyone is a 'greedy' 'fool'.

My house is built on the Rock!

justme111

!!!!!!? wrote: »

When banks go bust, savers lose their money. quote]
we do have £30 or £35 grand protected in each bank, don't we? ( I know some banks are on the same license and the protection is for license, not for bank - it is minor issue)

Generali

owitemisermusa wrote: »

I ask again, what about those who already have property? Will anyone have sympathy on them - not everyone is a 'greedy' 'fool'.

My house is built on the Rock!

There are loads of websites out there designed solely to discuss house prices. This one is to discuss many things to do with houses and the cries for help were being drowned out by repetative threads mostly called 'It's Started' because a particular house index had risen by a bit less than last year.

The posters that couldn't exercise a little self control brought the ghetto on themselves.

Generali

MissMoneypenny wrote: »

FTSE 100 closes, down 3.9%:eek:

HBOS and Barclays taking big hits.

Smaller company stocks are doing very badly too.

A lot of small healthcare and biotech firms are really badly hit. I guess the fear is that they'll need more money before their drug or whatever it is goes to market and the funding just won't be there.

tinkerbell80

Hi , this is my first post so apologise in advance if it is in the wrong place!
Now I dont understand a lot about the world of finance but this site is slowly teaching me.
I was thinking of buying a property and in fact have two viewings booked for today. I have a large (ish) deposit and am living in rented at present.
Should I even be thinking of buying a property at present?
Will there be a crash in the market and should I just wait a while?