House Price Crash Discussion Thread

setmefree2

I wasn't trying to enter in a debate about buying vs renting. I was merely saying that all those who are celebrating because house prices are falling are not looking at the full picture, that some how this whole thing only effects house owners. So, you lose your job, you live in a smaller place..what's to celebrate...the fact that somehow you were right? Nope don't get it?

boinging_2

setmefree2 wrote: »

I wasn't trying to enter in a debate about buying vs renting. I was merely saying that all those who are celebrating because house prices are falling are not looking at the full picture, that some how this whole thing only effects house owners. So, you lose your job, you live in a smaller place..what's to celebrate...the fact that somehow you were right? Nope don't get it?

Okay I'll try and use small sentences. I have money in the bank. This is better than equity in a house.

I live in a smaller place with interest off my money helping pay my rent. How does equity help pay the mortgage?

This is not about being right or wrong. It's about giving views to people looking to save money. The view I have is you will save money by not buying a house today.

setmefree2

boinging wrote: »

I live in a smaller place with interest off my money helping pay my rent. ?.

And this makes you happy how?

Anyway, my msg wasn't aimd at you specifically. It was aimed at the the general tone of the thread over the last couple of days as if the crdeit crunch is a good thing. It can't be...unemployment is going to effect all of us home owners or not....at least if I own my own home I can just concentrate on keeping my job.

pickledtink

PasturesNew wrote: »

If interest rates go much lower, I'll be tempted to buy a Maserati and enjoy my sodding money.

Good idea. Want to buy my gorgeous 'baby Ferrari' super rare Bertone X 1/9?
Nah I couldn't do it to you. It'd be more honest to sell you a house right now. :rotfl:

m00m00

I've owned both Ferraris, and X/19s

on a £ per fun ratio, the fiats won. Superb little cars. Shame they rusted so easily

John_Pierpoint

Back on topic:

http://news.bbc.co.uk/1/hi/business/7325692.stm

http://www.ifaonline.co.uk/public/showPage.html?page=786648

http://www.thisismoney.co.uk/news/article.html?in_article_id=436872&in_page_id=2

IveSeenTheLight

John_Pierpoint wrote: »

Back on topic:

http://news.bbc.co.uk/1/hi/business/7325692.stm

http://www.ifaonline.co.uk/public/showPage.html?page=786648

http://www.thisismoney.co.uk/news/article.html?in_article_id=436872&in_page_id=2

It is interesting that the mortgage products have been withdrawn due to an increase in new mortgage requests.
It seems however this is because many banks have increased their mortgage interest rate leaving First bank with much more competative interest rates.
I guess it will be likely that Firat Active will re-open mortgage products to new customers but with the "new" mortgage interest rate applied

IveSeenTheLight

merlinthehappypig wrote: »

when rents are low (compared with house prices), interest rates are, on the whole, still very good for savers and house prices are reducing.

This is not the case everywhere.
I bought a BTL flat last year and the rent received more than covers the mortgage and associated costs.

IveSeenTheLight

boinging wrote: »

You are absolutely right. What the argument on here is, that you should have taken that £650K, realised your profit and rent while prices are falling (thus saving even more money) and then start the cycle again on the next upward trend.

I bet you wouldn't find someone today to pay £650K for your house, so in effect against your own figures you are now losing money.

Why would he want to sell his home to rent, even if it is at the peak of a cycle.
Its his home, not an investment

Scabs

IveSeenTheLight wrote: »

It is interesting that the mortgage products have been withdrawn due to an increase in new mortgage requests.
It seems however this is because many banks have increased their mortgage interest rate leaving First bank with much more competative interest rates.
I guess it will be likely that Firat Active will re-open mortgage products to new customers but with the "new" mortgage interest rate applied

Does this not seem interesting Quote "many banks have increased their mortgage rate".