House Price Crash Discussion Thread

DreamBreaker

mr.broderick wrote: »

2005 am i missing something here?

lol I missed that one too Hope he means 2007???

DreamBreaker

cybermum wrote: »

Hello,first post,so please be gentle
Yes,2005???
Anyhow,I just wanted to share.
We bought our first home in '96,newbuild,for £37,995.
Sold Jan '06 for £112,000.
We had a small loan attached to the mortgage but still came away with a reasonable amount.
We talked about ploughing that back into another property,but it didn't feel right.
Fast forward to now;We am in Italy and coming back in the early part of next year.
And so,I have followed this thread for a few days with interest.
We plan to rent when we return,for the forseeable future,whilst we see the results of the fallout.
We have 2 kids and my heart says go for house,roots down etc etc
My head on the other hand is holding firm and waiting with baited breath.
I do think the bubble has stretched itself to unreal proportions.
Prices have to come down .JMHO

I don't really envy you making such a decision at the moment.

This is just my opinion I only hope it helps with your decision.

I would perhaps wait until at least Feb-March next year and see how the market fairs then. If you are going to rent you are only likely to be able to get a minimum 6mth contract anyway, which will take you to at least June next year so you have plenty of thinking time.

My opinion though is not of the majority on this forum, but it is not said with any motive at all particularly in this case as you are obviously wanting peoples adivce. I think getting the right house, in the right street, in the right area, near the right schools, etc, etc, is the most important thing here, and if that means you buy one in January 2008 or June 2009, if it is the right property for you, at a price you can comfortably afford then you have made the right decision!!! Don't just buy for the fear of missing the boat or not buy because you think prices will fall, buy because it is the right house for you, your family, your future and your finances!

Good luck to you and let us know how you get on in the coming months

:beer:

dolce_vita

DreamBreaker wrote: »

I don't really envy you making such a decision at the moment.

This is just my opinion I only hope it helps with your decision.

I would perhaps wait until at least Feb-March next year and see how the market fairs then. If you are going to rent you are only likely to be able to get a minimum 6mth contract anyway, which will take you to at least June next year so you have plenty of thinking time.

My opinion though is not of the majority on this forum, but it is not said with any motive at all particularly in this case as you are obviously wanting peoples adivce. I think getting the right house, in the right street, in the right area, near the right schools, etc, etc, is the most important thing here, and if that means you buy one in January 2008 or June 2009, if it is the right property for you, at a price you can comfortably afford then you have made the right decision!!! Don't just buy for the fear of missing the boat or not buy because you think prices will fall, buy because it is the right house for you, your family, your future and your finances!

Good luck to you and let us know how you get on in the coming months

:beer:

Fvck me.

It's taken 95 posts for you to say somehting half sensible.

Well done.

Keep taking the medication and happy christmas.

mr.broderick

DreamBreaker wrote: »

lol I missed that one too Hope he means 2007???

2008 even

cybermum

DreamBreaker wrote: »

I don't really envy you making such a decision at the moment.

This is just my opinion I only hope it helps with your decision.

I would perhaps wait until at least Feb-March next year and see how the market fairs then. If you are going to rent you are only likely to be able to get a minimum 6mth contract anyway, which will take you to at least June next year so you have plenty of thinking time.

My opinion though is not of the majority on this forum, but it is not said with any motive at all particularly in this case as you are obviously wanting peoples adivce. I think getting the right house, in the right street, in the right area, near the right schools, etc, etc, is the most important thing here, and if that means you buy one in January 2008 or June 2009, if it is the right property for you, at a price you can comfortably afford then you have made the right decision!!! Don't just buy for the fear of missing the boat or not buy because you think prices will fall, buy because it is the right house for you, your family, your future and your finances!

Good luck to you and let us know how you get on in the coming months

:beer:

That is the sentiment my husband and I both share.
At the end of the day if the house we choose ticks all our boxes then so be it.
We are looking to move to the house we choose and be there for a long time.
A home,not a house
I thank you for your post and wishes
As for opinions on the forum,I think it is actually beneficial to have both camps as it were to fully debate and discuss the situation.
It can only serve to help us all in making a informed choice can't it

Of course I hope for a price correction,I would be telling porkies if I said otherwise.
What will happen?
That is the $64,000 question!

nelly_2

mr.broderick wrote: »

2005 am i missing something here?

Two years apparently

dolce_vita

I firmly believe prices will be lower this time next year and if you can wait then you should.

Good luck to you whatever you decide to do.

dweeby

cybermum wrote: »

And so,I have followed this thread for a few days with interest.
We plan to rent when we return,for the forseeable future,whilst we see the results of the fallout.
We have 2 kids and my heart says go for house,roots down etc etc
My head on the other hand is holding firm and waiting with baited breath.
I do think the bubble has stretched itself to unreal proportions.
Prices have to come down .JMHO

Welcome cybermum (cool name!).

We find ourselves in the same position, sort of...

The sale of our house completed last week, and due to the fact we couldn't find a house we liked we've moved into rented. This would not have been our first choice.

But, the circumstances for being in rented couldn't be better. We've got our "stash" in a high interest saving account, making a (net) 5.1%. At the same time, the house market has declined slightly and uncertainty remains.

It's anybodies guess what will happen next, but we're (hopefully) taking advantage of the situation thrust upon us, and using the initial 6 month rented contract to weigh up how things go.

Unfortunately, whilst properties may (or may not!) be cheaper next year, if they are cheaper - less houses will be on the market than usual. Our house choice will be limited as most people won't want to sell if their price has gone down.

tr3mor

dweeby wrote: »

Unfortunately, whilst properties may (or may not!) be cheaper next year, if they are cheaper - less houses will be on the market than usual. Our house choice will be limited as most people won't want to sell if their price has gone down.

But you'll have a big deposit and won't be sitting in a chain waiting for your house to sell. You'll be in a very good bartering position!
:beer:

cybermum

dweeby wrote: »

Welcome cybermum (cool name!).

We find ourselves in the same position, sort of...

The sale of our house completed last week, and due to the fact we couldn't find a house we liked we've moved into rented. This would not have been our first choice.

But, the circumstances for being in rented couldn't be better. We've got our "stash" in a high interest saving account, making a (net) 5.1%. At the same time, the house market has declined slightly and uncertainty remains.

It's anybodies guess what will happen next, but we're (hopefully) taking advantage of the situation thrust upon us, and using the initial 6 month rented contract to weigh up how things go.

Unfortunately, whilst properties may (or may not!) be cheaper next year, if they are cheaper - less houses will be on the market than usual. Our house choice will be limited as most people won't want to sell if their price has gone down.

Thanks!My son chose it
I am looking at this like being in a kind of no-mans land.
No doubt there are probably many others the lenght and breadth of the country who sold up,stepped off the ladder,due to concerns ,and are renting and 'holding out'.
The house choice may be limited ,but I guess that is the gamble we take
We are in a good position with no chain though
We are in no way ready to jump into the fray yet though,it is a very uncertain time.
I was a teenager when the crash happened last time,fortunately we were ok.
But I saw many many people lose so much.
It feels almost like dejavue.
The situation where borrowing X6 the salary is astounding.
It would scare the hell out of me to do that.