Nationwide to limit mortgages to first time buyers

Crumble2018

2 flats in our block have just sold for the same price we paid last year, so whilst prices haven't risen, they don't seem to be dropping dramatically yet.

blue_max_3

mattyprice4004 said:

That's bonkers money - am I safe assuming it's fairly central London? 

London is a vary varied place. The most central area is very expensive, but it is immediately surrounded with social housing. Still expensive, but less desirable. There are enclaves in outer London which are leafy Edwardian suburbs. I live in Muswell Hill N10. It's a lovely place to live as there's no tube station. Being Edwardian, the property tends to be larger than average. Better suited to splitting into flats. 
EG https://www.rightmove.co.uk/property-for-sale/property-76811083.html

sully1311

Crashy_Time said:

sully1311 said:

I've been saving for a deposit for around 3 years now with my partner (FTBs) and we've been looking for a house since January. Now it seems like we're going to have to pause our searches again this year (had to when lockdown started) as the 90% LTV market dries up. 
It's been a painful 2020 so far!

The banks are probably doing you a favour TBH.

Yes I understand this, it's still heartbreaking having saved for so long that it's a big unknown when we'll be able to get a mortgage.

Splatfoot

blue_max_3 said:

I wonder how many sellers realise things are looking less rosy and are trying to bail before the pain hits later in the year. If they list at a good price (in todays terms), they are likely to get a sale. Properties which have been on the market pre-covid, are being discounted for sure.

That really isn't happening where I am and we are on the market.  Went on the day of lockdown 🙄 There's obviously the odd one, which was priced too high even before Covid, which are reduced but generally, things are stable. There is no huge influx of property either. 

Douve87

Yeah no reduction in prices where i am and properties still selling fast. One property we looked at was listed on Tuesday, had 15 viewings the Saturday after and was sold stc the following Friday. That isn't to say prices wont drop but haven't yet.

blue_max_3

Splatfoot said:

That really isn't happening where I am and we are on the market.  Went on the day of lockdown 🙄 There's obviously the odd one, which was priced too high even before Covid, which are reduced but generally, things are stable. There is no huge influx of property either. 

I'm sure there are places that are sheltered from the current issues. Likely have been immune from the major rises too. But don't be too complacent, it will permeate all areas going forward.

Poor_Leno

I went with Nationwide in February since they, along with Barclays, had the most competitive rate on the 83% LTV needed to secure the property I'm buying.  Went with them simply cos they would lend the most, as nice as it would've been to go with Barclays for a little lower repayment (and small amount back in blue rewards), the extra 3k I could lend was more of a deal breaker for me.  Mind you, my offer expires on 4th August and still waiting to exchange so I guess I need things completed soon!

Crashy_Time

blue_max_3 said:

Splatfoot said:

That really isn't happening where I am and we are on the market.  Went on the day of lockdown 🙄 There's obviously the odd one, which was priced too high even before Covid, which are reduced but generally, things are stable. There is no huge influx of property either. 

I'm sure there are places that are sheltered from the current issues. Likely have been immune from the major rises too. But don't be too complacent, it will permeate all areas going forward.

Starting to permeate BTL now.
https://www.thetimes.co.uk/article/tougher-rules-for-buy-to-let-landlords-ddx9kvcxq