Well Located House Not Selling. Wait, or What?

Angela_D_3

Crashy_Time said:

Davesnave said:

Crashy_Time said:

It`s not the stairs, it`s the price.

It's still getting viewings; a new one and two second ones is what I'm told. If any of them offers, the headline price may influence that.

And it's easy to say "Knock another £10k off!" when it's not your £10k.

I distinctly remember when it was my £15k and thinking, "Jeez, how long would it take me to save this?"

Not disagreeing with you; just providing context.

Just think how FTB`ers (the one`s daft enough to still believe in the magic "Ladder") feel when they are begging their family for a deposit?

Since the begining of time ftb have had to scrape together deposits.  I worked two jobs in 1998 to get together 5%.  Theres nothing new to see here.  

Davesnave

Angela_D_3 said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

It`s not the stairs, it`s the price.

It's still getting viewings; a new one and two second ones is what I'm told. If any of them offers, the headline price may influence that.

And it's easy to say "Knock another £10k off!" when it's not your £10k.

I distinctly remember when it was my £15k and thinking, "Jeez, how long would it take me to save this?"

Not disagreeing with you; just providing context.

Just think how FTB`ers (the one`s daft enough to still believe in the magic "Ladder") feel when they are begging their family for a deposit?

Since the begining of time ftb have had to scrape together deposits.  I worked two jobs in 1998 to get together 5%.  Theres nothing new to see here.  

I'm going to show my age, but I took 2 years to save 10% and then the Leeds BS told me "Sorry, we've run out of mortgages; can you ask again next year?" I'd just sold my car and some of my furniture to get the last few hundred!

Seeing my expression, the lady added, "But I've heard the new Alliance & Leicester branch has funds..... I never told you that!"

Half an hour later, cheque in hand, I was opening an A&L account and feeling like a traitor. In those days your lender had a sort of relationship with you....

Anyway, where were my parents in all this? Oh yes, financially compromised, as usual.

My own kids also wouldn't recognise the 'begging from parents' scenario. One's already bought and the other reckons her wedding's costing £23k, so I doubt if I'll be chipping-in for her deposit!

Angela_D_3

I see 90% mortgages are back with the natwest too.  Normal service has resumed 

RelievedSheff

Angela_D_3 said:

I see 90% mortgages are back with the natwest too.  Normal service has resumed 

Yes the 90% LTV mortgage market has really come alive again in the last couple of weeks. Far more choice for people with lower deposits.

GDB2222

What’s the interest rate on a 90% mortgage at the moment?

I can answer that, after a minute researching. About 3.5% fixed for 5 years. Given that the banks are paying almost nothing for their own funds, that does provide a reasonable margin for some defaults. 

RelievedSheff

GDB2222 said:

What’s the interest rate on a 90% mortgage at the moment?

Around the 3% mark. So while not the cheapest they are certainly not extortionate rates either.

GDB2222

I was just looking also at the extra interest payable for a 90% mortgage compared to 80%. That’s an extra 1.25% or so. 

RelievedSheff

GDB2222 said:

I was just looking also at the extra interest payable for a 90% mortgage compared to 80%. That’s an extra 1.25% or so. 

It is. But how long would it take someone to save up that extra 10% deposit?

They would still be paying rent during that time which has to be factored in.

Sometimes it is just better to pay a slightly higher interest rate for a couple of years and be in your own home. Come remortgage time aim to have that extra 5% equity in the property and get onto hopefully lower rates. Although no one can predict the future and guess what interest rates will be!

Scotbot

Davesnave said:

Stairs provide a specific form of exercise. As a bungalow-dweller I'm aware of this, because I can walk 5 or 6 miles on rough terrain without problems, yet just going up the stairs in a shop feels awkward.

As an 'older person,' having stairs wouldn't worry me unduly.I'd see them as useful exercise. If the worst happened, I'd get a stair lift. They even go around corners these days.

My 80 year old MIL has a stairlift and has no intention of moving out of her 2 story home. However where elderly buyers decide they don't want stairs they will look for a true bungalow or a dormer with the majority of space downstairs and an upstairs bedroom for guests. This house doesn't fit that bill plus it is a fixer upper with no central heating. I expect it to sell to a younger demographic

Davesnave

Scotbot said:

Davesnave said:

Stairs provide a specific form of exercise. As a bungalow-dweller I'm aware of this, because I can walk 5 or 6 miles on rough terrain without problems, yet just going up the stairs in a shop feels awkward.

As an 'older person,' having stairs wouldn't worry me unduly.I'd see them as useful exercise. If the worst happened, I'd get a stair lift. They even go around corners these days.

My 80 year old MIL has a stairlift and has no intention of moving out of her 2 story home. However where elderly buyers decide they don't want stairs they will look for a true bungalow or a dormer with the majority of space downstairs and an upstairs bedroom for guests. This house doesn't fit that bill plus it is a fixer upper with no central heating. I expect it to sell to a younger demographic

My 85 year old mother and father in law have a house with three staircases, no stairlifts and no intention of moving. Of course, one can generalise about 'old' or 'young' people, but thank goodness they don't always conform to people's expectations!