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  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 6 March 2023 at 6:17PM
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    markin said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    Needed maybe but people are older and want to use a bigger deposit to get a better rate. North East its 27,700, London 115,700.

    https://www.money.co.uk/mortgages/first-time-buyer-mortgages/statistics
    That makes for sobering reading, imagine coming off a cheap fix in London right now....ouch.
  • fackers_2
    fackers_2 Posts: 304 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 
    Always find comparables. You can ask, but you won’t always get what you want. 

    House prices are now falling as they were in 2008… A correction is happening - Jan 2023
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    fackers_2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 
    Good advice, PropertyLog can be a useful reference as well.
  • newsgroupmonkey_
    newsgroupmonkey_ Posts: 1,270 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    fackers_2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

    You're sounding as desperate as Crashy, tag teaming each other.

    You appear to have 2 things in common. Neither of you own a house (I've seen your previous threads) and neither of you can afford a house, so you're trying to talk the market into a crash.

    For me, a crash would see house prices drop to below the levels of at least 5 years ago.
    Right now, we're not even at the levels of last February.

    You both storm into threads like this, suggesting 20 or 30% drops, despite the fact that the high of last August was only 3.7% higher than it is today (2.9% according to Halifax) Hey, it might even reach 10% by the end of the year, but it's hardly 20 or 30%.
    https://tradingeconomics.com/united-kingdom/nationwide-housing-prices

    In fact, Halifax are arguing that prices are up 2.1% this year alone (this is from today)
    https://www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

    You're absolutely right that propertylog is a good place to look and see what the values have done, but ultimately, people's asking prices are still akin to last August rather than today. In addition, the last few months are traditionally much slower (are you aware that property prices dropped in both November and December of 2021? It's quite normal).
  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    newsgroupmonkey_ said:
    fackers_2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

    You're sounding as desperate as Crashy, tag teaming each other.

    You appear to have 2 things in common. Neither of you own a house (I've seen your previous threads) and neither of you can afford a house, so you're trying to talk the market into a crash.

    For me, a crash would see house prices drop to below the levels of at least 5 years ago.
    Right now, we're not even at the levels of last February.

    You both storm into threads like this, suggesting 20 or 30% drops, despite the fact that the high of last August was only 3.7% higher than it is today (2.9% according to Halifax) Hey, it might even reach 10% by the end of the year, but it's hardly 20 or 30%.
    https://tradingeconomics.com/united-kingdom/nationwide-housing-prices

    In fact, Halifax are arguing that prices are up 2.1% this year alone (this is from today)
    https://www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

    You're absolutely right that propertylog is a good place to look and see what the values have done, but ultimately, people's asking prices are still akin to last August rather than today. In addition, the last few months are traditionally much slower (are you aware that property prices dropped in both November and December of 2021? It's quite normal).
    I have a strong feeling they are the same person! or best friends on the house price crash forum...
  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker

    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 
    Why do I have to provide figures and references? You made the claim that only 2% of FTBs can get a 90% mortgage with nothing to back this up. There is nothing on the internet to back this up. Why don't you provide your figures and references to your claim seeing as you made it? 
  • fackers_2
    fackers_2 Posts: 304 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    newsgroupmonkey_ said:
    fackers_2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:
    Sarah1Mitty2 said:
    mi-key said:

    But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.
    The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit
    That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?
    Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !
    Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.
    Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 
    And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

    Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

    You're sounding as desperate as Crashy, tag teaming each other.

    You appear to have 2 things in common. Neither of you own a house (I've seen your previous threads) and neither of you can afford a house, so you're trying to talk the market into a crash.

    For me, a crash would see house prices drop to below the levels of at least 5 years ago.
    Right now, we're not even at the levels of last February.

    You both storm into threads like this, suggesting 20 or 30% drops, despite the fact that the high of last August was only 3.7% higher than it is today (2.9% according to Halifax) Hey, it might even reach 10% by the end of the year, but it's hardly 20 or 30%.
    https://tradingeconomics.com/united-kingdom/nationwide-housing-prices

    In fact, Halifax are arguing that prices are up 2.1% this year alone (this is from today)
    https://www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

    You're absolutely right that propertylog is a good place to look and see what the values have done, but ultimately, people's asking prices are still akin to last August rather than today. In addition, the last few months are traditionally much slower (are you aware that property prices dropped in both November and December of 2021? It's quite normal).
    No point trying to guess people’s circumstance. An !!!!!!umptions make people look like well…

    I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

    As I’ve said, I wouldn’t trust a turkey to tell me Christmas is cancelled. One lead of bias data is trying to find a positive spin. Fine. But the overall isn’t looking positive is it. I’m just here to discuss constructively on a a property with a FAIR price tag :) 
    Always find comparables. You can ask, but you won’t always get what you want. 

    House prices are now falling as they were in 2008… A correction is happening - Jan 2023
This discussion has been closed.
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