There will not be a crash

glen8

I think this speaks volumes

http://www.propertysnake.co.uk/site/detail/4139406

mr.broderick

neverdespairgirl wrote: »

Nothing wrong with living in rented full stop - I'm very happy in a rented flat with OH and our son.

Its why you constantly scour these threads in hope that there are signs prices will come down then you'll buy, don't kid yourself if youre waiting for a crash at least be honest with yourself.

mr.broderick

green1970 wrote: »

When this Utopia of cheap houses for everyone finally arrives, bearing in mind we seem to be a nation of wannabe property magnates now faith in pensions is shattered, what is going to stop those prices going sky high again? Demand is going to massively overstrip supply surely and First Time buyers are going to be last in the queue to buy this abundant supply of 3-bed houses in lovely areas unless something is done about multi-property ownership.

Yeah but thats what the crash wannabees will hope for....

mr.broderick

glen8 wrote: »

I think this speaks volumes

http://www.propertysnake.co.uk/site/detail/4139406

It was too high to start with...

mr.broderick

Walter_J wrote: »

I wish you well.

I hope we don't see you on the bankruptcy forum in a couple of years time...



... but I fear we will!

I'll see you there walter if the s.hit hits the fan...

glen8

mr.broderick wrote: »

It was too high to start with...

Like all the others on the market

mr.broderick

glen8 wrote: »

Like all the others on the market

Have a day off...Too high for you maybe but guess what big boy we put them there..blame the stupid public.

glen8

mr.broderick wrote: »

Have a day off...Too high for you maybe but guess what big boy we put them there..blame the stupid public.

Like I said...like all the others on the market :rotfl:

qjess

I was an estate agent (and then a conveyancer) in the 80s crash - I'm now a teacher!!

The problem then was, contrary to popular belief, although there were plenty of first time buyers & buyers further up the chains, they were unable to get mortgages because the properties were being downvalued by the surveyors.

I remember many cases of chains being complete only for them to come unstuck when the survey valuations went in.

I strongly suspect that is what we will see next.

In the 80s a BIG problem was that some of that was almost sabotage - many banks/building socs had just gone into estate agency - Halifax, Blackhorse, etc and when they were sent as valuers to a rival's property you could guarantee the valuation would come back as at least £5000 less!

I think that the banks are now going to be much more cautious about their valuations & these estate agents who are in denial will just find all their chains unravelling.

I live in Ipswich and was in the process of buying a 3 bed semi to renovate & sell on but the state of the re-sale market has meant that I'm probably going to pull out now (unless the vendor fancies dropping £15k but I doubt they will!).

I've researched the Land Registry sales figs for this year & in the area I was planning to buy they've only completed on 5 3-bed semis this year!!

Last year the total was 248 & in 2006 346

Hmm...and people think it's all hype?!!!

Try https://www.thinkproperty.com - a brilliant little site that will show you graphs/figs for all types of properties based on post codes.

I'd love there not to be a BIG problem but things aren't selling here.

Also, the credit crunch is affecting ordinary people - a young colleague of mine moved to a 4 bed detached 2 years ago on a fixed rate deal, her partner has just been offered his dream job but he's had to turn it down as they can't get the same deal on a new mortgage!
These are careful, sensible, intelligent professional people who are finding it a struggle - I'd be amazed if there weren't plenty more like them!

Luckily, we took out a 10 year deal when we moved 6 years ago & it's been brilliant!!

glen8

mortgage advisors laughed at me when I said I wanted a 10yr fixed rate