FTB's - don't buy now!

carolt

House prices likely to fall by a quarter in two years



House prices in Britain could crash by 25 per cent before mid-2010, forecasters at Capital Economics have warned. That would wipe £45,000 off the value of an average house, currently worth £180,000.

http://www.guardian.co.uk/business/2008/mar/30/housingmarket.houseprices

PasturesNew

Bump needed? Not even read it yet... how far out were they?

Running_Horse

Thanks for reminding us of a time when half the discussions here were about house prices, and the other half were hijacked to obsess about house prices. That's the amazing thing about house prices. They rise, fall, or stay the same. If you never bought a house because the value might fall, you would never buy a house.

victoria_smith87

well i'm a first time buyer and just brought................darn it!

but like its already been said, if i didn't do it now because of price falls i most prob never would

lee636

victoria_smith87 wrote: »

well i'm a first time buyer and just brought................darn it!

but like its already been said, if i didn't do it now because of price falls i most prob never would

Same here, im buying it to live in, 5 years, 10 years, 15 years, who knows or cares at the moment, just getting on the ladder as a FTB (enjoying it - sort of!! :rotfl:).

Riq

From 2 years ago like so I should be safe

tinalpool

Ahh I need a FTB don't put them off!!!!

Christina

~moneysavingnovice~

I just bought my first house. It's in London (zone 3) so I think it is a slightly different ball game to some of the other UK housing markets- there is always demand and not very much new supply, so if prices do drop, it may not be by as much as elsewhere.

Anyway, I'm going to be living there for 5+ years. I was spending £1,400 a month on rent, and will now be spending £900 a month on my mortgage. And as long as the value of the flat doesn't fall by more than I've paid off the mortgage in 5+ years I'm not too fussed.

Plus, if my 1 bed flat falls in value, hopefully the 3-4 bed house I want to buy in the future will fall by more in absolute terms, thus saving me money.. sort of

lee636

~moneysavingnovice~ wrote: »

I just bought my first house. It's in London (zone 3) so I think it is a slightly different ball game to some of the other UK housing markets- there is always demand and not very much new supply, so if prices do drop, it may not be by as much as elsewhere.

Anyway, I'm going to be living there for 5+ years. I was spending £1,400 a month on rent, and will now be spending £900 a month on my mortgage. And as long as the value of the flat doesn't fall by more than I've paid off the mortgage in 5+ years I'm not too fussed.

Plus, if my 1 bed flat falls in value, hopefully the 3-4 bed house I want to buy in the future will fall by more in absolute terms, thus saving me money.. sort of

Again, kinda same as us, we currently pay £1075pm on rent, mortgage will be just over this to start but within our monthly spending budget. Zone 6 for us and the national average and all that rubbish doesn’t particularly affect this area so not too worried by all the scare mongering - even though we have just bought a £250k 1 bed at 84%ltv :rotfl:

ILW

StiflersMom wrote: »

Pity you didn't buy at the bottom of the market, in Spring 2009, like I did. Up 15% in value since then.

:beer:

Does that make you very clever or just lucky?

Batchy

Im a buying FTB'er, like others have said, yes the values might fall... but I CAN do it now. So im taking my opportunity.

I remember back in 2000 I could have brought... and I didn't. Which basically for the next 10 years made it very difficult for me.
If I did buy back then, I could care less about the value of the house, the fact is I would have now cleared the whole mortgage.

Also, I could be made redundant one day unexpectedly in the future due to the "resulting" down turn in the economy, but I could take a significant pay cut and survive in buying this property, however, if when prices do fall, and If I was to have to take a paycut due to unexpected redundancy, then I still wouldnt be able to buy the house im buying even thou its cheaper. Basically as I might be out of work/ on a reduced income, and or in new employment, and mortgage companies dont really like any of those.

Never look back regretting the things you didnt do, only regret the things you do...