Halifax -2.5 MoM

neas

Which will boost inflation yaay oO

HenryWeston

-5% in the west midlands

LillyJ

Homebuyers are in a stronger position than in the past
Buyers have been putting down bigger deposits than in previous cycles. 82% of all new borrowers put down a deposit of more than 10% of the house price during the final quarter of 2007. By contrast, 56% of new borrowers put down a deposit of more than 10% in 1989 and 1990.

The average deposit put down by a first-time buyer (FTB) in 2007 (£34,381) represented 20% of the purchaser price compared with 12% in 1989. Only 5% of FTBs took out a loan of 100% or more of the purchase price in 2007 compared with 35% in 1990

So all this "we used to have to save for deposits harder than you have to now days, we went without shoes and food and hot water just to be able to afford a house blah blah blah" is just crap?

I am fed up with older people telling us younger people that we just waste our money and don't deserve to be able to buy, when it turns out people were more reckless in the 80's!!!!!

IveSeenTheLight

LillyJ wrote: »

Homebuyers are in a stronger position than in the past
Buyers have been putting down bigger deposits than in previous cycles. 82% of all new borrowers put down a deposit of more than 10% of the house price during the final quarter of 2007. By contrast, 56% of new borrowers put down a deposit of more than 10% in 1989 and 1990.

The average deposit put down by a first-time buyer (FTB) in 2007 (£34,381) represented 20% of the purchaser price compared with 12% in 1989. Only 5% of FTBs took out a loan of 100% or more of the purchase price in 2007 compared with 35% in 1990

So all this "we used to have to save for deposits harder than you have to now days, we went without shoes and food and hot water just to be able to afford a house blah blah blah" is just crap?

I am fed up with older people telling us younger people that we just waste our money and don't deserve to be able to buy, when it turns out people were more reckless in the 80's!!!!!

So if the average FTB in 2007 was puting down 20% deposit on houses, where is the unaffordability they could afford a higher purchase price

No-one can deny that a lot of people live nowaday on credit when they did not do so much before

LillyJ

IveSeenTheLight wrote: »

So if the average FTB in 2007 was puting down 20% deposit on houses, where is the unaffordability they could afford a higher purchase price

No-one can deny that a lot of people live nowaday on credit when they did not do so much before

Well, I think that has just been proven wrong.

People give the impression that everyone had massive deposits in the 80's and that 100% mortgages are a new thing. Clearly people were even more greedy in those days.

Rose tinted glasses I think.

Guy_Montag

IveSeenTheLight wrote: »

So if the average FTB in 2007 was puting down 20% deposit on houses, where is the unaffordability they could afford a higher purchase price

No-one can deny that a lot of people live nowaday on credit when they did not do so much before

I agree, something doesn't ring true here.

skap7309

neas wrote: »

http://news.sky.com/skynews/article/0,,30400-1312106,00.html
News feed from sky..

Time for the parrrrtty lads

*Does a crash dance*

Already there my friend, already there.................Bring it on.

Has anyone noticed how not a month goes by now without 'experts' continously revising their predicitons lower and lower and lower? All good stuff.

WTF?_2

LillyJ wrote: »

Well, I think that has just been proven wrong.

People give the impression that everyone had massive deposits in the 80's and that 100% mortgages are a new thing. Clearly people were even more greedy in those days.

Rose tinted glasses I think.

Those '100% mortgages' back in the 90s were likely to have been mostly the now discredited endowment mortgages where you take out an interest-only loan alongside an endowment policy designed to pay off the capital amount upon maturity.

The modern 100% mortgage is a totally different beast: Got no money but want to jump on the property bandwagon? No problem - just borrow 100% of the asking price from us, no awkward questions asked. We're sure that ever-rising house prices will keep you covered. :rotfl:

itsnever2lateisit?

Is it a crash? or just a long overdue correction? I say this because the 'value' of my property has ballooned to rediculous levels, I live in what is in effect a 30ft x 35ft garden shed, supposedly worth £450k!!

m00m00

Guy_Montag wrote: »

I agree, something doesn't ring true here.

well the halifax figures are based on halifax's own business. In general they were not big players in the 100%+ marketplace.

also deposits for FTBs will have been including a lot of vendor gifted deposits on newbuilds etc, skewing the figures.