First time buyers + Crash. Is this our chance?

MrSafeGaz

santashelper wrote: »

although first time buyers have been waiting for house prices to drop it doesent matter how much they drop because if they dont have a deposit and credit is going to be harder to come by they will still struggle to get on the property ladder.

And this is a good thing in my opinion, it's exactly as it should be. I don't think anyone should be able to just casually throw themselves into a mortgage with little to no deposit. Mortgages are a big part of most peoples lives and as such I think getting together a decent deposit to purchase a house should be encouraged.

DrGUID

In a falling market never buy to early. But getting your timing right will be more difficult than you might think.

As a FTB, your priority will be to build a stable recession proof career which will allow you to save for a deposit.

Rover

Timing eh?
According to Merv, and other more informed posters:rotfl: .
The market will bottom around 2011/2 - too long for me I'm affraid.

dhassen

Rover wrote: »

The market will bottom around 2011/2 - too long for me I'm affraid.

too long for me too..... I want my own home
where does that date come from anyway? I know you can make predictions based on facts, but I can't see how anyone can say with any real authority what will happen.....
If prices go down a little now, that'll be great for me because I will get more for my money. If the prices then continue to go down for a couple of years, then I'll ride it out I wouldn't plan to move for another 5 years, anyway, prices are likely to go up again in the future aren't they?

Rover

dhassen wrote: »

too long for me too..... I want my own home
where does that date come from anyway? I know you can make predictions based on facts, but I can't see how anyone can say with any real authority what will happen.....

Considered opinion, by the BoE, financiers in general, the IMF and most notably our very own - previously generously - mortgage lenders, is that we are currently atleast 20% over-valued.
The REAL ACTUAL selling price falls will not materialise overnight - it will take a couple of years. The fall in house prices will be in conjunction with retail property and an increase in commodity prices and inflation. All the afore mentioned is practically a cast iron certainty.