price drops

apuleius

Now seeing evidence of price drops. Looking for one bedroom flat n/nw London and price drops average between 5-10% with a number coming in at stamp duty tax threshold. According to my surveyor this is how it should be.

neas

seeing similar drops in plymouth... amasing thing the news... when news says theres a crash... nothing can stop it... not even stupid Propetty Programme women.. (cant remember the bints name but she is stoopid...encouraging people to get into unnessary debt.)

Kez100

Seeing it here in the far flung foot of England too. Being advertised at the moment as 'New price' rather than reduction. One thing I am not seeing yet is a cut back in the pages taken by EAs - seem to be as many as ever.

italia

neas wrote: »

seeing similar drops in plymouth... amasing thing the news... when news says theres a crash... nothing can stop it... not even stupid Propetty Programme women.. (cant remember the bints name but she is stoopid...encouraging people to get into unnessary debt.)

can i ask why u are saving a deposit? i know you think the prices will crash but even after they do what makes you think you will buy at a price that wont also reduce. there is no way of putting an accurate price on property, or how many times the average salary it should be.

kristianwilliams

. If the credit is not allowed to return to this INSANE (And it is insane) level that was available, then houses that need 6x the income will not be available to the average punter. Which is what we are meant to believe is the target group for 3/4 bedroom houses. :rotfl:

Even if houses stagnate for 10 years. it cant go up. Thats not what anyone wants. What everyone NEEDS, is sense.

Besides, a lower house price market is BETTER for the economy in the long run. Less money on mortgage = a higher disposable income. As one generation is living in a debt bubble, hopefully the next one will be living in a world where they can spend what they earn, and not simply borrow.

If I get a house (after all my debt goes bye bye :j) and I can afford to go out for meals because not all my income is taken up by the bank, is'nt that good for me? the bank? The Hotel? the waitress? the bar staff? the landlord? the brewery?

If my mortgage takes up all my income I cant go out and enjoy life. You only live once.

LillyJ

Although I think someone on the average wage of approx 25k or something would not really be buying 4 bed houses?
Not really needed IMO unless you have 4+ children. I can see that 3 beds might be needed but surely there are people earning more than average wage (like me and OH) who only need a 2 bed (3 max) and so can afford the more expensive houses?

Don't forget that most people (particularly those going for the 4 bed!) are not single (although I know the amount of single people is increasing) and therefore joint incomes would be taken in to account.

After looking at that, houses round here are pretty affordable on average wage with a couple buying.

neas

I believe you are living in dream land if you think they wont drop.

If i can save another 10k... deposit in 1-2 years and in that time the house I would've bought now also drops 10-20k ... then I'm laughing as I will make my life easier and more comfortable. Just received a pay rise and my job appears to be fairly secure in the 2 year period at least.

LillyJ

Was that a reply to me? I am not saying they won't drop.

kristianwilliams

Still anything increasing over 200% over wages will eventually collapse in on itself.

How can people sit here and go "its affordable" what were they 10 years ago? bargain bin grabs?

Being told by a mortgage adviser that we could go for a mortgage on a house and after paying for everything (bills etc etc) be left with £50 a month BETWEEN US, and being told "thats a great thing these days" is not sane. No matter how much you spin it. House prices are not affordable. People on the ladder only think so, because the gap between what they have and what they want is "affordable".

LillyJ

kristianwilliams wrote: »

Still anything increasing over 200% over wages will eventually collapse in on itself.

How can people sit here and go "its affordable" what were they 10 years ago? bargain bin grabs?

Being told by a mortgage adviser that we could go for a mortgage on a house and after paying for everything (bills etc etc) be left with £50 a month BETWEEN US, and being told "thats a great thing these days" is not sane. No matter how much you spin it. House prices are not affordable. People on the ladder only think so, because the gap between what they have and what they want is "affordable".

Erm I am not on the ladder.

Also where I live I BELIEVE they are affordable. Maybe they are not in your area, but with a couple on average wage being able to afford a very nice 3-4 bed semi with parking, garden, near nice schools, in lovely area at 2.5x joint income, that, in my eyes, is affordable. Rents here are similar to mortgages, and no one shouts about rents being unafforadable.

Kez100

Why wouldn't a couple buy a 4 bedroomed if they could afford it? It costs an absolute fortune to move (in money and prozac medication!) and if you know you are going to have children and, perhaps, need a room for family to stay.

When we bought our second home, we picked somewhere we should never need to move from bar a complete unforseen change in circumstances.