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Debate House Prices
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House Price falls down 4% year on year (Halifax)
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mr.broderick wrote: »Seems you were a tad premature with this post brit..wanna talk about it?:o
No not premature, the figures show a 3.7% fall what ever say year on year (Apr07-Apr08):cheesy::exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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The reality is that a lot of people are about to realise that the house they bought for £50k a decade plus ago not being worth £300k now doesnt matter as much as they thought it did. And a significant number of other people are about to find out theyre holding a huge debt and a handful of magic beans.(that arent magic).0
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Nothing wrong with crunchy nut cornflakes, anyway I cant wait for the 75% crash, I will be able to buy loads an loads of perfect FTB properties:rotfl:
Good to hear you have lots of cash on hand and aren't leveraged up to the eyeballs in property like other no doubt less astute 'property developers' then
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
ruggedtoast wrote: »The reality is that a lot of people are about to realise that the house they bought for £50k a decade plus ago not being worth £300k now doesnt matter as much as they thought it did. .
The scary thing is, a decade ago banks were willing to lending much more freely than they are right now, post-crunch, and wages weren't that much lower than today.
Makes you wonder what's stopping prices correcting quite significantly, non?0 -
meanmachine wrote: »The scary thing is, a decade ago banks were willing to lending much more freely than they are right now, post-crunch, and wages weren't that much lower than today.
Makes you wonder what's stopping prices correcting quite significantly, non?
I'm not so sure that is the case. 90% max LTV with 3.5x single or 2x double salary was pretty standard for a repayment mortgage.
Conditions just got more and more lax over the last decade culminating in stupidity like 5-6x salary loans, >100% LTV mortgages from NR and B&B and 100% interest only mortgages with no repayment vehicle.
With so much easy to obtain money it's no wonder that the market went so high.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0
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