Originally Posted by Shings

Well Building magazine is reporting massive reductions in profits for housebuilders. land buying is down and so is reported planned starts... many house builders have written down profits.

There are still stubborn people out there un prepared to accept whats going on.. for a laugh I popped into my bank to see what mortgage I could get.. that was funny.. then the guy told me I'd be unlikely to get a reduction on a flat that had been on the market for 3 months at the same price..... nice one mate... if thats the case I'll just buy the next one where I can..

Off to look at a place later I am interested in..

I've been keeping my eye on the leading websites for some time now as I knew I would be looking to buy around now... and the amount of repo's for sale at auction has gone up prob 150% at a conservative guess.

But because of current predictions should I buy???

As for offering 15-20k less.. unlikely.. but depends on price of the house... I would have said more like offer 15% less and accept a 10-12% reduction...
The banks are all requesting 10% deposits now.. so they want you to take the risk, to share the risk look for that reduction.

Biggest problem with all this housing stuff is that NO ONE..... is a 100% expert, NO ONE can say what will or wont happen, people can just have rough guess.