Big Will_

Been looking at getting onto the property ladder for a while and have held off while there has been so much uncertainty over the last 9 months or so...

But - IF the banks adjust their rates with the 1.5% reduction today...

I could put down a good deposit and try and secure a good rate for a few years...

What's the general opinion?

JohnnyB

yes, If you have a great cridet rating and you have a good depsite

yes buy, buy, buy.

its the bigger houses which are dropping the most and they will be the ones which will rise more one things sorts it self out

cfoster

I bet most banks wont pass on the discount to first time buyer mortgages though, when the last drop happened the Halifax blimmin up'd it!!!!

AustenW

Leave it till spring next year, lots of repossesions coming up after Christmas

Cragrat

iTrader: (4)

oh happy happy thoughts there,grim but i fear true

Chip

iTrader: (3)

The change is going to make that graph go back up, but not past the 0 point IMHO, prices are still going to drop for a while yet I reckon.

No one actually knows though, this is all unprecedented really.

Big G

Still gonna be a drop in prices as although the rate has been dropped your average joe is still skint and is still shitting themselves from redundancy, got at least another 12 month of house prices dropping methinks,
At the end of the day you aint gonna take out a mortgage if your job future is uncertain,
And your gonna keep dropping the price of your house if you NEED to sell.

Chip

iTrader: (3)

Just cause we have a low rate now, dont expect the banks to turn around and take 1.5% off their longer term deals, not going to happen, so you wont be securing a low fixed rate.

dreamer

If you have your deposit-mortage available-and you know what class of house you want-then the last question is do you intend to keep it for 5 or more yrs as an investment

If so go out and offer 70% ish of asking and see how you get on-be a cunt fuck it

Treat it like you're buyin a car that you don't really need and take advantage

The whole market is a shitbag at present but if you're keeping it long term then now is probably as good a time as any-the house itself will never change , just its paper value so as a home it'll be just as good if the market implodes OR improves

Make sense??

c0ss1e9i6

If you are financially secure its a good time to buy anything. However, I wouldn't borrow huge sums of money at the moment just to try to get a house at a low price. If you have a big deposit it might be worthwhile.

I am holding out for now and I'm going to try to pounce on a bigger gaff when I know its not going to get lots worse! Which it very well could yet!

dojj

iTrader: (3)

the problem is that no one is offereing decent terms mortgage wise compared to this time last year

trackers are now going to be virtually wiped out as the banks won't make any money

plus the fact that you will still have to stump up a sizeable deposit in the first place

SapphyMike

unless you intend on living in the house for a long time, do not bother. you will lose out as it will go into negative equity if you need a sizeable mortgage. late 2009 is when i'm going to be looking.

vaughant

iTrader: (1)

It looks like 2009 is going to be a hard year financially everywhere. From my own experience i bought my first place in 99 and remember thinking that 95k was a ridiculous amount of money for a house, but i just wanted to get on the ladder. I sold the house a year ago exactly for Ł280k. If your looking to keep it a while and can afford it go for it, they may drop further, but look at my example, that house would have to have dropped by 66% for me to hit negative equity. Theres plenty of houses in my area still selling very quickly and for not too low below the asking price as at the end of the day, unless your totally desperate to sell, people would be better off sticking it out. Good luck mate.

Micky The Finn

its a great time if you have cash on the hip,i got a further 9% off mine by beeing a cash buyer ready to deal with nothing to sell.fill your boots if you can.

Garage19

I've just bought some land. Only got 10% off asking price but single building plots in nice villages are not dropping the same way as modern high density housing.

Shitting myself now as i've actually got to build the house.

c0ss1e9i6

Good luck with that bloke!

My next project is building my own house!! (If the Escos is ever finished!! LOL)

Lee Ivatt

iTrader: (1)

I think a lot of people are gna get trapped buy the 1.55, take on more than maybe they should, and when the rate rises again wont be able to afford the repayment.

Suppose the biggest factor is how much deposit you have, i think most banks like at least 25%.

dont forget prices can still fall, lots of negative equity is round the corner

GGR*TUNED

check property auctions for repossessions,theres been plenty round my end,
for example a 2 bed flat built in 06 and sold for 123k is coming up for auction next week with a guide price of 50k!.

dojj

iTrader: (3)

there was one in the paper, i think it was in leeds where the guy had bought it for something like Ł237k and it was sold for around the Ł107k mark

i'm stunned that you would have to pay that much for a flat in leeds

GUZZLER

iTrader: (3)

we were debating buying for about 18 months, finally bit the bullet & done it in June, house was offered to us at a good price, we knocked another 10% off that aswell, we bought just as the shit hit the fan with the mortgages, we were ok as we had near 40% deposit after we had paid all legal fees.
the side i looked on is that if the house go's down in value, we knocked a big chunk off the sale value when we bought it, we had a good deposit so shouldn't go into negative equity, instead of renting we are paying out more but the money is paying our mortgage off rather than someone elses!

dojj

iTrader: (3)

if you buy your house as a home then it's not going to be a problem other than being able to aford to pay for it
if you are buying it because it's cheap, then that may be a bit more problomatic if you are looking to turn a fast buck around like them telly programs show you how to

GGR*TUNED

wow sold for 45k in the end ! shame i didnt bid
http://tinyurl.com/5gptnh