House prices to fall 10%

[AndrewP]

Nah we earn around 58k a year between us atm so nothing spectacular. With interest rates being 1.9% in places... we were looking at a 190k ish house and the mortgage was like 440 a month.
Edit - without the deposit we'd be struggling

I think I must have misread your last post mate! Still you're doing well!

 

[robbied1]

Nobody ever really gains in my opinion for the average man, people who want to sell can't sell, as there is less people to sell to, people who want to buy can't buy as they can't get the mortgage

 

[AndrewP]

Nobody ever really gains in my opinion for the average man, people who want to sell can't sell, as there is less people to sell to, people who want to buy can't buy as they can't get the mortgage

Loads of people scored massively between about 98 to 2003ish.

 

[Roaring Chubby]

Loads of people scored massively between about 98 to 2003ish.

Very true that. I know people older than me who it has made a big difference to in terms of getting into a house that they wouldn’t have if they were that bit younger and missed the window.

 

[robbied1]

Loads of people scored massively between about 98 to 2003ish.

Aye that's true mind,

 

[parm]

the vast majority would benefit from low house prices

 

[AndrewP]

the vast majority would benefit from low house prices

Are houses in the North East historically overpriced right now?

 

[Kennington Kid]

Loads of people scored massively between about 98 to 2003ish.

That was us! Bought a flat in Fulham in 1995 prices had stalled for a while but it was not long before they were moving swiftly and in 1998 we moved to a house in Kennington. Retired last year to Poole, so may have got out at the right time too.

 

[parm]

Are houses in the North East historically overpriced right now?

i would think so i

 

[Rusty]

Can someone who is better with this type of stuff explain whether this is bad news for buyers or sellers? I can never work it out stuck in the mindset of surely the two balance each other out.

All depends on the individual circumstances really. I’ll be looking to move after all this and get a bigger house. If I loose 10% on current one it will only be about 5-10k new house might be 20k cheaper so 10k better off.

 

[AndrewP]

i would think so i

I guess so, I bet mortgage payments are as low as they've ever been though.

 

[DaftGet]

28 next month.

I'll be totally honest, the money is 75% my fiancee's just saved heavily since she left school. Only frustrating part is wanting to move out, get married and have kids etc sooner rather than later. Will have to make the jump at some point.

That is going to end terribly. Are you living together at the moment?

 

[Mowgli]

That is going to end terribly. Are you living together at the moment?

Aye. Been together since 14, so doing something right.

 

[DaftGet]

Aye. Been together since 14, so doing something right.

Nonce

 

[Mowgli]

Nonce

 

[Goat Eyes]

28 next month.

I'll be totally honest, the money is 75% my fiancee's just saved heavily since she left school. Only frustrating part is wanting to move out, get married and have kids etc sooner rather than later. Will have to make the jump at some point.

Well you’re doing alright then.

Nothing will end badly, obviously everything is written up by your solicitor with regards to deposits etc.

Hold out for that place. You’ll get it.

 

[42]

Nah we earn around 58k a year between us atm so nothing spectacular. With interest rates being 1.9% in places... we were looking at a 190k ish house and the mortgage was like 440 a month.
Edit - without the deposit we'd be struggling

Would this be your 'forever' home or would you be looking to upgrade further down the line? With that joint salary & £100k deposit, realistically you could go for a house in the £250-£300k range. And if you hold out for another 6 months, might be some canny bargains to be had.

Or go for the cheaper house which will have less upkeep & afford more holidays

 

[Mowgli]

Would this be your 'forever' home or would you be looking to upgrade further down the line? With that joint salary & £100k deposit, realistically you could go for a house in the £250-£300k range. And if you hold out for another 6 months, might be some canny bargains to be had.

Or go for the cheaper house which will have less upkeep & afford more holidays

Nah probably not forever home. Our lass would rather live alot more comfortable and go around the 190k range. However she said if we stayed at home another year, then a forever home at 230k would be a realistic possibility without stretching TOO MUCH.

 

[42]

Nah probably not forever home. Our lass would rather live alot more comfortable and go around the 190k range. However she said if we stayed at home another year, then a forever home at 230k would be a realistic possibility without stretching TOO MUCH.

If you can get the forever home at first go, I'd go for it as it does save all the stress & hassle of selling & moving again.

And you would only might need to make a few cut backs from a more comfortable lifestyle for a few years early on & you're still young. You're in a far better position than most at that age.

 

[JAZZMANB]

Just been looking around and it seems the consensus view from ‘experts’ EY, Deloitte, Savills etc... is somewhere between a 5 and 15% fall.

I know a lot on here are in to property. If this happens would you be looking to do anything?

We have a 3 month old and 3 year old and am planning that we will need to upsize when the eldest reaches school. So it might benefit us. Anyone else be looking to move if it dips?

How will that benefit you ,your house and the one you fancy have both been hit together