Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
News
Original poster

"More people want house prices to fall than to rise"

143 replies

southutsire · 12/05/2008 11:48

House prices

As a wannabe first-time-buyer obviously I am pleased with the current turn in the market... but am surprised at this. Just wondered if it's really true (obviously MN is a far more scientific barometer than a survey )

OP posts:
MrsTittleMouse · 12/05/2008 13:54

Actually expat DH and I went to a posh area near us and we saw a mobile home on sale for almost £200,000!!!!

SheikYerbouti · 12/05/2008 13:55

I won;t improve things for us - the ave house price here is still 10x DP's salary, and although the rise of property prices has slowed slightly round here, it's still rising.

We will continue paying over the odd for our shitty rented 2 up 2 down.

sarah293 · 12/05/2008 13:55

This reply has been deleted

Message withdrawn

Original poster
southutsire · 12/05/2008 13:55

Absolutely, Callisto! But that's just the fall in the last 3 months... I'm not suggesting that the falls that have already happened have now made houses affortable for first time buyers. Which is why they have much further to fall - who's going to buy now when they do so for less in 6 months/a year/two years?

OP posts:
expatinscotland · 12/05/2008 13:57

some can be had around here for £100,000 or so, MrsT.

still beyond our means.

but in answer to your question, though, riven, i'm under no illusions that my kids will remain in the UK when they reach adulthood.

i think they're going to leg it out of here.

fiodyl · 12/05/2008 13:57

I would realy like house prices to come down so low that I could afford to buy something, but in reality this will never happen.

2 bedroom terraced houses in our street are £300k+, our income is £15k pa gross, so prices would have 2 drop a hell of alot to allow us onto the property ladder.

Callisto · 12/05/2008 13:58

Well, I guess if prices continue to fall at that rate over a year or more then it may make a difference (I've no idea of the cumulative % that would be over 12 months) but there are too few houses for too many buyers so even if we are hit with a recession I can't see houses falling that much in value.

SheikYerbouti · 12/05/2008 14:00

Thing is, most first time buyers can no longer get a 100% mortgage - so will still need to save £££££ before they get anywhere

From my experience, we pay almost everything we earn in bills/rent etc. The cost of EVERYTHING is rising - our electricity costs have risen by about 25% in the last 12 months. Food is extortionate, fuel is ridiculously priced.

And thank you Mr Darling and Mr Brown for plunging me and my family further into the shit by abolishing the 10p tax band.

There is NO WAY we can ever save for a deposit. Wages around here are shit and do not reflect the high cost of living.

FioFio · 12/05/2008 14:01

This reply has been deleted

Message withdrawn

MrsTittleMouse · 12/05/2008 14:01

£100,000 is 4 times the average salary isn't it? That's crazy (not sure where you live - but guessing it's Scotland! ). We're in the SE, so I suppose that we expected that things would be expensive, but we're looking at places 12 times the average salary, and they still are really crumby.

I'm hoping that this is just the start of the crash. But I don't know how long DH can hold out to buy. He's been desperate for years to get our own place.

expatinscotland · 12/05/2008 14:03

We're in the same boat, Shiek.

Best we can try to do is find a nice caravan to rent after our landlords get back and bring up the girls to bail as soon as.

There's no going back for me, this is home now, for better or for worse.

But the way things are going here, my girls have a better chance of doing better than we have elsewhere.

Their accents will be a major asset to them in N. America.

Original poster
southutsire · 12/05/2008 14:03

Asking prices, FioFio. They can ask as much as they like but increasingly they don't get it (except in Scotland).

No in some areas they are still undoubtedly going up - there is huge regional variation. But the trend is down; some areas are just a little slow on the uptake.

OP posts:
SheikYerbouti · 12/05/2008 14:05

Ave house prices here are 250k

Ave rent for a 2 bed is 700-800pcm (we pay 750)

How is one meant to save?

I have considering getti8ng the fuck out of the UK. It's shit.

expatinscotland · 12/05/2008 14:06

The average salary in Scotland is about £18,000.

So £100,000 is beyond 4x that.

We're riding in Shiek's boat, so it's a non-issue for us.

We focus on other things now and get on with our lives.

expatinscotland · 12/05/2008 14:07

There is also now way for us to save anything.

And really, no point, tbh.

We'd never be able to save enough for a deposit and fees before we were both too old to get a mortgage, I'm 37 now as it is.

There are many other things in life to look forward to and concentrate on.

expatinscotland · 12/05/2008 14:08

Oh, and that's £100,000. For a caravan.

A house?

Well, you'd need some more than that.

Even in Dunoon. Even ex-council.

SheikYerbouti · 12/05/2008 14:10

Agree ERxpat

Have concluded there's more to life than property ownership

Chequers · 12/05/2008 14:12

Message withdrawn

expatinscotland · 12/05/2008 14:13

I would have preferred life to go another way, tbh, but it didn't for many reasons, most of it none of our fault, so now we have to focus on other stuff and just move on and leave it behind.

it'll be hard enough to find a good place to rent round here, but there's no way we're going back to a city, and there's always the traveller's site nearby for temporary lodging.

Original poster
southutsire · 12/05/2008 14:17

"there's more to life than property ownership"

[SU embarrassedly searches for other threads to post on in order to demonstrate interests apart from house prices]

OP posts:
sarah293 · 12/05/2008 14:47

This reply has been deleted

Message withdrawn

SixSpotBurnet · 12/05/2008 14:55

I'd be perfectly happy if they fell. We've almost paid off our mortgage now, so no danger of being stuck in negative equity, and it just feels wrong that generally people can't buy a property on 3-4 times their income. DH and I bought a flat in 1990 when we were both still trainees in our respective jobs and I'm sure the mortgage was only about 2.5 times our joint income. I'd be quite happy for prices to fall back to that sort of level. Otherwise I can't see my DSs ever leaving home .

nametaken · 12/05/2008 16:24

haven't read the whole thread but just wanted to add my bit.

Yes, I want house prices to fall so that my children will be able to afford a home of their own in 10 years time.

Who in their right mind wants house prices to rise?

noddyholder · 12/05/2008 16:32

They are falling just the figures haven't filtered through yet and some people really think this will blow over and are keeping prices as last years.I viweed a house today It was 315 last year then 270 now 249.To me it is worth 220 max and thats what I will offer in a few weeks if it is still for sale.I still think prices will come down by at least 30% by 2010.Mortgage rates are rising inflation is rising and lenders getting strict back to the old days so fingers crossed for everyone who wants to own their own house

Lazycow · 12/05/2008 16:34

I don't mind if prices fall as even if the price of my flat falls then the house would like to buy should bre cheaper too

I am concerned however that flats are falling in price disporportionately compareed to houses which will leave us worse off than before.

this website gives you an idea of how properties are reducing their prices

propertysnake.co.uk/site/search

Swipe left for the next trending thread