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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 · 13/05/2008 09:19

We tried to watch the property programme last night, but had to switch over when that property developer came on. He was so smug at taking advantage of others' misfortune. And when he was asked if he had enough money to pay the mortgages on the houses that he'd bought from people (who continued to live in those houses and pay him rent) he gave a really weasely answer about cash flow, and didn't actually say "yes" he could pay those mortgages.

The couple where he had injured his hand and been out of work made me really sad though. I think that's the only trouble with a correction back to reasonable prices - the people who are hardest hit are those who have already had a knock from life; disability, divorce, redundancy and so on.

noddyholder · 13/05/2008 14:39

freddy it was not MY sweeping statement

Chequers · 13/05/2008 15:29

Message withdrawn

FreddysTeddy · 13/05/2008 15:35

Chequers, as I read it she was attempting to imply that you were sailing close to the wind in respect to meeting repayments and that if you lose your house it will be all your own fault.

noddyholder · 13/05/2008 15:36

FT sod off I can answer for myself but have chosen not to

Chequers · 13/05/2008 15:39

Message withdrawn

Twinkie1 · 13/05/2008 15:47

Dh is on the side of Kirsty and Phil in this debate who think that the fall won't continue and their will not be a huge crash - the chronic lack of housing in this country being part of it and the fact that DH thinks we have reached the bottom of the crunch and are on our way back up, as does my boss who is global head of a department that is hugely effected by the crunch!

Chequers · 13/05/2008 15:50

Message withdrawn

Original poster
southutsire · 13/05/2008 16:13

The crunch won't last for ever. Its legacy will be here for a good few years yet, though. People seem to think the credit crunch is like a cold that has put the housing market to bed for a while, but with a bit of Lemsip it will soon be up and about. IMO it's more like a juggernaut that has run over the housing market and chopped both its legs off, while onlookers say 'Oh it's all right now, look, it's driving away.'

Kirsty and Phil are about as unbiased as I am (but in the opposite direction). Phil certainly is up to his neck in property, and I'm pretty sure Kirsty is too.

OP posts:
Chequers · 13/05/2008 16:18

Message withdrawn

FreddysTeddy · 13/05/2008 16:21

PMSL noddyholder. Your tone has been beyond patronising, loved the "avoid you like the plague" part just because that was pointed out to you.

Original poster
southutsire · 13/05/2008 16:27

Chequers - Well we're looking at a new area (our current area is actually falling faster, but will never be in our price range), and it's hard to generalise, but a couple of houses around the £400k mark on my Rightmove watch list are now on at 360 (can't remember when they went on, but a good few months ago). Several previously at 380 are down to the 350s-60s. The nicest one I'm watching (more in interest than expectation) started at 489 last June and has last week been put down to... 482. So obviously I'm going to be leaping at that bargain. I've got about 10 saved, and only one has gone 'sold STC' since I saved them.

I reckon on buying next summer. We're not trying to hit the bottom of the market, just aiming to buy a house we can stay in for 10 years that won't eat up all our income in mortgage payments.

OP posts:
noddyholder · 13/05/2008 16:34

FT you are intent on starting some kind of crap and tbh you are wasting your time

Chequers · 13/05/2008 16:34

Message withdrawn

Original poster
southutsire · 13/05/2008 16:37

Thanks Chequers! Hope so too. Am getting too old to rent.

I would try and wrestle that wooden spoon from you FreddysTeddy but I suspect you are much harder than me.

OP posts:
OrmIrian · 13/05/2008 16:37

I need house prices to fall by about 70%. Because the house I want is on the market for over 700k and I can't afford it. So 70% would do nicely. Waddya reckon? Any chance

Original poster
southutsire · 13/05/2008 16:39

Can't hurt to offer 210k, OrmIrian. But I'd stand well back.

OP posts:
Chequers · 13/05/2008 16:39

Message withdrawn

Judy1234 · 13/05/2008 16:52

I think at present I'd prefer them to rise.

Upwind · 13/05/2008 19:22

Freddy's Teddy:

"Your point about being able to afford a bigger property if prices drops is also null when you try to apply it to someone who only owns 10 per cent of their current property. How are they supposed to move somewhere bigger when their deposit has been diminished by the falling prices, and they would need a bigger deposit to take on a larger mortgage anyway?

The usual flawed logic, and I'm sorry to say it, typical of someone who is a "have-not" in the housing market always assuming that they have it worse off than anybody else."

Are you spoiling for a fight? What patronising, ill informed nonsense. It is hardly a wild leap of logic to expect that those who can't afford a secure home are usually worse off than those who can.

If someone has 10% equity and they lost that due to falling prices they would then have to raise a deposit should they wish to move somewhere bigger - in the long run they would probably still be better off. And they have the option to rent until they can afford to upsize, or the choice to adapt their existing home as best they can.

WideWebWitch · 13/05/2008 19:23

Oh HELLO Southutsire! I want prices to fall, as you know. Have only read OP, will read thread now.

dreamymum · 13/05/2008 20:51

i want them to drop - hoping to buy

FreddysTeddy · 13/05/2008 20:54

"they have the option to rent before they upsize"

So, let's say they go into negative equity. Your recommendation is for them to sell at a loss, rent, and try to save for a deposit?

Chequers · 13/05/2008 21:07

Message withdrawn

QuintessentialShadows · 13/05/2008 21:35

soooo, any idea what the property market in London is doing at the moment?

Should I sell my house or let it for a few years prior to selling?

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