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anyone heard that minor crash in house prices is on the cards...

40 replies

mum2sam · 26/04/2007 10:44

just about to exchange contracts on a house and having second thoughts. O/h is in the forces and we are living in m/q's at the moment and im really settled here. But o/h wants us to buy our own place as hes due to come out next year but now ive heard a rumour about a minor crash on the cards anyone else hear this? And does anyone know the site where you can look at the trends in your area.

OP posts:
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LIZS · 27/04/2007 11:07

but mum2sam should already have her mortgage offer at the fixed rate package, ready for exchange, in place so hers will be honoured assuming they go ahead with the purchase. you;re right that if she delays the opportunity to get such a good deal will become more limited.

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noddyholder · 27/04/2007 12:45

I think it will correct itself if not crash.IR's rising and the uk has a massive personal debt record People are mortgaged to the eyeballs and inflation is over 3%.

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noddyholder · 27/04/2007 12:45

Try and get a fixed rate although many have been pulled in the last week or so

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Twinkie1 · 27/04/2007 12:52

Dh works in the money markets and predicts Interest Rate changes and has to invest money accordingly and he is comfortable to buy a house at the moment at the very top end of our budget - I said to him what about the interest rate changes and he said they won;t be as big as everyone thinks and that there is a national shortage of property and so it won't make that much of a big difference.

Hope you understand that because I don't!!!

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Paddlechick666 · 27/04/2007 13:08

i blardy hope not coz i am just putting my flat on the market!!

IMO, I don't think it will happen.

As of 1st June HIPs will be required and from what I can gather loads of people are rushing to get their properties on before a HIP is needed.

This may indicate a rush of properties onto the market which some might think would bring prices down.

but IMO, these properties will be at the lower end of the market which has been stagnating due to lack of available property for 1st time buyers.

I think there'll be a great number of buyers to take up the properties.

the problems will come around again when HIPs are needed and there aren't sufficient trained HIP writers available. then people might find they've to wait ages to get a HIP before they can sell.

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NKF · 27/04/2007 13:38

I thought there'd been a turnaround on HIPs

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lemonaid · 27/04/2007 13:55

I've heard it, but then I've heard it for years -- I was worried about it when we bought this place and that was five years ago now.

NKF -- there was a turnaround to the extent that some of the more controversial elements are now optional but HIPs themselves are still going ahead. Compulsory bits now are HIP Index, energy performance certificate, sale statement, standard searches and evidence of title (plus a few extra bits for leasehold properties).

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Paddlechick666 · 27/04/2007 13:55

ooh really? i should check i guess!

afaik, all new property to the market after 1st June requires a HIP tho.

scuttles off to check and avoid doing work

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Tutter · 27/04/2007 13:56

that would be lovely

(tutter renting for a year)

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Paddlechick666 · 27/04/2007 14:04

waves @ Lemonaid.

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lemonaid · 27/04/2007 14:11

waves back and feels guilty about having been lax

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Paddlechick666 · 27/04/2007 14:13

indeed [hmm with wagging finger emoticon]!

hope you're well.....

can you come to Q's leaving do @ Sue's?

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lemonaid · 27/04/2007 14:32

Ummm... >

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Paddlechick666 · 27/04/2007 19:27

you didn't look too hard did ya!!

anyways, it's here so c'mon and sign up.

I know everyone'd love to see you. and if you're very quiet Sue might let you peak in on the sleeping prince regent.

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2cheekymonkeys · 27/04/2007 21:24

HIPS plan still has to get through the House of Lords so there's always the chance that they might not happen.

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