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Original poster

Property experts - am I mad to be considering stretching ourselves and moving at the moment?

77 replies

ellehcim · 26/09/2007 22:05

Saw a few things on tv with the whole Northern Rock thing which made me think we shouldn't move but we're having the 'stay where we are and be forced to shell out school fees because the secondary school is rubbish -v- move to catchment for best state school but pay an extra £100k for house similar to ours' dilemma. We'd be stretching ourselves if we moved. Happy to Scrimp and save for a few years but not if the crash is about to happen!

Any views?

OP posts:
noddyholder · 28/09/2007 07:44

Love propertysnake.I was sent details of an ex LA house for 280 and the agent spun me the usual up and coming area so much nmore for your money nonsense It was on Propertysnake for 220 3 months later!

WideWebWitch · 28/09/2007 07:56

Me too, love housepricecrash.co.uk too one of these days they're bound to be right!

Pruners · 28/09/2007 08:02

Message withdrawn

noddyholder · 28/09/2007 08:10

If its a home you have no worries.I envy you!I have spent the last 10 yrs buying renovating and selling and never feeling settled.We are renting now and all the people I know in the business said they thought we would sell adn rent now inc agents!Enjoy your lovely home we are renting a hovel

WideWebWitch · 28/09/2007 08:12

Pruners, I think

  • if you can afford it and will be able to even if int rates rise
  • you love the house and are staying a while therefore don't care about its value
  • you won't want to move for a while
  • and if you had equity so you didn't just borrow 95%, even better but still ok if 1-3 above ok imo

then it's all irrelevant

noddyholder · 28/09/2007 08:15

Just heard expert on radio 5 live saying it is a very good time for savers because even though the bank of england are talking of a rate cut perhaps soon the banks and building socieites are still increasing rates to attract savers as they are not keen to bother from each other after what happened with northern rock.I think this is what happened in the US where prices are now falling.So savers are being rewarded after being short changed for yrs!

WideWebWitch · 28/09/2007 08:16

yes LIBOR rates are affecting banks big time

WideWebWitch · 28/09/2007 08:16

We are stockpiling cash

noddyholder · 28/09/2007 08:18

we have done that too.A few days ago R4 had a bank dude and a house price crash moderator and they were AGREEING!!!!!!!!!!I must say I am getting quite excited as I have several friends who are totally priced out.

noddyholder · 28/09/2007 08:18

bother from each other? Borrow!

WideWebWitch · 28/09/2007 09:07

It was moneybox live wasn't it? Read about it on the housepricecrash site

noddyholder · 28/09/2007 09:16

I think so thats where I heard about it and I switched on just in time.I am becoming such a bore!Are you planning to buy www?I don't know how long to wait

DaisyMOO · 28/09/2007 11:05

To ellehcim - yep, Boys' High is "only" 3K a term and a much better school IMHO.

southutsire · 28/09/2007 11:23

Ah this is where all you property bears are hiding .

I do love this theory that house prices will not drop much because they haven't dropped in the last few years. Classic. Like saying a heroin addict won't overdose because they haven't done it so far. Mortgage approvals down 14% last month.

However I don't think it is such a potentially catastrophic decision to move unless you are a first-time buyer stretching yourself.

WideWebWitch · 28/09/2007 14:00

NH, we want to wait until mid next yr as we'll have more cash

noddyholder · 28/09/2007 15:15

I am going to look at xmas/new year as am planning to buy a wreck to do up again but this time for ourselves.

southutsire · 28/09/2007 16:25

Think it may take until around March to really kick in, going by the no. of households coming off fixed rates over the next months... plus people who self-certed will now have to prove their income when trying to remortgage. Repossessions aplenty but not till spring is my guess.

LittleMinx · 28/09/2007 20:26

acutally noddy you are wrong......as an ea i WILL admit if things are on a downward turn and if you read all my recent posts i have said i think prices will drop a bit but not crash. you say we have had other crashes which is total rubbish, house prices coming down a bit is NOT a crash. You are entitled to your opinion but i am confident it wont happen! selling the amount of houses we have this month, despite the northern rock thing etc proves not enough people have been put off for there to be a crash........ as long as people keep buying at the rate they are now there wont be a crash imo!

LittleMinx · 28/09/2007 20:28

BTW prices were falling and we were heading for a crash a few years ago when the treasury slashed interest rates to avoid a recession.This is factual and well documented but they were surely just prolonging the agony.As an EA LM you are never going to admit things are on a downward turn.

ERMMM yes, but we DIDNT have a crash did we!!!!!

WideWebWitch · 28/09/2007 20:40

LM, ok, so there is and will be plenty of movement where people are selling and moving on etc but what about ftbs? Surely the market needs them?

1dilemma · 28/09/2007 21:09

I really must post some of my sums I did a while back on here just too busy right now I first found housepricecrash a few years ago and there were only about 600 people on it then (I don't post there) now everyone is talking about it. Virtually everyone I work with is priced out and we had great fun one afternoon on housepricecrash/propertysnake. I see Foxtons US has collapsed today......
But prices wont crash oh no they only ever go up(funny how it's only EA I hear saying that)

southutsire · 28/09/2007 21:50

LittleMinx you did say prices would drop, I saw it.

I don't think there is an official definition of a crash, which is handy, because then we can all claim we were right

noddyholder · 28/09/2007 22:16

God LM keep your wig on MN is very weird atm???!! It takes a while for the financial situation to filter through to street level.And no there was no crash last time because they falsely reduced rates to get the market going again otherwise there would have been.

LittleMinx · 28/09/2007 23:30

wickedwaterwitch..........we have a LOT of first time buyers buying from us at the moment, dont ask me how they can afford it, as i couldnt afford to get on the ladder now, but they are somehow able to!

LittleMinx · 28/09/2007 23:32

1dilemma........ i have said i think prices will come down....... not all estate agents only say prices will go up!! for us prices havnt come down yet but the have stabalised. I do actually think prices will come down as i said earlier, but i personally dont think there will be a crash like in the early 90's but i could be wrong. its something nobody can predict for sure unfortunately!

also, i do hope prices come down a bit because i really do feel for people who cant afford to get on the ladder in certain areas.